Terms of Service and User Agreement
Last Updated: 12, July, 2024
1. Introduction
1.1 Overview:
This Terms of Service and User Agreement ("Agreement") governs your access to and use of the Cosmo Bear game ("the Game"), developed by Galaxy Labs Inc Limited ("the Company"), a company incorporated in the United Arab Emirates. By accessing or using the Game, you ("the User") agree to comply with and be bound by this Agreement. If you do not agree with any of these terms, you are prohibited from using or accessing the Game.
1.2 Definitions:
- "Company" refers to Galaxy Labs Inc Limited.
- "User" refers to any individual who accesses or uses the Game.
- "Game" refers to Cosmo Bear, an educational play-to-earn game available on Telegram.
- "Tokens" refer to the in-game currency, $CBX, distributed on the Coreum network.
2. Eligibility
2.1 Age Requirement:
Users must be at least 18 years old to play the Game. By accessing or using the Game, you represent and warrant that you meet this age requirement.
2.2 Legal Compliance:
By using the Game, you agree to comply with all applicable local, state, national, and international laws and regulations.
3. Acceptance of Terms
3.1 Binding Agreement:
By playing the Game, you agree to be bound by this Agreement. If you do not agree to these terms, you must not use the Game.
3.2 Modifications to Agreement:
The Company reserves the right to modify this Agreement at any time. Any changes will be effective immediately upon posting on the Game or Company’s website. Your continued use of the Game after any such changes constitutes your acceptance of the new terms.
4. Game Content and Purpose
4.1 Educational Purpose:
The primary purpose of the Game is educational. It is designed to provide an engaging learning experience.
4.2 No Monetary Promises:
Users will not be promised any monetary gains or anything besides the tokens of the Game, $CBX. The Game is free to play and does not require any purchases.
5. Token Distribution
5.1 Earning Tokens:
Users can earn tokens ($CBX) through gameplay. The criteria and methods for earning tokens will be determined by the Company and may change at its discretion.
5.2 Distribution of Tokens:
Tokens earned by Users will be distributed to their wallet addresses on the Coreum network at the end of Season 1 on the specified distribution date mentioned in the game and on the official website of the game.
5.3 Efforts to List Tokens:
The Company is committed to making every effort to list the tokens ($CBX) on major exchanges globally to enhance their utility and accessibility. While the Company is optimistic about the potential for listing, it cannot provide an absolute guarantee that the tokens will be listed or that they will be tradeable for fiat currency. Users are encouraged to stay informed about the progress of token listings and market developments.
5.4 Trading Tokens:
All token trades will occur on open markets on exchanges upon listing. The Company is not responsible for redeeming or exchanging tokens for fiat. $CBX is a game token and is not intended to be used as a substitute for money. However, like any other game and meme tokens, it may be traded in the open market. Users acknowledge that the value of tokens can fluctuate based on market conditions and that the Company does not provide any warranties regarding the value of the tokens.
5.5 Verification of Social Media Challenges:
The Company will verify all social media challenges completed by Users that offer bonus rewards before the distribution of tokens. We will ensure that all tasks have been correctly completed and that there are no breaches, discrepancies, or cheating involved. If any issues are found, the User’s account will be permanently banned from the Game, and all tokens will be deducted from their wallet. Users are encouraged to complete challenges honestly and accurately to avoid penalties.
6. User Responsibilities
6.1 Voluntary Participation:
Users agree to voluntarily participate in the Game and any related social media challenges for additional bonuses. Users must ensure that their participation complies with all applicable anti-spam regulations and rules in their jurisdictions globally. This includes not engaging in any spamming activities or behaviors that could be considered as such under relevant laws.
6.2 Compliance with Rules:
Users agree to comply with all game rules and guidelines set forth by the Company. Failure to comply may result in suspension or termination of the User’s account.
6.3 Account Security:
Users are responsible for maintaining the confidentiality of their account information and for all activities that occur under their account. The Company will not be liable for any loss or damage arising from the User’s failure to protect their account information.
7. Legal Compliance and Taxation
7.1 Legal Compliance:
Users must ensure that playing a play-to-earn game like Cosmo Bear is legal in their country of residence and citizenship. It is the User’s responsibility to comply with all local, state, national, and international laws and regulations regarding the use of the Game and the receipt of tokens.
7.2 Token Legality:
Users must verify that receiving tokens ($CBX) is legal in their country, including compliance with securities laws and any other relevant regulations. $CBX is designated as a utility and rewards token and is not intended to be a security token. It does not represent shares of the Company or promise any equity in the Company. The Company is not responsible for any legal issues that may arise from Users receiving or using tokens. It is the User's responsibility to ensure they are not in violation of any local, national, or international laws by participating in the Game and receiving tokens.
7.3 Tax Obligations:
Users are fully responsible for any tax obligations that may arise from their participation in the Game and the receipt of tokens. Users should consult with a tax professional to ensure they comply with all relevant tax regulations in their country. The Company will not be liable for any tax liabilities incurred by Users.
8. Intellectual Property
8.1 Ownership:
All content, features, and functionality of the Game, including but not limited to text, graphics, logos, and software, are the exclusive property of the Company and are protected by international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.
8.2 License to Use:
The Company grants Users a limited, non-exclusive, non-transferable, and revocable license to use the Game for personal, non-commercial use, subject to this Agreement.
8.3 Restrictions:
Users may not copy, modify, distribute, sell, or lease any part of the Game or its content, nor may they reverse engineer or attempt to extract the source code of the software, unless laws prohibit these restrictions or Users have the Company’s written permission.
9. Limitation of Liability
9.1 Disclaimer of Warranties:
The Game is provided "as is" and "as available" without any warranties of any kind, either express or implied. The Company disclaims all warranties, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
9.2 Limitation of Damages:
In no event shall the Company be liable for any direct, indirect, incidental, special, or consequential damages arising out of or in any way connected with the use of or inability to use the Game, even if the Company has been advised of the possibility of such damages.
10. Indemnification
10.1 User Indemnity:
Users agree to indemnify, defend, and hold harmless the Company, its affiliates, investors, backers, developers, and each of their respective officers, directors, agents, and employees from any claims, damages, losses, liabilities, and expenses (including reasonable attorneys’ fees) arising out of or related to the User’s use of the Game, violation of this Agreement, or violation of any rights of a third party.
11. Dispute Resolution
11.1 Arbitration:
Any disputes arising out of or relating to this Agreement shall be resolved through binding arbitration in accordance with the rules of the UAE.
11.2 Waiver of Jury Trial:
Users waive any right to a trial by jury or to participate in a class action in any dispute arising out of or related to this Agreement.
12. Governing Law
12.1 Applicable Law:
This Agreement shall be governed by and construed in accordance with the laws of the United Arab Emirates, without regard to its conflict of laws principles.
13. Miscellaneous
13.1 Entire Agreement:
This Agreement constitutes the entire agreement between the User and the Company regarding the use of the Game and supersedes all prior or contemporaneous understandings and agreements, whether written or oral, regarding such subject matter.
13.2 Severability:
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect.
13.3 No Waiver:
The Company’s failure to enforce any right or provision of this Agreement will not be considered a waiver of such right or provision.
13.4 Assignment:
The Company may assign its rights and obligations under this Agreement without notice to Users. Users may not assign their rights or obligations under this Agreement without the Company’s prior written consent.
14. Contact Information
For any questions or concerns about this Agreement, please contact us at:
Galaxy Labs Inc Limited
[email protected]