Standard Offer Agreement for Time Tokens

Purpose of the Standard Offer Agreement

1. This document defines the standard for the use of time tokens within the legal framework of the Montelibero Association 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 may modify the Standard Offer Agreement by its decision.

11. Issues and holders of time tokens accept the Standard Offer Agreement, by setting a BSN tag to their primary account with the tag’s value containing the hash of the current version of the Offer.

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.