Chewy 50th Anniversary NFT Sale Terms and Conditions:
1) Chew International Foods Limited (“Chewy”) is a Hong Kong based company a leading supplier of food products. To celebrate its 50th Anniversary, it has created 100 blockchained non-fungible tokens (“NFTs”), each associated with one uniquely and originally designed food redemption coupon (“NFT FRC”).
2) Each NFT FRC will be available for commercial sale (“Sale”), through the process of minting, from Chewy’s designated weblink, from 15th to 28th July 2022 for private sale, and from 29th July 2022 onwards for public sale. The proceeds of the Sale shall be received Chewy and distributed at is sole discretion.
3) These terms and conditions apply to the Sale and are binding on any successful buyer of the NFT FRC and any future sub-buyers or assignees of the NFT FRC (each and collectively referred to as the “Owner”).
4) Upon successful minting of the NFT FRC, Owner agrees to pay Chewy the price of the NFT FRC to Chewy, pursuant to the method displayed on the designated Chewy webpage. The Owner of each NFT FRC shall be entitled redeem once (“Redemption”), during the 10-year period from 1 January 2023 to 31 December 2032, 100 kg of Super Power Rice products (“Rice Products”). Upon successful Redemption of the Rice Products the corresponding NFT shall be “burnt”. The Owner shall be entitled to always retain the NFT FRC for collection purpose.
5) The Owner is entitled to resell the NFT FRC but any subsequent sale shall be subject to a royalty fee payment to Chewy at 10% of the on-sale price (whether calculable in crypto or fiat currency). The Owner also agrees to pay all applicable fees associated with the Sale and any on-sale transaction(s), including but not limited to any third party services fees applicable such as gas fees.
6) Chewy owns and retains all legal right, title, and intellectual property rights to the art, graphics, images, designs, logos, trademarks and drawings that is shown on each of the NFT FRC. Each NFT FRC is solely for (i) the Owner’s own personal and non-commercial use for storing in Owner’s crypto wallet and display in private or public and (ii) redemption of the Rice Products. No intellectual property right or any other commercial right is granted to the Owner under any circumstances. Owner is not entitled to use the art, graphics, images, designs, logos, trademarks and drawings belonging to Chewy to advertise, market, or sell any third party product or service, or otherwise use, exploit or utilize the same for the Owner’s own commercial benefit.
7) Each Owner shall be solely responsible for the safe keeping of the NFT FRC in his/her own crypto wallet. For Redemption of the Rice Products an Owner must present the NFT FRC to Chewy for burning. Chewy shall be entitled to refuse any request for Redemption where no NFT FRC is presented irrespective of the circumstances leading .
8) To the maximum extent permitted by applicable mandatory law, Chewy will not be liable to Owner for any loss or damage, whether in contract, tort, negligence, breach of statutory duty, or otherwise and howsoever arising from the use of the NFT FRC, including but not limited to any losses, damages or claims arising from (i) Owner’s keeping of the NFT FRC such as forgotten password to crypto wallet; (ii) accidental transfer or transactions; (iii) server failure or data loss; (iv) corrupted account files; (v) unauthorized access or activities by third parties, including but not limited to the use of viruses, phishing, or other means of attack against the app, network, or the electronic account or (vi) security weaknesses, fraud, counterfeiting, and other technological difficulties.
9) Owner agrees and acknowledges that blockchain asset is extremely volatile. Other than the Redemption right, there is no guarantee that there is a price or market for the NFT FRC, or that the NFT FRC will have or retain any value. Chewy bears no responsibility for any potential loss in value in the NFT FRC. Furthermore, Owner is aware that there is a risk of change to the regulatory regime which may change the laws governing blockchain technologies, cryptocurrencies, and tokens, resulting in Owner’s ability to use or own the NFT FRC being materially affected. Chewy shall not bear any responsibility for any loss or damage which an Owner may suffer in such an event.
10) These terms and conditions and the sale of the NFT FRC and all matters related to it shall be governed by, construed, and enforced in accordance with the laws of Hong Kong. Any dispute, controversy, difference or claim arising out of or relating to these terms and conditions and the sale of the NFT FRC, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non- contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one.
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