Terms of Service
We may change these terms from time to time. If we do, we’ll let you know about any material changes, either by notifying you on the Site or by sending you an email. New versions of the terms will never apply retroactively — we’ll tell you the exact date they go into effect. If you keep using LotStocks after a change, that means you accept the new terms.
LotStocks is for your personal, non-commercial use.
Creating an Account
To Sign up for a LotStocks account, you need to be 18 or over. You’re responsible for your account and all the activity on it.
You can browse LotStocks without registering for an account. But to use some of LotStocks’ functions, you’ll need to register, choose an account name, and set a password. When you do that, the information you give us has to be accurate and complete. Don’t impersonate anyone else or choose names that are offensive or that violate anyone’s rights. If you don’t follow these rules, we may cancel your account.
You’re responsible for all the activity on your account, and for keeping your password confidential. If you find out that someone’s used your account without your permission, you should report it to support@LotStocks.com.
To sign up for an account, you need to be at least 18 years old, or old enough to form a binding contract where you live. If necessary, we may ask you for proof of age.
Don’t do this stuff, aka don’t be a jerk
Below is a list of stuff you should know not to do but we have to say it anyway. To be clear, just don’t do these things.
We expect all of them to behave responsibly and help keep this a nice place. Don’t do any of these things on the Site:
- Don’t break the law. Don’t take any action that infringes or violates other people’s rights, violates the law, or breaches any contract or legal duty you have toward anyone.
- Don’t lie to people. Don’t post information you know is false, misleading, or inaccurate. Don’t do anything deceptive or fraudulent.
- Don’t victimize anyone. Don’t do anything threatening, abusive, harassing, defamatory, libelous, tortious, obscene, profane, or invasive of another person’s privacy.
We’ve done our best to keep LotStocks secure but for every security measure there will always be someone to find a way around it so don’t do any of these things.
- Don’t try to interfere with the proper workings of the Services.
- Don’t bypass any measures we’ve put in place to secure the Services.
- Don’t try to damage or get unauthorized access to any system, data, password, or other information, whether it belongs to LotStocks or another party.
- Don’t take any action that imposes an unreasonable load on our infrastructure, or on our third-party providers. (We reserve the right to determine what’s reasonable.)
- Don’t use any kind of software or device (whether it’s manual or automated) to “crawl” or “spider” any part of the Site.
- Don’t take apart or reverse engineer any aspect of LotStocks in an effort to access things like source code, underlying ideas, or algorithms.
How Lot’s Work.
This section explains the relationship with between LotStocks and You and who’s responsible for what.
Lotstocks provides a funding platform for acquiring products. When lotstocks creates a Lot on LotStocks, we’re inviting people to form a contract with us. Anyone who pledges to a Lot is accepting that contract.
When a Lot is successfully funded, Lotstocks will begin the Lot process by distributing shares to those who pledged. Once we have done so we have fulfilled our obligation to those who pledged.
Throughout the Lot process, we owe those shareholders a high standard of effort, honest communication, and a dedication to bringing that product to market. At the same time, shareholders much understand that when they pledged to a Lott, they’re helping acquire something, not ordering something already in inventory. There may be delays, and there is a chance that something could happen that prevents LotStocks from being able to acquire the product as promised.
If LotStocks is unable to acquire the product, we have failed to live up to the basic obligations of this agreement. To right this, we must take every reasonable effort to find another way to acquire the product to the best possible conclusion for shareholders. Lotstocks, in this positions, has only remedied the situation and met their obligations to the shareholders if:
- we post an update that explains what work has been done, how funds were used, and what prevents them from acquiring the product as planned;
- we work diligently and in good faith to acquire the product to the best possible conclusion in a timeframe that’s communicated to shareholders;
- we’re able to demonstrate that we’ve used funds appropriately and made every reasonable effort to acquire the product as promised;
- we’ve been honest, and have made no material misrepresentations in their communication to shareholders; and
- we offer to return any remaining funds to shareholders(in proportion to the amounts pledged), or else explain how those funds will be used to acquire the product in some alternate form.
How Funding Works
This section covers the details of pledging to a Lot. Things like how money gets collected, whether pledges can be changed or cancelled, and how LotStocks can contact shareholders to provide refunds.
These are the terms that apply when you’re pledging a Lot:
- You’re charged before the Lot reaches its fundraising goal. You’ll provide your payment information when you pledge. Your payment will be collected at that time. The exact amount you pledged is the amount LotStocks will collect. If the campaign hasn’t reached its fundraising goal, you will receive your money back in your account as a credit.
- You can not change or cancel your pledge at any time.
- The Estimated Acquisition Date is an estimate. The date listed on each Lot is the an estimate of when they we will acquire the product — not a guarantee to fulfill by that date. The schedule may change as we work to acquire the product. We set a date we feel confident we can work toward, and communicate with shareholders about any changes.
These are the terms that apply when we create a Lot:
- We can refund individual pledges if we want. After a Lot has been funded, we can cancel and refund a shareholder’s pledge at any time. If we do, we have no further obligation to that specific shareholder.
- We’ll charge our fees before putting funds in your account. LotStocks and its payment partners will subtract fees before transmitting the proceeds of a campaign.
Our fee’s vary depending on which plan you choose and how you interact with LotStocks. There are two plans to choose from when signing up with LotStocks.
- The first is a per transaction plan. Each trade of shares will result in a $1.00 transaction fee for every 10 shares either bought or sold.
The second plan is a per withdrawl plan. A 12% Fee is charged for withdrawl of funds from an account balance into a bank account.
If you follow a link to another website, what happens there is between you and them - not us.
LotStocks may contain links to other websites. (For instance, Product pages may link to other sites.) When you access third-party websites, you do so at your own risk. We don’t control or endorse those sites.
LotStocks partners with other companies (such as Stripe) for payment processing. When you pledge to a Lot, you’re also agreeing to the payment processor’s terms of service.
Deleting your account
You can delete your account at any time. All provisions of this agreement survive termination of an account. To terminate your account you have to do the following:
- Contact us at email@example.com
- Sell any remaining shares held by your account.
- Withdraw any funds remaining in the account balance to your bank account.
To operate, we need to be able to maintain control over what happens on our website. In this section, we reserve the right to make decisions to protect the health and integrity of our system. We don’t take these powers lightly, and we only use them if we absolutely have to.
LotStocks reserves these rights:
- We can make changes to the LotStocks Site and Services without notice or liability.
- We have the right to decide who’s eligible to use LotStocks. We can cancel accounts or decline to offer our Services. (Especially if you’re abusing them.) We can change our eligibility criteria at any time. If these things are prohibited by law where you live, then we revoke your right to use LotStocks in that jurisdiction.
- We have the right to cancel any pledge to any Lot, at any time and for any reason.
- We have the right to reject, cancel, interrupt, remove, or suspend any Lot at any time and for any reason.
LotStocks is not liable for any damages as a result of any of these actions, and it is our policy not to comment on the reasons for any such action.
We work hard t provide you with great services, but we can’t guarantee everything will always work perfectly. This site is presented as-is, without warranties.
You use our Services solely at your own risk. They are provided to you “as is” and “as available” and without warranty of any kind, express or implied.
LOTSTOCKS SPECIFICALLY DISCLAIMS ANY AND ALL WARRANTIES AND CONDITIONS OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY WARRANTIES IMPLIED BY ANY COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE. NO ADVICE OR INFORMATION (ORAL OR WRITTEN) OBTAINED BY YOU FROM LOTSTOCKS SHALL CREATE ANY WARRANTY.
If you do something on LotStocks that winds up getting us sued, you have to help defend us.
If you do something that gets us sued, or break any of the promises you make in this agreement, you agree to defend, indemnify, and hold us harmless from all liabilities, claims, and expenses (including reasonable attorneys’ fees and other legal costs) that arise from or relate to your use or misuse of LotStocks. We reserve the right to assume the exclusive defense and control of any matter otherwise subject to this indemnification clause, in which case you agree that you’ll cooperate and help us in asserting any defenses.
Limitation of Liability
If something bad happens as a result of your using LotStocks, we’re not liable (Beyond a small amount)
To the fullest extent permitted by law, in no event will LotStocks, its directors, employees, partners, suppliers, or content providers be liable for any indirect, incidental, punitive, consequential, special, or exemplary damages of any kind, including but not limited to damages (i) resulting from your access to, use of, or inability to access or use the Services; (ii) for any lost profits, data loss, or cost of procurement or substitute goods or services; or (iii) for any conduct of content of any third party on the Site. In no event shall LotStocks’ liability for direct damages be in excess of (in the aggregate) one hundred U.S. dollars ($100.00).
Dispute Resolution and Governing Law
We’re located in California, and any disputes with us have to be handled in California under California State Law.
We at LotStocks encourage you to contact us if you’re having an issue, before resorting to the courts. In the unfortunate situation where legal action does arise, these Terms (and all other rules, policies, or guidelines incorporated by reference) will be governed by and construed in accordance with the laws of the State of California and the United States, without giving effect to any principles of conflicts of law, and without application of the Uniform Computer Information Transaction Act or the United Nations Convention of Controls for International Sale of Goods. You agree that LotStocks and its Services are deemed a passive website that does not give rise to jurisdiction over LotStocks or its parents, subsidiaries, affiliates, assigns, employees, agents, directors, officers, or shareholders, either specific or general, in any jurisdiction other than the State of California. You agree that any action at law or in equity arising out of or relating to these Terms, or your use or non-use of LotStocks, shall be filed only in the state or federal courts located in Los Angeles County in the State of California, and you hereby consent and submit to the personal jurisdiction of these courts for the purposes of litigating any such action. You hereby irrevocably waive any right you may have to trial by jury in any dispute, action, or proceeding.
These are our official terms and our rules for how things work. (So if you ever see confusing or conflicting information about any of this stuff, just check these terms — they’re the last word.) Thanks so much for reading them, and for using LotStocks!
These Terms and the other material referenced in them are the entire agreement between you and LotStocks with respect to the Services. They supersede all other communications and proposals (whether oral, written, or electronic) between you and LotStocks with respect to the Services and govern our future relationship. If any provision of these Terms is found to be invalid under the law, that provision will be limited or eliminated to the minimum extent necessary so that the Terms otherwise will remain in full force and effect and enforceable. The failure of either you or LotStocks to exercise any right provided for in these Terms in any way won’t be deemed a waiver of any other rights.
These Terms are personal to you. You can’t assign them, transfer them, or sublicense them unless you get LotStocks’ prior written consent. LotStocks has the right to assign, transfer, or delegate any of its rights and obligations under these Terms without your consent. LotStocks will provide you notice via email, written notice, or by conspicuously posting the notice on our Site.