We request our Customers to read and understand these Terms carefully before using our Services as the same shall be binding on every Customer without any objection.
THIS DOCUMENT IS AN ELECTRONIC RECORD AS PER THE TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.
THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 WHICH REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY, AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM.
PART I AND PART II OF THESE TERMS OF USE SHALL BE COLLECTIVELY REFERRED TO AS THE ‘TERMS’ AND SHALL ALWAYS BE READ TOGETHER.
For the purpose of these Terms, wherever the context so requires, the term:
“1SQFT” shall mean ONESQFT Technologies Pvt Ltd, a Private Limited firm incorporated under the Companies Act, 2013 (18 of 2013) and is a Company limited by shares.
“Customer” shall mean any individual, who as the counterparty transacts using the platform for buying 1SqFt Tokens (as defined below), selling of 1SqFt Tokens, trading the 1SqFt Tokens and/or selling the same back to 1SQFT or any other buyer as outlined in these Terms.
“Token” shall mean fractionalised real estate digital tokens, held against real land of the same value, offered to the Customer by 1SQFT under the brand name “1SqFt Token”.
“Base Price” shall mean the price of each 1SqFt Token as recorded when it is sold by 1SQFT to its Customers. This is the ONLY price that the Company guarantees to refund to the customer if they wish to ‘Encash’ their investment.
“Encash” shall mean the action by which any Customer who owns 1SqFt Tokens returns the same to the Company in exchange for payment to their wallet. The value of Encashment is the Base Price of each 1SqFt Token and cannot be higher or lower than the same.
“Minimum Sell Out Price (MSP)” shall mean the Minimum Price per 1SqFt Token at which the Company guarantees to sell out all the Tokens in a particular property in accordance with the Terms. This is the ONLY amount that the Customer is guarantee to receive from the Company when the land is sold out and the Tokens removed.
“Auction” shall mean a Request to trade that has been raised by Customers who own 1SqFt Tokens. The Auction Price is determined by the Customer and not the Company and Trade happens in a Free Market that is not controlled by the Company.
“Bid” shall mean an offer to buy that is made by other Customers on 1SqFt Tokens that have been placed on Auction. The Bid value is determined by the Buyer and not the Company. The Bid is placed in a Free Market that is not controlled by the Company.
“Force Majeure Event” shall mean any event that is beyond the reasonable control of the 1SQFT and shall include (without any limitation) sabotage, fire, flood, explosion, an act of God, civil commotion, strikes, lockouts or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, civil disturbances, unauthorised access to computer data and storage device, computer crashes, virus attacks, breach of security and encryption, and any other similar events not within the control of 1SQFT and which 1SQFT is not able to overcome.
“Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organisation, and any other legal entity.
"Platform" shall mean, and include, the mobile application and website by the name and style of “www.1sqft.io”, that the Customer accesses for the transactions, including all contents, services, and technology offered through the Platform.
“Transfer” refers to a facility to transfer funds from the Customer’s Bank Account to their 1SQFT Wallet or transfer from their Wallet to another Customer’s Wallet.
“Withdraw” refers to a process that allows Customers to withdraw funds from the their 1SQFT Wallet to their Bank Account that is linked to their KYC.
In addition to the terms defined in Section 2.1, additional terms used herein shall have the respective meanings assigned thereto in the relevant sections contained hereinafter.
ONESQFT Technologies Pvt Ltd, a Private Limited firm incorporated under the Companies Act, 2013 (18 of 2013) and is a Company limited by shares with its registered office at 3C, 3 rd Floor, Rainbow Arcade, No.22, Thyagaraya Road, T-Nagar, Chennai-600017 ("1SQFT") will be selling 1 SqFt Digital Tokens held against actual land of the same value. Through its digital platform the Company will be providing services of storing, encashing, buying, selling and trading of Digital Tokens and other related services to the Customers, on or through the Platform (“Services”).
The 1SqFt Tokens are being offered for purchase and/or sale by 1SQFT under its brand name “1SQFT”. The Services are being provided by 1SQFT, however, 1SQFT may utilize any external Payment Gateway Service (“PG Service”) for facilitating the collection of payments for the Services on its Platform. The PG Service Provider assumes no liability for the Services except for providing payment services and Customer Support in addressing the queries related to payments made. Any and all of the transactions relating to the Services are being rendered by 1SQFT in association with the Intermediaries (namely the Payment Gateway) with whom separate agreements have been entered into by 1SQFT.
The Customers are advised to read and understand these Terms carefully before using the Services and the same shall be binding on the Customer without any objection.
1SQFT does not guarantee any returns, on any transactions consummated vis-à-vis the Platform, to any person, either directly or indirectly. The investment of the Customer is solely the responsibility of the Customer. The Customer assures that the customer shall not hold 1SQFT liable in any circumstances. The Customer (hereinafter referred to as “You”, with the term “Your” being construed accordingly) shall be solely responsible for undertaking appropriate and effective due diligence and market related analysis before undertaking any transactions pursuant to these Terms of Use. The customer shall analyse the investment and benefits and losses of the investment. You further acknowledge and agree that 1SQFT and its officers, directors, employees, agents, and affiliates will have no liability for Your purchase or other decisions using the Platform.
The Services by 1SQFT shall be provided for a term commencing from the date of creation of the 1SQFT Account.
You understand and acknowledge that the Services are being provided and made available on an “AS IS” and “AS AVAILABLE” basis. Due to technical reasons which may not be known to the 1SQFT, The Platform may contain errors or inaccuracies that could cause failures, corruption, or loss of data and/or information from Your device and/or any device used by You to connect to the Platform as well as from peripherals (including, without limitation, servers and computers) connected to any of the above-mentioned devices. You assume all risks and costs associated with Your use of the Services and the Platform, including without limitation, any costs incurred for the use of Your device and any damage to any equipment, software, or data. You agree to such technical defaults and liabilities.
You confirm that you are not registered under the Goods and Services Tax Act, 2017 and that if, in the course of your relationship with 1SQFT, you become registered under the Goods and Services Tax Act, 2017, you shall inform 1SQFT of your change in status immediately, and provide any relevant information and documents, as may be requested.
1SQFT or the Token Holder (as the case may be) may from time to time appoint intermediaries who shall assist 1SQFT in providing the Services to You (“Intermediaries”). The term, “Intermediaries” shall mean 1SQFT, Token Holder, their suppliers, and shall include any and all Persons appointed by 1SQFT for the Token Holder (as the case may be) upon placement of an Order. You hereby consent to the appointment of such Intermediaries, for and on Your behalf, by 1SQFT or the Token Holder (as the case may be). Any default by such intermediaries shall not be the liability of the 1SQFT.
You acknowledge and understand that these Intermediaries have been appointed to ensure that Your Orders/Customer Requests are duly complied with in accordance with these Terms. You additionally acknowledge that certain payments will have to be made to these Intermediaries for their appointment and services in relation thereto, which shall be borne by 1SQFT on Your behalf unless otherwise indicated in these Terms.
Appointment of KYC Providers, Payment Gateway Providers and Token Holders.
You hereby acknowledge and agree that in order to ensure that Your Orders/Customer Requests are fulfilled in all circumstances, 1SQFT will engage the services of KYC Providers, Payment Gateway Service Providers and Token Holders.
By way of these Terms, You authorise the above mentioned Agents to act on Your behalf to ensure that Your interests are adequately protected.
Safe Keeping/Holding of 1SqFt Tokens.
1SqFt Tokens purchased by You corresponding to the Order shall be stored with a Token Holder in a Digital Vault on Your behalf (“Token Holder”).
You hereby authorise (i) appointment of such Token Holders to safe keep the 1SqFt Tokens purchased; and (ii) 1SQFT to store such 1SqFt Tokens purchased by You, including, but not limited to, Pre-Booking, Traded and Direct Purchase (as the case may be) in the secured vault on Your behalf (“Token Holder”). It is hereby clarified that Your purchase of the 1SqFt Token corresponding to the Order shall be deemed to be completed and title in relation thereto shall be deemed to have been passed upon such a relevant portion of the 1SqFt Token being stored in the vault with the Token Holder on Your behalf or upon a final invoice being issued by 1SQFT in accordance with these Terms, subject to applicable laws.
To ensure that the 1SqFt Tokens stored in such vault is adequately protected, necessary insurance policy/ies have been obtained by the Vault Keeper, where the cost of insurance to safe keep the same will be borne by the Vault Keeper/1SQFT. Pursuant to such insurance policy/ies, for any loss or damage to the 1SqFt Tokens stored in the vault, You further authorize the Vault Keeper to act as Your beneficiary under the insurance policy/ies and to take all steps necessary to protect Your interests.
While the Vault Keeper has taken the necessary insurance policy/ies, in case of the occurrence of an event not covered in such insurance policy/ies, the 1SqFt Tokens may be at risk. The insurance policy/ies obtained by the Vault Keeper are in line with global industry practices and cover losses due to fire, lightning, theft, cyclone, earthquake, flood, etc.
It is hereby advised that you read all the third-party service provider terms & conditions as Your acceptance of all their terms and conditions will be considered.
1SQFT offers You the ability to transfer your 1SQFT Tokens to another recipient, by means of the “gift” feature, or as part of another product function, such as exchanges.
Any such transfer of 1SQFT Tokens from you to another recipient shall only be valid if exercised through a method or functionality offered by 1SQFT.
1SQFT may offer Customers the ability to gift 1SQFT Tokens purchased by the Customer, to a recipient of their choice. This will be offered as the “gift” feature.
1SQFT shall not be responsible for the acceptance or rejection of the “gift” by the intended Recipient. This process will be possible only between 1SQFT Customers who have completed the registration and KYC functions that are mandatory for members.
1SQFT gifts shall be final, and 1SQFT shall not be responsible for amending, altering or otherwise reversing the transaction in case the gift is delivered to an unintended recipient due to an error on the part of the Customer.
The 1SQFT Tokens purchased by you from the Company or from other members will be stored in a digital wallet that will be created at the time of logging in to the platform. During this time, and from there on, the Company is not liable to pay you and interest on the value of the Tokens held or for the value of the money held in your wallet.
The Company reserves the right to “Sell out the entire Property” to an outside buyer subject to the Company achieving the MSP (Minimum Sell Out Price) that it has guaranteed to Customers.
Any statutory taxes, agreements and registrations that are required will be processed and the cost deducted from the sale price.
Once the sale is finalised either 1SQFT or the Token Holder shall notify you and applicable Final Sale Proceeds shall be issued to your bank account that is linked to your KYC account. At no time will the Final Sale Proceeds be paid to you in cash.
If performance under these Terms is prevented, restricted, delayed or interfered with by reason of labour disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the Platform, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or failure of any device used to access the Platform, or any other act whatsoever, whether similar or dissimilar to those referred to in this section, which are beyond the reasonable control of 1SQFT and could not have been prevented by reasonable precautions then 1SQFT shall be discharged from such performance to the extent of and during the period of such force majeure event. Such non-performance by 1SQFT shall, in no manner whatsoever, amount to a breach of its obligations herein.
These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts of Chennai shall have exclusive jurisdiction over any disputes arising under these Terms. In the event of any dispute arising out of these Terms, the same shall be settled by binding arbitration conducted by a sole arbitrator, appointed jointly by both parties and governed by the Arbitration and Conciliation Act, 1996. The venue of arbitration shall be Chennai, Tamil Nadu, India.
The Customer shall follow the instructions on the platform for opening a 1SQFT Account & provide all required information like Name, Age, Gender, Contact information, etc. 1SQFT shall be entitled to collect & verify your contact information via OTP or any other verification method.
Prior to placing an order for Tokens, You may be required to provide certain KYC documentation and other information as may be required by 1SQFT in such form and manner as it may deem fit. This information may be requested from you at the time of purchase.
You authorise 1SQFT to make such inquiries as may be necessary to satisfy the validity of your identity. You shall be responsible for the correctness of the information provided to 1SQFT. If You have reasons to believe that there is an error in the information furnished by You, You shall immediately provide correct/updated information.
1SQFT reserves the right to terminate any 1SQFT Account, with or without notice to You, in the event the KYC documents/information are found to be incorrect or the authenticity of the documents/information is found to be doubtful. You hereby undertake to indemnify and keep indemnified 1SQFT against any and all losses, claims, liabilities costs, etc. which arise out of or relate to Your failure to identify Yourself and validate Your account promptly and/or due to incorrect KYC documents/information.
Know Your Customer (KYC) and Verification
Prior to placing an order for Tokens, You may be required to provide certain KYC documentation and other information as may be required by 1SQFT in such form and manner as it may deem fit. This information may be requested from you at the time of purchase or whenever required for security and safety purposes.
The Customer shall follow the instructions on the platform for opening a 1SQFT Account & provide all required information like Name, Age, Gender, Contact information, etc. 1SQFT shall be entitled to collect & verify your contact information via OTP or any other verification method.
Once the registration process is complete, You shall be entitled to place an order on the Platform (“ Orders”).
You agree that Your continued use of the Platform, consequent upon the creation of the 1SQFT Account, is subject to verification by 1SQFT of the information and documentation provided by You. You hereby grant 1SQFT permission to conduct such verification, in such form and manner as it may deem fit.
You further acknowledge that 1SQFT reserves the right for such verification either on registration of the 1SQFT Account or at any time thereafter. You hereby authorise 1SQFT to engage with any third-party service provider for verification of your KYC documentation to ascertain your eligibility. Any processing undertaken by 1SQFT to process KYC documents shall be in accordance with its privacy policy and these Terms. It is hereby clarified that as far as the permission to access the KYC documents by a third-party service provider is concerned, the same shall be governed by the privacy policy of such third party service providers & payment gateways.
You will be responsible for maintaining the confidentiality of the 1SQFT Account Information and shall be fully responsible for all activities that occur on the 1SQFT Platform as conducted by you through your account. You agree to immediately notify 1SQFT of any unauthorised use of the 1SQFT Account Information or any other breach of security. 1SQFT cannot and will not be liable for any loss or damage arising from Your failure to comply with this section. You may be held liable for losses incurred by 1SQFT or any user or visitor of the Platform due to authorised or unauthorised use of the 1SQFT Account, as a result of your failure in keeping the 1SQFT Account Information confidential.
You shall ensure that the 1SQFT Account Information provided by You in the registration form is complete, accurate, and up-to-date. Use of another Customer’s account information for availing of any of the Services and/or for use of the Platform is expressly prohibited.
You agree that if You provide any information that is untrue, inaccurate, not current, or incomplete, (or becomes untrue, inaccurate, not current, or incomplete) or if 1SQFT has reasonable grounds to suspect that such information is untrue, inaccurate, not current, incomplete, or not in accordance with these Terms, 1SQFT shall reserve the right to indefinitely suspend or terminate or block access to the 1SQFT Account on the Platform and refuse to provide You with access to the Platform.
You can buy 1SQFT Tokens only at the price mentioned on the platform and not what is advertised locally or on other portals. Each 1SQFT Digital Token is held against physical land of the same value as the BP (Base Price). The incremental value of the MSP (Minimum Sell Out Price) is achieved only when the physical land is sold out. The BP and MSP are the only two prices guaranteed by 1SQFT. All other prices including Auctions & Bids are considered as speculative and as such are open to risk.
Buying or Selling of Tokens BELOW the BP is strictly prohibited and will not be allowed. Buying or Selling of Tokens ABOVE MSP is allowed but will be done so at the risk of the Customer in the free market. The Company does not guarantee to repay this price in any form.
You understand that the market prices of land may vary multiple times, and that in order to achieve the MSP the sale team of 1SQFT might have to delay the Sell Out Process to maximise appreciation.
Payment will be accepted through the payment options made available on the Platform, which may include redirection to a Payment Gateway hosted by another third-party website or platform, including by 1SQFT. At the time of purchase/fulfilment / sale-back / transfer of Tokens, the relevant taxes will be chargeable as per government norms. It is hereby clarified that once an Order is placed, You are not entitled to cancel the Order, provided that an Order shall stand cancelled if the payment fails for any reason whatsoever.
1SQFT reserves the right to cancel an Order, at its sole discretion, if Your information, provided prior to placing the Order, is not found acceptable and 1SQFT is of the opinion that You are not eligible to purchase 1SQFT Digital Tokens. The 1SQFT Account shall accordingly stand amended. 1SQFT shall have the right to freeze the 1SQFT Account until it receives KYC and other documentation in a form and manner satisfactory to it.
Once the payments are received by 1SQFT and the KYC information, if requested, is found acceptable, 1SQFT shall issue an invoice to You confirming the Order placed within a period of 3 (Three) business days of placing such order, in a manner, it may deem fit.
Notwithstanding anything to the contrary contained in these Terms, 1SQFT shall be entitled to accept or reject a Customer, for any reason whatsoever, at its sole discretion.
In case of rejection of an Order in accordance with these Terms, where payments have been received by 1SQFT, such payments shall be returned to You to the bank account linked to your account, subject to the terms and conditions indicated on the Platform.
You will be provided with free storage for your 1SQFT tokens on the platform for an unlimited period of time provided your account is active and you perform at least TWO buy/sell transactions per month. If there are NO transaction in your account for a period of TWO successive months or more, 1SQFT is liable to charge you a storage and or platform fee as per its discretion.
The 1SQFT Platform offers Services for Customers who wish to invest in property through a convenient digital tokenization process that produces easily transferrable 1SQFT Digital Tokens securely done using blockchain technology. These tokens are held against the size and value of the real land that is purchased by the Company.
Customers who purchase 1SQFT Land Tokens are free to visit and see the land parcel, but are not entitled to claim the real land of the same size and value, use it or resell it for fiat currency. Customers are not entitled to sell or trade the land tokens OUTSIDE the platform.
You agree that you do not have the option of deciding when the real land is sold out at the MSP and that this is done at the sole discretion of the Company as long as the MSP requirement is met.
There are some scenarios where a customer can actually buy the real land through our platform.
Based on the periodic changes and upgrades made to the 1SQFT Account (in lieu of the Orders and/or Customer Requests), if You are of the opinion that the changes made thereto do not tally with the orders and/or Customer Requests placed by You, You may contact 1SQFT at info@1sqft.io, who shall accordingly take all necessary actions for taking care of any such identified discrepancies.
It is hereby clarified that the 1SQFT Tokens cannot be pledged by You, and the 1SQFT Account is non-transferable unless specifically allowed by 1SQFT. In the event of Your death, if specifically allowed by 1SQFT, the title to such 1SQFT Tokens lying in the vault and the 1SQFT account shall transfer to Your legal heirs only after the required due diligence has been conducted (provided that you have filled nominee details). Subsequent to this, Your legal heir(s) shall be regarded as the Customer for the purpose of the 1SQFT Tokens and 1SQFT Account thereafter and the Terms shall be applicable to Your legal heir(s).
It is hereby clarified that the 1SQFT Platform displays articles, new projects and other merchandise that are available for shopping. Some items may appear slightly larger or smaller than the actual size due to screen defaults and photography techniques. 1SQFT shall not be liable for any legal action on this account. It shall be 1SQFT’s Endeavour to ensure that all details regarding the product are clearly displayed on the Platform.
Due to reasons not directly attributable to 1SQFT, data may be inaccurately displayed on the Platform due to some system errors on the Platform or any device used to access the Platform. 1SQFT reserves the right to correct any and all errors when they do occur, at its sole discretion, and 1SQFT shall be entitled to not honour any requests/orders placed by You based on any inaccurate or erroneous prices.
The prices quoted on the Platform are fixed and not negotiable. The prices on the Platform are also subject to change without notice to You.
Customers can BUY 1SQFT Digital Tokens after loading the 1SQFT app/website, registering themselves, completing their KYC and linking their bank account to their 1SQFT Wallet.
1SQFT Tokens can be bought in three ways (i) Directly from the Company: This is newly launched land that is available for pre-booking or direct purchase at BP (Base Price). The approval of this transaction is by the Company. (ii) Bidding in the Marketplace: Customers can make bits for other customers’ land that has been place up for Auction. The approval of this transaction is by each individual seller and the Company is not involved in this process. (iii) Gifting: Customers can recieve 1SQFT tokens as goodwill gifts from the Company or in a limited quantity from other members.
Customers can SELL 1SQFT Digital Tokens after purchasing them through the above process. They can sell these tokens in two ways (i) Encash: This is a direct sale back to the Company at BP (Base Price) only. This process will result in an immediate cash back to the Customer’s bank account and the Tokens will be re-issued for sale on the Platform. (ii) Auction: If a customer wishes to sell their 1SQFT tokens at a price that is higher than the BP, they can do so by putting up the desired number of tokens for AUCTION on the marketplace. This is a free market so other customers have to freedom to make bids on this Auction as they wish. When a BID meets the Customers’ expectation it needs to be approved in order for the transaction to be completed. They Company will not, under any circumstances, interact or approve bids in the marketplace.
The Customer should take care not to share their wallet details, personal UPI pin, or OTP (“Payment Information”) with any third party intentionally or unintentionally. The Company never solicits Payment Information over a call or otherwise. The Company/Platform/Third Party Services/Payment Gateway partners shall not be liable for any fraud due to the sharing of such details.
In the event that an individual’s Payment Information or Payment Instrument is fraudulently utilized to purchase 1SQFT Tokens on the Platform (“Fraudulent Transaction”) from 1SQFT, then the Company may share relevant information of such transaction if the victim approaches the Company via proper channels including 1SQFT’s customer support number and email (info@1sqft.io), along with supporting documentation from the relevant authority.
In the event that 1SQFT and/or the Platform Partner have flagged any transaction or Customer account as suspicious as per their internal guidelines, or where it is found that a Customer has utilized Payment Information or a Payment Instrument in an unauthorized or fraudulent manner to purchase 1SQFT Tokens or undertake any other transaction on the Platform (Fraudulent User), 1SQFT and/or the Platform Partner shall be entitled to:
Request further KYC information or other documentation from the User to verify the flagged transaction; pending further verification, block such Fraudulent User, and/or freeze any accounts associated with them; reverse any such Fraudulent Transaction, to the extent possible, including the sale of any 1SQFT Tokens purchased by such Fraudulent User, at the prevailing rate; provide information on such Fraudulent User, along with any other transaction details, to the relevant authorities.
In the event of a Fraudulent Transaction, 1SQFT shall make a reasonable effort to assist the victim in recovering their funds, subject to supporting evidence and documentation being provided upon request. 1SQFT shall be entitled to transfer the victim’s funds, in this case, 1SQFT will deduct operation and transfer charges charged by the third-party platform.
However, it is clarified that 1SQFT shall not be obligated to reverse any transaction where the Fraudulent User has already sold the 1SQFT Tokens purchased through the Fraudulent Transaction and received the funds against such sale; or where the fraudulent User has chosen to gift/encash the Tokens so purchased. In this event, 1SQFT shall, to the best of its ability, provide any information on the fraudulent User, including the bank account or Digi Wallet account to which funds have been settled, or the IP address to which the 1SQFT Token has been delivered, to the victim or the relevant authorities.
You acknowledge that the Services are for Your personal use and agree not to publish the 1SQFT prices or descriptions of 1SQFT Tokens and/or any other information displayed on the Platform (in lieu of Your access to the Platform) on any other medium. You shall not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products, or services obtained from the Services.
Subject to these Terms and the Privacy Policy, You hereby grant to 1SQFT a non-exclusive, worldwide, royalty-free right to (a) collect, store and transmit Your data, in each case solely to the extent necessary to provide the Services to You, and (b) share Your data or interact with other people, to distribute and publicly perform and display Your Data as You direct or enable through the Services. You will provide Your consent to 1SQFT as may be required under applicable law for the use and/or sharing of any data generated by You when purchasing 1SQFT Tokens or otherwise using the Platform for any services related to the purchasing of the 1SQFT Tokens in such manner as 1SQFT may stipulate in this regard. 1SQFT may share Your data with the Token Holder, as required, to fulfil their obligations as a Token Holder. Your data will continue to be governed by confidentiality obligations. It is hereby clarified that 1SQFT would be the owner of any data generated by You when purchasing the 1SQFT Tokens on the Platform.
You represent and warrant that: (i) You have obtained all necessary rights, releases, and permissions to provide all Your data to 1SQFT and to grant the rights granted to 1SQFT in these Terms and (ii) Your data and its transfer to and use by 1SQFT as authorized by You under these Terms do not violate any laws or rights of any third party, including without limitation any intellectual property rights, rights of privacy, or rights of publicity, and any use, collection, and disclosure authorized herein is not inconsistent with the terms of any applicable privacy policies. Other than its security obligations under these Terms and the Privacy Policy, 1SQFT assumes no responsibility or liability for Your data, and You shall be solely responsible for Your data and the consequences of using, disclosing, storing, or transmitting it.
1SQFT shall not be held liable for any loss of data, technical or otherwise, information, or for particulars supplied by You, due to reasons beyond its control like corruption of data or delay or failure to perform as a result of a Force Majeure Event.
1SQFT shall have the sole discretion to determine the locations and pin codes it may want to serve.
The provision of Services may be interrupted, including for maintenance, repairs, upgrades, or network or equipment failures.1SQFT strives to keep the Services up and running; however, all online services suffer occasional disruptions and outages. 1SQFT is not liable for any disruption or loss You may suffer as a result.
1SQFT may discontinue some or all of the Services, including certain features and the support for certain devices and platforms, at any time.
1SQFT may, at its discretion, suspend the 1SQFT Account of Customers, if there appears to be fraudulent or suspicious activity in the account. If 1SQFT is of the opinion that You are involved in any unlawful activity or the 1SQFT Account is used for any unlawful purpose, 1SQFT shall have the right to take all actions available to it, including black-listing or blocking You from using the Services on its Platform or blocking Your access to the Services through the Platform or intimating the relevant authorities of such unlawful activities.
1SQFT shall not be held liable/responsible, in any manner whatsoever, for any loss/liability arising out of or relating to any technical failure/issue in Platform and/or acts/omission not attributable to it.
You shall inform immediately, in any case no later than 10 (ten) days before the transaction, of any irregularities or discrepancies that may exist in Your 1SQFT Account, failing which it shall be deemed that there is no error or discrepancy in the account. All records maintained by 1SQFT, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions.
You hereby agree that You shall be liable for all fees and charges associated with the use of the Platform and Services. Further, details of the fees payable (including, but not limited to the terms pertaining to such fees and the quantum thereof), have been set out on the Platform. Please note that the fees and charges may be revised from time to time and it would be Your responsibility to view the Platform to check the then current fees and charges payable.
It is hereby clarified that fees and charges, once paid, are non-refundable if any.
All payments made for the use of the Platform and/or purchase of 1SQFT Tokens by You shall be compulsorily in Indian Rupees, through online payment only. Cash, Credit Card and International Currency transactions will strictly not be allowed.
While availing any of the payment method/s available on the Platform for availing the Services, 1SQFT shall not be responsible for or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to You due to:
Lack of authorization for any transaction(s), or
Exceeding the preset limit mutually agreed by You and between bank/s and/or other institutions used by you in making payment, or
Any payment issues arising out of the transaction, or
Rejection of transaction for any other reason(s) whatsoever.
1SQFT may temporarily/permanently suspend/terminate the 1SQFT Account or refuse access in case of non-payment of fees due by You. Without limitation to the other rights and remedies available to 1SQFT, it also reserves the right to take legal action for the same.
Use of the Platform and/or the Service is available only to Persons who can enter into legally binding contracts under the Indian Contract Act, 1872, and to a person resident in India or in possession of valid NRI/OCI card. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents, and persons of unsound mind are not eligible to use the Platform or the Services. Any person under the age of 18 shall not register on the Platform and shall not transact on or use the Platform in relation to or for any Services. 1SQFT reserves the right to terminate any Person’s membership and/or refuse to provide such Person with access to the Platform and/or any Services if it is brought to 1SQFT’s notice or if it is discovered that such Person is not eligible to use the Platform and/or any Service.
You represent and warrant to 1SQFT that you have sufficient experience and knowledge to make informed decisions to purchase/sell 1SQFT Tokens. You acknowledge that you have not relied on any information made available by 1SQFT and that 1SQFT is not making any recommendation with respect to such purchases / sale-back of 1SQFT Tokens. No relationship other than seller-purchaser, including, without limitation, any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between you 1SQFT.
You acknowledge that 1SQFT is providing/dealing in/offering an investment product through digital tokens and does not directly deal with the buying and selling of real land. You further acknowledge that the value of Real Land may vary depending on various factors and forces.
Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of 1SQFT. Therefore, 1SQFT shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery, or execution of orders due to breakdown or failure of transmission or communication facilities (including in any device used to connect to the Platform), or to any other cause beyond 1SQFT’s control or anticipation.
The Platform may allow You to post Your review and experience of using the Platform ("Reviews") in order to improve the Platform and the user experience.
You, being the originator of the Reviews, are responsible for the Reviews that You upload, post, publish, transmit or otherwise make available on the Platform. You represent that all such Reviews will be in accordance with applicable law. You acknowledge that 1SQFT does not endorse any Reviews on the Platform and is not responsible or liable for any Reviews. 1SQFT reserves the right to disable access to the Reviews on the Platform.
You hereby grant 1SQFT a perpetual, non-revocable, worldwide, royalty-free, and sub-licensable right and license to use, copy, distribute, display, publish, transmit, make available, reproduce, modify, adapt the Reviews in any manner as deemed appropriate by 1SQFT in any form including but not limited to print, broadcast, online and across any and all websites and platforms owned by 1SQFT.
You further represent and warrant that while posting any Reviews on the Platform You shall not use any offensive, libelous, derogatory, hateful, or racially or ethnically objectionable language. Further, You shall not post any content on any part of the Platform that is obscene, pornographic, or constitutes an “indecent representation of women” as provided in the Indecent Representation of Women (Prohibition) Act, 1986.
As elaborated under the Privacy Policy, 1SQFT will keep all confidential information confidential, including Your personal information, and shall not disclose it to anyone except as required by law, and shall ensure that such confidential information is protected with security measures and a degree of care that it would apply to its own confidential information. 1SQFT acknowledges that its employees, directors, agents, and contractors shall use the confidential information only for the intended purpose for which it is provided. 1SQFT shall use all reasonable endeavours to ensure that its employees, directors, agents, and contractors acknowledge and comply with the provisions of these Terms of confidentiality as if such person was subject to these Terms of confidentiality.
1SQFT solely and exclusively owns respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by 1SQFT and displayed on/accessed on the Platform and is protected under Indian law.
You hereby acknowledge that the Services constitute original works and have been developed, compiled, prepared, revised, selected, and arranged by 1SQFT respectively through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes the valuable intellectual property of 1SQFT and such others. You thereby agree to protect the proprietary rights of 1SQFT during and after the term of these Terms. You may not selectively download portions of the Platform without retaining the copyright notices.
Any infringement shall lead to appropriate legal proceedings against You at the appropriate forum for seeking all available remedies under applicable laws of the country.
The Platform may contain links and interactive functionality interacting with the websites of third parties. 1SQFT is not responsible for and does not have any liability for the functionality, actions, inactions, privacy settings, privacy policies, terms, or content of any such websites. Before enabling any sharing functions to communicate with any such website or otherwise visiting any such website, 1SQFT strongly recommends that You review and understand the terms and conditions, privacy policies, settings, and information-sharing functions of each such third-party website.
You hereby agree to indemnify and keep the 1SQFT indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges, and expenses, directly or indirectly, whatsoever (“Losses”) which 1SQFT and/or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of:
(i) The usage of the Platform and/or any device used by the Customer to access the Platform.
(ii) By reason of 1SQFT acting in good faith and taking or refusing to take or omitting to take action on the Customer's instructions, and in particular arising directly or indirectly out of the negligence, mistake, or misconduct of the Customer.
(iii) Breach or non-compliance of the Terms and relating to the 1SQFT Account; and/or Fraud or dishonesty relating to any transaction by the Customer.
All information, content, materials, and services included on or otherwise made available to you through the platform (collectively, the "contents") are provided by 1SQFT on an "as is," "as available" basis, without representations or warranties of any kind. 1SQFT makes no representations or warranties of any kind, express or implied, as to the operation of the platform, the accuracy or completeness of the contents, and the accuracy of the information. 1SQFT shall have no responsibility for any damage to your computer system or loss of data that results from the download of any content, materials, document, or information or any other losses incurred by you for use of the platform. You expressly agree that the use of the platform is at your sole risk. 1SQFT will not be liable for any damages of any kind arising from the use of the platform or the services or the contents including, without limitation, direct, indirect, consequential, punitive, and consequential damages, unless otherwise specified in writing. To the full extent permitted by law, 1SQFT disclaims any and all representations and warranties with respect to the platform (or any part thereof) and its contents, whether express or implied, including, without limitation, warranties of title, merchantability, and fitness for a particular purpose or use.
LIMITATION OF LIABILITY
You hereby acknowledge that 1SQFT (including but not limited to its directors, employees, agents, or partners) shall not be held liable to You for any special, consequential, incidental, exemplary, or punitive damages, or loss of profit or revenues. 1SQFT shall also not be liable under any circumstances for damages arising out or related in any way to Your inability to access, or Your difficulty in accessing the Platform to avail of any Services, any bugs, viruses, trojan horses, or the like, which may be transmitted to or through the Platform by any third party, any loss of Your data, any claim relating to Your data or content from the Services and/or Your failure to keep the 1SQFT Account Information secure and confidential. You further agree that 1SQFT shall not be held responsible in any manner whatsoever for any and all acts or omissions of any Intermediaries or any other third party whosoever including (but not limited to) any person whose device has been used by You to access the Platform and/or any person appointed/nominated for the purposes of accepting/collecting any payments from You for the purchase of 1SQFT Tokens.
In accordance with the Information Technology Act, 2000 and the Rules made there under:
the contact details of the Grievance Officer for the purposes of 1SQFT are:
Name: Preethi Ramesh
E-mail ID: info@1sqft.io