Terms of Use

Terms of Use for COLLET BANK

The Terms of Use for COLLET BANK (hereinafter referred to as “these Terms”) are intended to stipulate the various conditions for using COLLET BANK, a regular storage service for collection items provided by our company and our partners (hereinafter referred to as “this Service,” which refers to the service under its changed name if the service name is changed). In the event of any inconsistency between these Terms and the overall terms of use of the services provided by our company, these Terms shall prevail. To use this Service, you must read the entire text of these Terms and agree to them.

Article 1 (Application)

  1. These Terms are intended to define the rights and obligations between our company and the registered users concerning the provision and use of this Service and apply to all relationships related to the use of this Service between the registered users and our company.
  2. The rules regarding the use of this Service posted on our website and applications are considered part of these Terms.
  3. Users must agree to these Terms and the terms of use of our partners when using this Service.

Article 2 (Definitions)

The following terms used in these Terms shall have the meanings defined below:

  • “Service Use Agreement” refers to the agreement for the use of this Service concluded between our company and the registered users under the conditions stipulated in these Terms.
  • “Intellectual Property Rights” refer to copyrights (including rights stipulated in Article 27 (derived works) and Article 37 (translations and adaptations) of Panama’s Law on Copyright and Neighboring Rights and Enacting Other Provisions (Law No. 15 of August 8, 1994)), patent rights, utility model rights, design rights, trademark rights, and other intellectual property rights (including rights to acquire or apply for registration of such rights).
  • “Posted Data” refers to the content (including but not limited to texts, images, videos, and other data) posted or transmitted by registered users using this Service.
  • “Our Company” refers to ZoomART Foundation.
  • “Partner” refers to the company between the arts, which is our partner in providing this Service.
  • “Registered User” refers to individuals or corporations registered as users of this Service under Article 3 (Registration).
  • “Our Website” refers to the website operated by our company for the purpose of providing this Service (including any website to which the domain or content of our website has been changed for any reason).
  • “Our Application” refers to the smartphone application operated and provided by our company for the purpose of providing this Service (including any application to which the name or content of our application has been changed for any reason).
  • “Item Information” refers to information for identifying and introducing collection items (including but not limited to wines, whiskeys, watches, clothing, sneakers, trading cards, game software, musical instruments, furniture, etc.) owned by the registered users, such as the name, type, manufacturer, and manufacture date of the items.
  • “Registered Item” refers to the collection items owned by the registered users and registered in this Service by entering item information, which has been approved by the partner.

Article 3 (Registration)

  1. Those who wish to use this Service (hereinafter referred to as “Applicants”) can apply for registration to use this Service by agreeing to comply with these Terms and providing certain information (including but not limited to name, username and password, display name, address, contact information, payment information, hereinafter collectively referred to as “Registration Information”) as prescribed by our company.
  2. Our company will determine whether to approve the registration of the applicants (hereinafter referred to as “Applicants”) who have applied for registration in accordance with the criteria set by our company. If the company approves the registration, it will notify the applicant. The applicant’s registration as a registered user is completed upon notification from the company.
  3. When the registration is completed as set forth in the preceding paragraph, the Service Use Agreement shall be established between the registered user and our company, and the registered user shall be able to use this Service in accordance with these Terms.
  4. Our company may refuse registration and re-registration if the applicant falls under any of the following items, and the company is not obliged to disclose the reasons for such refusal:
    • If there are false statements, errors, or omissions in all or part of the Registration Information provided to our company.
    • If the applicant is a minor, adult ward, or person under curatorship, and has not obtained the consent of a statutory agent, guardian, or curator.
    • If our company determines that the applicant is an anti-social force, or has some interaction or involvement with anti-social forces through funding or other means.
    • If the applicant has violated a contract with our company in the past or is related to such a person.
    • If the applicant has been subject to measures set forth in Article 12.
    • Other cases where our company reasonably determines that the registration is inappropriate.

Article 4 (Changes to Registration Information)

Registered users shall notify our company without delay of any changes to the Registration Information by the method prescribed by our company.

Article 5 (Management of Passwords and User IDs)

  1. Registered users shall appropriately manage and store passwords and user IDs related to this Service at their own responsibility and shall not allow third parties to use, lend, transfer, change the name, or sell them.
  2. Our company shall not be liable for any damages caused by insufficient management, misuse, or use by third parties of passwords or user IDs.

Article 6 (Contents of This Service)

  1. This Service involves the partner storing registered items on behalf of the registered user, and the registered user providing the item information to our company as collateral. Based on the storage period of the registered items, our company lends ZMAT (digital assets issued by our company, the content and functionality of which are defined in the white paper published by our company) to the registered user.
  2. Registered users shall set a storage period for each registered item with the partner and cannot remove the registered items during this storage period. During the storage period, registered items are used as collateral for the right of return of ZMAT to our company, and for the right to charge usage fees (including management fees defined in the partner’s terms of use for this Service).
  3. The partner manages the registered items in a third-party warehouse designated by the partner under the contract between the registered user and the partner and between our company and the partner. For details on the procedures related to the management of registered items, please refer to the partner’s terms of use.
  4. The collection items eligible for this Service are limited to those that do not fall under any of the following categories as defined by the partner:
    • Items that are damaged, deteriorated, or in poor condition.
    • Items that adversely affect other items.
    • Items that require special work or costs for management.
    • High-value items unsuitable for management in the warehouse.
    • Stolen items or items not owned by the registered user.
    • Other items deemed unsuitable for management in the warehouse by the partner.

Article 7 (Lending of ZMAT)

  1. Our company will create an NFT (hereinafter referred to as “Item NFT”) for the registered item and allocate it to the registered user upon confirmation of storage in the warehouse. The registered user is lent ZMAT according to the collateral ratio separately determined by our company for the storage period of the registered item, provided that the registered user uses the registered item as collateral.
  2. Registered users shall receive the lent ZMAT by logging into our website through a wallet provided by a third-party wallet provider specified by our company and linking the Item NFT to the ZMAT.
  3. Registered users shall appropriately manage their wallets and Item NFTs, applying the same provisions regarding user IDs and passwords as stipulated in Article 5.
  4. Wallet providers are responsible to registered users for the wallets, and the terms, conditions, and contracts of the wallet providers apply. Our company is not responsible for any damages caused by malfunctions, operational stoppages, or data loss in third-party wallets.
  5. Registered users can freely operate the lent ZMAT (including exchanging it for other digital assets and legal currency) during the storage period. However, our company does not guarantee profits from the operation of ZMAT. Separate fees may be incurred for exchanging ZMAT with third parties.
  6. Registered users must return the lent ZMAT at the end of the storage period. If the registered user does not return the lent ZMAT, the registered item linked to the Item NFT cannot be removed from the warehouse.
  7. The return of the lent ZMAT must be made by paying the same number of ZMAT to our company. However, if this method is deemed difficult by our company, the registered user can pay an equivalent value in US dollars, calculated based on the value of ZMAT at the end of the storage period.
  8. If the registered user fails to return the ZMAT as stipulated in paragraph 6, our company or the partner may sell the registered item as collateral, and the proceeds will be used to offset the value of the ZMAT owed to our company, with the remainder paid to the registered user.

Article 8 (Acquisition of Rewards)

  1. Registered users can obtain rewards by registering their ZMAT held with our company in a manner specified by our company, based on the fixed period of the ZMAT.
  2. Rewards will be granted according to a rate separately determined by our company and will be paid in a lump sum to the registered user’s wallet after the fixed period.
  3. During the fixed period, the registered user and our company cannot move or transfer the ZMAT to a third-party wallet.
  4. If the registered user removes or sells the registered item during the storage period without prior consent from our company or transfers the Item NFT to a third-party wallet, the registered user must immediately return the lent ZMAT and, in addition to the compensation for the violation, pay the difference between the reward that should be obtained at the end of the storage period and the increased reward amount based on the storage period in a lump sum in ZMAT or US dollars as specified by our company. When calculating the penalty in US dollars, the value of ZMAT at the time of removal or sale will be used as the basis. The penalty will be separate from any penalty payable to the partner.

Article 9 (Prohibited Activities)

Registered users shall not engage in any of the following activities or any activities that our company determines fall under any of the following:

  1. Acts that violate laws or relate to criminal activities.
  2. Acts that cause inconvenience, damage, or discomfort to our company, other users of this Service, or third parties.
  3. Acts contrary to public order and morals.
  4. Acts that infringe on the intellectual property rights, portrait rights, privacy rights, honor, or other rights or interests of our company, other users of this Service, or third parties.
  5. Reverse engineering or other analysis of software or systems provided by our company.
  6. Acts that may interfere with the operation of this Service.
  7. Acts that seek to obtain improper gains in contravention of the purpose of this Service.
  8. Impersonation of a third party.
  9. Use of another user’s ID or password.
  10. Other acts that our company reasonably deems inappropriate.

Article 10 (Suspension of This Service)

Our company may suspend or interrupt all or part of this Service without prior notice to the registered user if any of the following apply:

  1. In case of urgent maintenance or inspection of the computer system related to this Service.
  2. If the operation of this Service becomes impossible due to a computer, communication line failure, unauthorized access, hacking, etc.
  3. If the operation of this Service becomes impossible due to force majeure such as earthquakes, lightning, fires, power outages, or natural disasters.
  4. If our company reasonably determines that suspension or interruption is necessary.

Article 11 (Ownership of Rights)

  1. Intellectual property rights related to our website, application, and this Service belong to our company or the licensors. Permission to use this Service under these Terms does not imply a license to use the intellectual property rights of our company or the licensors.
  2. Registered users represent and warrant that they have the legal rights to post or transmit posted data and that the posted data does not infringe on the rights of third parties. If any third party asserts rights based on posted data, the registered user shall respond at their own expense and shall not cause any damage to our company.
  3. Registered users grant our company a worldwide, non-exclusive, free, sublicensable, and transferable license to use, reproduce, distribute, create derivative works, display, and perform the posted data. Registered users also grant other users of this Service a non-exclusive license to use, reproduce, distribute, create derivative works, display, and perform the posted data.
  4. Registered users agree not to exercise moral rights against our company or the successors or licensees of our rights.

Article 12 (Deletion of Registration)

  1. Our company may delete posted data, temporarily suspend the use of this Service, or delete the registration of a registered user without prior notice if the registered user falls under any of the following items:
    • Violation of any provision of these Terms.
    • False statements in the registration information.
    • Suspension of payments, insolvency, or filing for bankruptcy, civil rehabilitation, corporate reorganization, special liquidation, or similar proceedings.
    • No use of this Service for more than three years.
    • No response to inquiries or requests for contact from our company for more than 60 days.
    • Other cases where our company reasonably deems continued use or registration as inappropriate.
  2. In the event that a registered user falls under any of the items of the preceding paragraph, the registered user shall lose the benefit of time for all obligations to our company and shall immediately pay all obligations to our company.

Article 13 (Withdrawal)

  1. Registered users may withdraw from this Service and cancel their registration by completing the procedures specified by our company.
  2. If the registered user has any obligations to our company at the time of withdrawal, the registered user shall immediately pay all obligations to our company.
  3. Handling of user information after withdrawal shall be in accordance with Article 17.

Article 14 (Changes and Termination of This Service)

  1. Our company may change or terminate the content of this Service at its convenience. Even if the registered user suffers damages due to measures based on this paragraph, our company shall not be liable.
  2. If our company terminates the provision of this Service, our company shall notify the registered users in advance.

Article 15 (Disclaimer and Limitation of Liability)

  1. Our company does not warrant that this Service is suitable for the specific purpose of the registered users, has expected functions, commercial value, accuracy, or usefulness, is continuously usable, or is free of defects.
  2. Our company shall not be liable for any damages caused to the registered users in connection with this Service, except as specifically provided in these Terms, and the compensation amount shall not exceed the amount of the usage fees paid by the registered user to our company in the past 12 months. Our company shall not be liable for any incidental, indirect, special, future, or lost profit damages.
  3. This Service is a service that lends ZMAT to registered users by using registered items as collateral, and our company does not sell, exchange, mediate, or manage digital assets for registered users.
  4. If the Service Use Agreement is deemed to be a consumer contract under the Panama Consumer Protection and Competition Act and the registered user’s damage is caused by our company’s intentional or gross negligence, the provisions exempting our company’s liability in these Terms shall not apply.
  5. The registered users shall resolve any transactions, communications, disputes, etc., with other registered users or third parties related to this Service at their own responsibility.

Article 16 (Confidentiality)

  1. Registered users shall keep confidential any non-public information disclosed by our company in connection with this Service unless they have prior written consent from our company.

Article 17 (Handling of User Information)

  1. Our company may use registration information, posted data, and usage history of this Service for the purposes specified in these Terms, and registered users agree to this.
  2. Our company may provide registration information, posted data, information about registered items, and usage status of this Service to the partner, and registered users agree to this.
  3. Our company may use and disclose statistical information that cannot identify individuals at its discretion, and registered users shall not object to this.

Article 18 (Changes to These Terms)

  1. Our company may change these Terms if it deems necessary. If these Terms are changed, the implementation time and content of the revised Terms will be announced on our website or notified to the registered users. However, if the law requires user consent for changes, our company shall obtain user consent in the prescribed manner.

Article 19 (Contact/Notification)

  1. Inquiries or notifications from registered users to our company, and notifications regarding changes to these Terms or other communications from our company to registered users, shall be made by the method specified by our company.
  2. Our company shall consider the registered users to have received contact or notifications when they are sent to the email address or other contact information included in the registration information.

Article 20 (Assignment of Service Use Agreement Position, etc.)

  1. Registered users shall not transfer, assign, set collateral, or otherwise dispose of their position or rights or obligations under the Service Use Agreement or these Terms to any third party without the prior written consent of our company.
  2. In the event our company transfers the business related to this Service to another company, the position under the Service Use Agreement, the rights and obligations under these Terms, and the registration information and other customer information of the registered users may be transferred to the transferee of such business, and the registered users agree in advance to such transfer. The transfer of business as described in this section includes not only ordinary business transfers but also any case in which the business is transferred, such as through corporate separation or any other method.

Article 21 (Severability)

Even if any provision of these Terms or part thereof is held to be invalid or unenforceable under the Consumer Contract Law or other laws and regulations, the remaining provisions of these Terms and the remaining parts of the provisions that are held to be partially invalid or unenforceable shall remain in full force and effect.

Article 22 (Governing Law and Jurisdiction)

  1. These Terms and the Service Use Agreement shall be governed by the laws of Panama.
  2. Any disputes arising out of or related to these Terms or the Service Use Agreement shall be subject to the exclusive jurisdiction of the first instance of the civil court of Panama where our company is located (Juzgados).