Standard Offer Agreement for Time Tokens

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.

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

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.

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.

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.

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.

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

Token Redemption

9. Sending time tokens to the issuance address by the Holder 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 in specific warranty cases.

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.

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.

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.

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.