Standard Offer Agreement for Time Tokens: Difference between revisions

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===Purpose of the Standard Offer Agreement===
===Purpose of the Standard Offer Agreement===


1. This document establishes the standard for the use of time tokens within the legal framework of the Montelibero Association.
1. This document defines the standard for the use of time tokens within the legal framework of Montelibero and is applied as the default recommended Offer Agreement.
 
2. The Standard Offer Agreement may be modified by a decision of the Council of the Association and is applied as the default recommended option.


===Time Tokens===
===Time Tokens===


3. Personal time tokens are obligations of their creator (the Issuer) to provide work hours for carrying out tasks that are acceptable to them and required by the token Holder acting as the client.
2. Time tokens are obligations of their creator (the Issuer) to provide work hours for performing tasks that are acceptable to them and required by the token Holder acting as the client.
 
4. Family time tokens operate under the same principles as personal time tokens but are issued from a family account.


5. Generally accepted ratio is 1 time token = 1 hour of the Issuer’s dedicated work time.
3. One time token is equivalent to one nominal hour of the issuer’s committed working time.


6. The Issuer must maintain up-to-date information about their specialization and preferred types of work through the BSN platform using the "About" tag.
4. The Issuer must maintain up-to-date information about their specialization and preferred types of work via the BSN „About“ tag.


===Time Tokens Circulation===
===Time Tokens Circulation===


7. The price of a time token is determined freely by the market. The token Issuers and Holders may exchange them for any assets by mutual agreement.
5. The price of a time token is determined freely by the market. Token Issuers and Holders may exchange them for any assets by mutual agreement.


8. Time tokens may be freely transferred between the token economy participants.
6. Time tokens may be freely transferred between the token economy participants.


===Time Tokens Redemption===
===Time Tokens Redemption===


9. The Holder’s transfer of time tokens to the issuance address constitutes their redemption.
7. The Holder’s transfer of time tokens to the issuance address constitutes their redemption.


10. Upon redemption, the Holder confirms that all work associated with the tokens has been completed and that they have no claims against the Issuer. After redemption, any claims regarding the quality or scope of work are considered void, except for specific warranty cases.
8. Upon redemption, the Holder confirms that all work associated with the tokens has been completed and that they have no claims against the Issuer. After redemption, any claims regarding the quality or scope of work are considered void, except for specific warranty cases.


===Refusal to Perform Work===
===Refusal to Perform Work===


11. The Issuer has the right to refuse to perform the work without explanation. In such cases, they are obligated to buy back time tokens at a price not lower than 50% of the current price of the primary sale by the Issuer.
9. The Issuer has the right to refuse to perform the work without providing a reason. In such cases, they are obligated to repurchase the time tokens at a price no less than 50% of the Issuer’s current primary sale price, except in cases where the tokens were gifted by the Issuer.


===Application of the Standard Offer Agreement===
===Application of the Standard Offer Agreement===


12. The offer applies to all personal and family time tokens with a trust line open at the Montelibero Association account, provided the Issuer is an individual or a family, a verified participant of the Association, and has not created their own Offer Agreement.
10. The Council of the Association publishes and may modify the Standard Offer Agreement by its decision.


13. For legal clarity, it is recommended to indicate acceptance of this offer with a special tag in the BSN. In case of conflicting interpretations between Offer Agreements, priority is given to the latest version.
11. The Issuer signs the current version of the Offer Agreement via BSN using Montelibero's notarization practices.


14. Time token Holders who acquired tokens before changes to the Offer Agreement have the right to request the application of the previous version of the terms for the tokens purchased during its validity period.
12. Holders of time tokens purchased prior to changes to the Offer Agreement have the right to demand the application of the older version of the terms to the tokens they obtained during its validity period.


[[ru:Стандартная оферта часовых токенов МТЛА]]
[[ru:Стандартная оферта тайм-токенов]]

Latest revision as of 00:33, 5 March 2025

Purpose of the Standard Offer Agreement

1. This document defines the standard for the use of time tokens within the legal framework of Montelibero and is applied as the default recommended Offer Agreement.

Time Tokens

2. Time tokens are obligations of their creator (the Issuer) to provide work hours for performing tasks that are acceptable to them and required by the token Holder acting as the client.

3. One time token is equivalent to one nominal hour of the issuer’s committed working time.

4. The Issuer must maintain up-to-date information about their specialization and preferred types of work via the BSN „About“ tag.

Time Tokens Circulation

5. The price of a time token is determined freely by the market. Token Issuers and Holders may exchange them for any assets by mutual agreement.

6. Time tokens may be freely transferred between the token economy participants.

Time Tokens Redemption

7. The Holder’s transfer of time tokens to the issuance address constitutes their redemption.

8. Upon redemption, the Holder confirms that all work associated with the tokens has been completed and that they have no claims against the Issuer. After redemption, any claims regarding the quality or scope of work are considered void, except for specific warranty cases.

Refusal to Perform Work

9. The Issuer has the right to refuse to perform the work without providing a reason. In such cases, they are obligated to repurchase the time tokens at a price no less than 50% of the Issuer’s current primary sale price, except in cases where the tokens were gifted by the Issuer.

Application of the Standard Offer Agreement

10. The Council of the Association publishes and may modify the Standard Offer Agreement by its decision.

11. The Issuer signs the current version of the Offer Agreement via BSN using Montelibero's notarization practices.

12. Holders of time tokens purchased prior to changes to the Offer Agreement have the right to demand the application of the older version of the terms to the tokens they obtained during its validity period.

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