Schock Market, Inc.

Terms of Use

THIS IS A BINDING AGREEMENT.  By using our Website or Services, or by clicking AGREE when registering for an account, you are entering into a legally binding agreement with Schock Market, Inc.  Please read these terms BEFORE you click agree.

 

1. Welcome to Schock Market:

This page explains our terms of use. When you use Schock Market, you are agreeing to all the terms and conditions contained in this agreement. Some of the terms need to be expressed in legal language, but we’ve done our best to offer you clear and simple explanations of what everything means — hence the brief summaries in these shaded boxes. The summaries, for the record, are not part of the official legal terms.

Welcome to Schock Market. By clicking “agree” or using the website (the “Website”) and any of the services (collectively, the “Services”) offered by Schock Market, Inc. or its family of companies (“Schock Market,” “we,” “our,” or “us”), you’re agreeing to these legally binding Terms of Use (the “Terms” or this “agreement”) and our Market Rules, available at: www.schockmarket.com/ClaimMarketRules. Use of our Website and Services is also subject to our Privacy Policy, available at: www.schockmarket.com/PrivacyPolicy.  

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 Website or by sending you an email (if we have your contact information). New versions of the Terms will never apply retroactively — we’ll tell you the date they go into effect. You agree that continued use of our Website or our Services after a change in these Terms constitutes acceptance of all of the terms and conditions in the then-current Terms.  

Note that we use the terms “claim” or “participant” in these Terms of Use and on our Website and Services in the most colloquial or common use of such terms and in no circumstances shall Schock Market’s use of “claim” or “participant” be construed or interpreted in any way to refer to those terms as used or defined in any securities laws or regulations.  Neither our Website nor any of our Services may be used for any securities transactions.

 

2. Types of Users:

Different types of users may utilize the Schock Market Website and our Services.  The different types of users are: public visitors, participants, market creators, and administrators.

Here are the different kinds of users (each a “user” and collectively, “users”) with a brief overview for each:

Public Visitor  

Public visitors may visit our website and post to the public comments page.

Individual Participant

Individual participants must register at Schock Market.  

New participants are assigned a default reserve value.  The reserve value determines the amount of claims an participant may make at Schock Market. (See Reserve Value Assignment below.)

Once registered, the participant may start securing claims at Schock Market.  

Individual participants may participate in exploratory markets.  Individual participants securing claims in exploratory markets pay no fee.

Corporate Participant

Corporate participants must register at Schock Market.  These participants typically represent a corporation, university, or institution.  

Corporate participants are assigned a default reserve value.  The reserve value determines the amount of claims an participant may make at Schock Market. (See Reserve Value Assignment below.)

Once registered, the participant may start securing claims at Schock Market.  

Corporate participants may participate in both exploratory and qualified markets.  Corporate participants participating in exploratory markets pay no fee.

Corporate participants participating in qualified markets  may be responsible for paying payouts to exploratory participants, market creators, and Schock Market itself should the market be approved and implemented by governing authorities.  (See Fee Details below.)

Market Creator

Market creators may be individuals or corporations.  To become a market creator, an individual or corporation must register at Schock Market and request market creator status on the registration page.  

Registered participants at Schock Market may upgrade their status from participant to market creator at any time.  They may do so by visiting their user profile page.

Market creators enjoy use of the same website features as public visitors and participants, but may also create their own markets.

Market creators may be asked to submit an application that outlines in general terms the type of market(s) they seek to launch.

Once a market creator’s application has been processed and the market creator is free to start creating claim markets at Schock Market.  

Market creators may not make claims in their own markets.  

Market creators pay a monthly subscription fee.  In addition, market creators are charged a new market fee when launching a new market.

Administrator

An administrator may be a member of the Schock Market staff or may be a third-party vendor authorized to answer questions and manage the functions, features, and daily operations of the Schock Market claim market platform.

Content Identities

When making content posts at Schock Market, users are identified as follows:

Public Visitor:                    Public Visitor

Individual Participant:        First & last name

Corporate Participant:        Corporation name (first initial, last name)

Individual Market Creator:  First & last name

Corporate Market Creator:  Corporation name (first initial, last name)

Administrator:                    Schock Market (first initial, last name)

 

3. About Creating an Account (participant and/or market creator):

To create an account at Schock Market, you need to be 18 or over. You are responsible for your account and all the activity on it.

You can browse Schock Market without registering for an account.  If you do so, you are considered a public visitor. To use many of the tools found at Schock Market, you will need to apply to become a subscriber, participant, or market creator.  At that time, you will need to create a user name, password, and more.

When you register, the information you give us must be accurate and complete. Do not 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 or suspend your account, at our sole discretion.

You are responsible for all the activity on your account, and for keeping your password confidential. If you find out that someone has used your account without your permission, you should report it immediately to: info@schockmarket.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. We may ask you for proof of age.

 

4. Our Fees

Schock Market may charge fees for the following services:

A one-time application fee for participants and market creators.

A monthly subscription for participants and market creators.

A fee for participants or market creators providing new or revised financial documents to Schock Market and seeking to revise their reserve value.

A new claim market fee for market creators launching a new claim market.

A funding fee, charged to participants for claim markets that close and are later implemented by a governing authority.

We will not collect any fees without giving you a chance to review and accept them. If our fees ever change, we’ll announce that on our Website.  The latest pricing of our fees may be found on our Website. Remember that is you pay fees through our Website, you may also be subject to the payment processor’s terms and conditions and its privacy policy.  

 

You are responsible for paying any additional taxes or licenses or fees levied by authorities in your jurisdiction for activities associated with your use of Schock Market.

If you encounter a billing issue and would like to request a billing correction, refund, or other change, please contact us at info@schockmarket.com.

 

5. Things You Definitely Should NOT Do:

This section is a list of things you probably already know you should not do — lie, break laws, abuse people, steal data, hack other people’s computers, and so on.  Do not engage in these activities.

Many people use our Website and Services. We expect all of them to behave responsibly and to help keep our markets a respectable place. You agree that while you are using our Website or Services:

-You will not break the law. Do not 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.

-You will not lie to people. Do not post information you know is false, misleading, or inaccurate. Do not do anything deceptive or fraudulent.

-You will not victimize anyone. Do not do anything threatening, abusive, harassing, defamatory, libelous, tortious, obscene, profane, or invasive of another person’s privacy.

-You will not spam. Do not distribute unsolicited or unauthorized advertising or promotional material, or any junk mail, spam, or chain letters. Do not run mail lists, listservs, or any kind of auto-responder or spam on or through the Website.

-You will not harm anyone’s computer. Do not distribute software viruses or anything else (code, films, programs) designed to interfere with the proper function of any software, hardware, or equipment on the Website (whether it belongs to Schock Market or another party).

-You will not abuse other Users’ personal information. When you use Schock Market — and especially if you create a successful market — you may receive information about other users, including things like their names, email addresses, and postal addresses. This information is provided for the purpose of participating in a Schock Market claim market(s): do not use it for any other purpose, and do not abuse it.

-You will not create or invest in prohibited items. Do not create or invest in claim markets that, if implemented by governing authorities, would remain illegal or unconstitutional when measured by a higher law or authority; would violate any of Schock Market’s policies, rules, or guidelines; or would violate any applicable law, statute, ordinance, or regulation.  Create and invest only in claim markets that, when implemented by a governing entity, are legal and conform to applicable law, statute, ordinance, or regulation.

We also need to make sure that the Website is secure and our systems function properly.

You agree that you will not do any of the following:

-You will not try to interfere with the proper workings of the Website or Services.

-You not bypass any measures we’ve put in place to secure the Website or Services.

-You will not try to damage or get unauthorized access to any system, data, password, or other information, whether it belongs to Schock Market or another party.

-You will not 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.)

-You will not use any kind of software or device (whether it’s manual or automated) to “crawl” or “spider” any part of the Website.

-You will not take apart or reverse engineer any aspect of the Website or Services in an effort to access things like source code, underlying ideas, or algorithms.

Any violation of Section 5 may result in the termination, suspension, or disabling of your account or your access or use of the Services and the Website.

 

6. Stuff We Do Not Do and Are Not Responsible For

We do not oversee market performance and we do not mediate disputes between users of our Website or Services. claim markets are complicated.  Please familiarize yourself with the Market Rules that apply to every registered user.  The “How It Works” section on our Website also contains information on claim markets that you may find useful.

We do not oversee performance of claim markets on our Website, and we do not mediate disputes between users.  

Schock Market isn’t liable for any damages or losses related to your use of the Website or the Services.

We don’t become involved in disputes between users, or between users and any third party relating to the use of the Website or the Services.

We don’t oversee the performance or punctuality of claim markets, and we don’t endorse any content users submit to the Website.

When you use the Website or the Services, you release Schock Market from claims, damages, and demands of every kind — known or unknown, suspected or unsuspected, disclosed or undisclosed — arising out of or in any way related to such disputes and the Services.

All content you access through the Services is at your own risk.

You’re solely responsible for any resulting damage or loss to any party.

 

7. Other Websites

If you follow a link to another website, what happens there is between you and them — not us.

Schock Market may contain links to other websites. (For instance, project pages, user profiles, and comments may link to other websites.) When you access third-party websites, you do so at your own risk. We don’t control or endorse those websites or their privacy policies, or their terms of use or service.

Schock Market partners with other companies, such as credit card companies, banks or others, for payment processing. When you pay a fee at Schock Market, you’re also agreeing to the payment processor’s terms and conditions.

 

8. Your Intellectual Property

We don’t own comments you post, refinements you post, or markets you create at Schock Market.  But when you engage in these activities on the Website or through our Services, you’re giving us permission to use or copy any information you have provided us however we need to in order to provide our Services, run the Website, or show people what’s happening on it. (We generally just use this to promote claim markets and showcase our community on the Website.) You’re responsible for the content you post or markets you create, and you’re vouching to us that it’s all okay to use.

Schock Market doesn’t own content you submit to us (“User Content”). But we do require certain licenses from you in order to provide our Services to you and our other users. You’re responsible for the stuff you post and create. All information submitted to the Website, whether publicly posted or privately transmitted, is the sole responsibility of the person from whom that content originated.  When you submit User Content, whether it’s a claim market for review, a refinement for a claim market, a comment, video, photo, an article, or any other content through our Website or Services, the following applies:

You grant to us, and others acting on our behalf, a worldwide, perpetual, non-exclusive, irrevocable, royalty-free, sublicensable, assignable, transferable right and license to use, exercise, create derivative works, commercialize, modify, edit, translate, reformat, excerpt, delete, and otherwise exploit the User Content, including, without limitation, all copyrights, publicity or moral rights, trademarks, and database rights.

You represent and warrant that you can use the User Content you’ve submitted. You won’t submit any User Content you don’t own (unless you have permission). Your User Content must not contain third-party copyrighted material, or material that is subject to other third-party proprietary rights, unless you have permission from the rightful owner of the material, or you are otherwise legally entitled to post the material (and to grant Schock Market all the license rights in these Terms).

Any royalties on or licensing of your User Content are your sole responsibility. You promise to pay all royalties and other amounts owed to any person or entity based on your User Content, or based on your submission of such User Content on the Website.

You promise that if we use your User Content, we’re not violating anyone’s rights or copyrights. If Schock Market or its users exploit or make use of your User Content in the ways contemplated in this agreement, you promise that this will not infringe or violate the rights of any third party, including (without limitation) any privacy rights, publicity rights, moral rights, copyrights, contract rights, or any other intellectual property or proprietary rights whatsoever.

We’re not responsible for mistakes in your User Content or any other user’s User Content. Schock Market will not be liable for any errors or omissions in any content or information contained or available through our Website or Services.

 

9. Schock Market’s Intellectual Property

The content on Schock Market is protected in various ways. You do have the right to use it for certain personal purposes, but you can’t use it for anything commercial without getting permission first.

Schock Market’s Services are legally protected in various ways, including copyrights, trademarks, service marks, patents, trade secrets, and other rights and laws. Nothing in this agreement shall be interpreted or construed as transferring the ownership of any of our proprietary rights in our Website, Services, and the content contained therein. You agree to respect all copyright and other legal notices, information, and restrictions contained in any content accessed through the Website or Services. Except as otherwise allowed in these Terms, you also agree not to change, translate, or otherwise create derivative works of content on our Website.

Subject to the terms and conditions of this agreement, Schock Market grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable right and license to use content from the Website and Services for personal, non-commercial use only. This license covers both Schock Market’s own protected content and User-Content on the Website. If you want to use, reproduce, modify, distribute, or store any of this content for a commercial purpose, you need prior written permission from Schock Market or the relevant copyright holder or content owner. A “commercial purpose” means you intend to use, sell, license, rent, or otherwise exploit content for commercial use, in any way.

 

10. How We Deal with Copyright Issues

We comply with the Digital Millennium Copyright Act.

The Digital Millennium Copyright Act lays out a system of legal requirements for dealing with allegations of copyright infringement. Schock Market complies with the DMCA, and we respond to notices of alleged infringement if they comply with the law and the requirements set forth in our Copyright Policy. We reserve the right to delete or disable content alleged to be infringing, and to terminate accounts for repeat infringers. (We do this when appropriate and at our sole discretion.)

If you’d like to submit a claim of copyright infringement, please visit our Copyright Policy. Our designated agent for notice of alleged copyright infringement is:

Schock Market, Inc.

Attn: Copyright Agent

P.O. Box 1710

Bend, OR 97709

copyright@schockmarket.com

 

11. Cancelling Your Account

You can cancel your subscriber, participant, and/or market creator account. Cancelling your account won’t make content you’ve already posted or created go away and it won’t make your history at Schock Market as an participant or market creator go away.

As a subscriber, you can cancel your account at any time.

Participants may cancel their account at any time by cancelling all existing claims and then cancelling their account.

Market creators may cancel their account at any time by closing all their markets, cancelling all existing claims, and then cancelling their account.

All provisions of this agreement survive termination of an account, including our right and license to use any User Content you’ve already submitted to the Website. (For instance, if you’ve launched a claim market as a market creator, terminating your account will not remove the history of that claim market including its parameters and all transactions for it, from our Website.)

 

12. Our Rights

To operate, we need to be able to maintain control over what happens on our Website. So 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 when we absolutely have to.

Schock Market reserves these rights:

We can make changes to the Schock Market Website and Services, in our sole and absolute discretion, without notice or liability, and without waiving or limiting the disclaimers contained in this agreement.

We have the right to cancel any account, claim, or claim market, at any time and for any reason, with or without notice, in our sole and absolute discretion.

We have the right to reject, cancel, interrupt, remove, or suspend any account, claim, or claim market at any time and for any reason, with or without notice.

We have the right to decide who’s eligible to use Schock Market. We can cancel accounts or decline to offer our Services at any time for any reason, with or without notice.  

We can change our eligibility criteria at any time, with or without notice and with or without cause. If our Services are prohibited by law where you live, then we can revoke your right to use Schock Market in that jurisdiction.

Schock Market is not liable for any damages as a result of any of these actions, and we may choose not to comment on the reasons for any such action.

 

13. Warranty Disclaimer

We work hard to provide you with great services, but we can’t guarantee everything will always work perfectly. This Website is presented AS-IS, as-available, with all faults, and without warranties.

You use our Services solely at your own risk. They are provided to you “AS-IS,” “AS-AVAILABLE,” with all faults, and without warranty of any kind, express or implied.

SCHOCK MARKET SPECIFICALLY DISCLAIMS ANY AND ALL WARRANTIES 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. WE MAKE NO WARRANTY REGARDING UNINTERRUPTED OR ERROR FREE OPERATION OF THE WEBSITE OR SERVICES OR REGARDING THE ACCURACY OR TRUTH OF THE INFORMATION CONTAINED THEREIN. NO ADVICE OR INFORMATION (ORAL OR WRITTEN) OBTAINED BY YOU FROM SCHOCK MARKET SHALL CREATE ANY WARRANTY.  ANY EFFORTS BY SCHOCK MARKET TO MODIFY THE WEBSITE OR SERVICES WILL NOT BE DEEMED A WAIVER OF THESE LIMITATIONS.

 

14. Indemnification

If you do something on Schock Market that winds up getting us sued, you may be held liable and must help defend us.

If you do something that gets us sued, or break any of the promises you make in this agreement, including, without limitation, those related to your ownership of or rights to User Content you submit, you agree to defend, indemnify, and hold Schock Market and its subsidiaries, affiliates, suppliers, licensors, directors, and officers harmless from any and all liabilities, claims, and expenses (including reasonable attorneys’ fees and other legal costs) that arise from or relate to your use or misuse of our Website or our Services. 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.

 

15. Limitation of Liability

If something bad happens as a result of your use of or access to our Website or Services, we’re not liable (beyond a small amount).

To the fullest extent permitted by law, in no event will Schock Market, its directors, officers, shareholders, 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 or content of any third party on the Website. In no event shall Schock Market’s liability for direct damages exceed (in the aggregate) one hundred U.S. dollars ($100.00).

 

16. Dispute Resolution and Governing Law

We are located in Bend Oregon USA, and any disputes with us have to be handled in Bend under Oregon State law.

We at Schock Market 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 policies referenced herein, such as our Privacy Policy and the Market Rules) will be governed by and construed in accordance with the laws of the State of Oregon 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 Schock Market and its Services are deemed passive services that do not give rise to jurisdiction over Schock Market or its parents, subsidiaries, affiliates, assigns, employees, agents, directors, officers, or shareholders either specific or general, in any jurisdiction other than the State of Oregon. 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 any of our Website or Services in any way, shall be filed only in the state or federal courts located in Deschutes County in the State of Oregon, 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.

 

17. The Rest

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.) Thank you for reading them and for using Schock Market!

These Terms and the other material referenced in them (like our Privacy Policy and the Market Rules, which are specifically incorporated herein) are the entire agreement between you and Schock Market with respect to the Website and the Services. They supersede all other communications and proposals (whether oral, written, or electronic) between you and Schock Market with respect to the Website and the Services. 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 Schock Market 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 Schock Market’s prior written consent, which it may grant or withhold in its sole discretion. Schock Market has the right to assign, transfer, or delegate any of its rights and obligations under these Terms without your consent.

 

Last Updated: May 1, 2019