Terms of Use | Notion

The terms of use (“Terms”) contained herein govern the use of services (“Services”) provided by all platforms affiliated with Magik Labs Pte Ltd (“Magik Labs”, “we”, “us”, “our”) a Singapore-based corporation with its registered place of business at 3 Fraser Street, #05-25, Duo Towers, Singapore, ****including but not limited to the Website, the Application, Telegram, Smart Contracts, Discord, Twitter, and Medium (collectively referred to as the “Platforms”).

These terms are binding on the Users of Magik Labs (“you”, “your”, “User(s)”) which includes any person or entity who accesses, registers, downloads, browses, or uses in any form, general or specific, the Services provided by Magik Labs, through its Platforms.

The User acknowledges and agrees that the User has read the Terms carefully, understands its meaning and intent, and is aware and accepting of all the Terms contained herein and the Magik Labs Privacy Policy before using the Platforms.

If the User does not agree to the Terms or perform any/all obligations accepted under the Terms, then the User may not access or use the Services or the Platforms of Magik Labs.

DEFINITIONS AND INTERPRETATION
1. “Action” means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, examination, notice of violation, proceeding, litigation, citation, summons, subpoena, or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.
2. “Affiliate(s)” means any person or entity directly or indirectly, employed or engaged on a contractual basis, or in any other similar way related to Magik Labs.
3. "Applicable Law(s)" means any and all applicable substantive and procedural laws including but not limited to, the State of Singapore and other relevant laws applicable to the User(s).
4. ““DApp(s)” means decentralized applications.
5. “Digital Asset” shall include but are not limited to crypto assets, non-fungible tokens (“NFT(s)”), and/or other similar digital assets held or received by the User.
6. “Fiat Gateway” is a third party that offer fiat-to-cryptocurrency conversion services.
7. “Gas Fee” is the pricing mechanism employed on a blockchain to compensate for the computing energy allocated to process a transaction or transfer of assets.
8. “Magik Labs Account” means the login account of the User created with Magik Labs for the use of its Services.
9. “User”, may refer to any person (individual or otherwise) who engages with the Magik Labs Platforms;
10. “Visitor” shall include lurkers, visitors and/or readers who inter-alia browse, read and watch content provided by Magik Labs.
SCOPE
1. Magik Labs is a Singapore-based corporation with its registered place of business at 3 Fraser Street, #05-25, Duo Towers, Singapore****
2. Magik Labs provides SDK to DApps to accept funds from their users (end-user). The Platform is merely a provider of a technical interface permitting supply and demand for fiat-to-crypto conversion services. The Platform does not sell cryptocurrencies, does not convert fiat currencies into cryptocurrencies, and never acts as a Fiat Gateway itself in any way whatsoever. Magik Labs is not a party to any transactions which may be executed between Users and third-party Fiat Gateways.
3. Magiklabs merely acts as an aggregator for fiat-to-crypto conversion services, wherein we attempt to provide the users with the most optimal solutions using our proprietary algorithm to convert their fiat currency or cryptocurrency to other digital assets, that can be used on DApps. However, any contractual agreements, terms, and conditions applicable to transactions between End-Users and third-party Fiat Gateways are governed by the relevant agreement(s) in place between End-Users and third-party Fiat Gateways.
4. MagikLabs charges a transaction fee to provide the optimal solution pertaining to Fiat Gateways, using its proprietary algorithm to assess the lowest possible gas fee, highest success rate, geography and other factors.
USER ELIGIBILITY
1. The User accessing the Magik Labs Platforms hereby represents and warrants that the User has completed the age of majority in their jurisdiction or eighteen (18) years of age and is competent to enter into the terms, conditions, and obligations set forth under these Terms.
2. The User further represents and warrants that if the User is between Fourteen (14) and eighteen (18), the User’s parents or legal guardian has agreed upon these Terms on behalf of the User in writing. All risks related to the usage shall be assumed by the parent or legal guardian of such minor.
3. Any User below the age of fourteen (14) is not permitted to engage with Magik Labs
4. The User shall not be eligible for using the Services if the User is located in, or is a citizen or resident of any state, country, territory, or other jurisdiction where the use of the Services would be illegal or otherwise violate any applicable laws.
5. The User may be required to create an account to use the services provided by Magik Labs. The User shall not make any username that breaches the User Code of Conduct inder these Terms while choosing their username.
BASIC USE REQUIREMENTS
1. The User shall require a compatible mobile phone, internet, or any other supported devices ("Devices") and enabling facilities that meet certain system and compatibility requirements, which may change from time to time, to use the Services.
2. The User’s ability to use Magik Labs and the performance of Magik Labs Services may be affected by these factors. The User agrees that the User is solely responsible for such requirements, including any applicable charges, updates, fees, and all other terms provided under the User’s agreement with their Devices and/or telecommunications provider. Magik Labs shall not be responsible for any lapse of security or failed transactions due to internet issues or issues with the Device(s).
PAYMENTS AND FEES
1. Magik Labs may charge a transaction fee for the Services made available to the User. Magik Labs reserves the right to change the amount of such transaction fee at any time at their sole and absolute discretion.
TRANSACTIONS
1. Transactions may be made in fiat currency, or with cryptocurrency or Digital Tokens, and the User acknowledges and takes responsibility for the risks inherently involved in using such a nascent technology.
2. In the absence of specific terms to the contrary, no taxes shall be withheld from any transactions, and users conducting such transactions shall be individually and fully liable to deposit tax based on the local laws applicable to them.
3. The User acknowledges that Digital Asset transactions are confirmed and recorded in the Digital Asset’s associated blockchain and such networks may be decentralized, peer-to-peer networks supported by independent third parties. Magik Labs does not own, control, or ensure the confirmation and processing of User details for the transaction submitted via Magik Labs.
4. The User acknowledges and agrees that Magik Labs cannot cancel or otherwise modify User transactions. Magik Labs is not a custodian of any Digital Asset involved in any/all nature of transactions.
5. Any transfer in relation to Digital Assets occurs on the relevant blockchain network and not on a network owned by Magik Labs, and therefore, a guarantee of transfer of title or right in any Digital Asset cannot be provided by Magik Labs.
TRANSACTION FEE
1. There may be a requirement of a ‘transaction fee’ or Gas fees associated with Digital Asset transactions while engaging with third-party networks. The User must ensure that the User has an adequate amount of such fee, to complete transactions.
2. The User acknowledges and agrees that Magik Labs shall not be liable for any losses or failed transactions incurred by the User due to inadequate Gas fees or translation fees required for the completion of such transactions.
USER CODE OF CONDUCT
1. Obligations and Prohibited Actions:
  1. The User shall not use any material that is false, offensive, harmful, obscene or pornographic, hateful, defamatory, libelous, derogatory, abusive, threatening, or in any other way illegal or infringing upon the legal rights of others, in violation of this clause.
  2. The User shall not impersonate any other natural or legal person, use their identification or contact details, create accounts in their name, or falsely state or misrepresent any association or affiliation with such persons.
  3. Users shall be civil and respectful of other Users and shall not display any deliberately unpleasant, repetitive, or irrelevant behavior;
  4. Users shall not reveal identifiable information about other Users of the Magik Labs unless explicitly permitted by them to do so;
  5. Users shall not use or solicit another party to use Magik Labs Platforms, directly or indirectly, for any purpose which is prohibited by their applicable law, rule, regulation or guideline.
  6. The User shall not interfere with security-related features of the Platforms, including but not limited to
    1. disabling or circumventing features that prevent or limit use or copying of any content; or
    2. reverse engineering or otherwise attempting to discover the source code of any portion of the Platforms except to the extent that the activity is expressly permitted by applicable law. Any attempt at such interference shall attract a ban from the Platforms and other actions.
  7. The User shall not collect, generate, or affect in any way usernames or email addresses using bots or any other methods or sell or transfer the User profile to any person or entity.
  8. The User shall not use or solicit another party to use Magik Labs or its Platforms, directly or indirectly, for any purpose which is prohibited by applicable laws, rules, regulations, or guidelines and/or is in violation of this clause.
THIRD-PARTY SERVICES
1. The User may interact with third parties in the form of, including but not limited to, third-party DApps, blockchain-based accounts, third-party decentralized exchanges, or any other similar manner. Magik Labs may also integrate third-party applications like Telegram, Twitter or Discord and/or similar apps with their Platforms for User convenience.
2. The Platform uses multiple third-party Fiat Gateways for the conversion of fiat currency to digital assets. However, MagikLabs shall not be liable for the acts, or omissions of any third-party Fiat Gateway.
3. Magik Labs shall not responsible for examining or evaluating the content, accuracy, completeness, availability, timeliness, validity, copyright compliance, legality, decency, quality, or any other aspect of third-party materials or websites.
4. The use of third-party services is governed by their respective terms of service and not by these Terms. The User bears the sole and exclusive responsibility of accepting and complying with their respective terms of service, fees, and charges.
5. Magik Labs does not warrant, endorse, or assume any responsibility for third-party materials and shall not have any liability to the User or any other person for any third-party services, websites, or other materials or products.
6. The User may incur charges or fees from third parties for the use of third-party services. Magik Labs receives no part of such charges and shall under no circumstances incur any liability arising out of or relating to such third-party charges.
TAXES
1. Users shall be responsible, as required under Applicable Law for identifying and paying all taxes and other governmental fees, penalties, interest, and/or any other similar charges that are imposed on the User or with respect to the transactions and payments under these Terms. Magik Labs shall not be responsible for any non-payment of taxes by any of the Users. The Liability of payment of taxes would be incumbent upon the Users, as per the relevant laws applicable to them.
2. Magik Labs undertakes to not withhold any tax deduction at source under these terms.
ASSUMPTION OF RISK
1. The User acknowledges and accepts the following -
  1. The User shall assume the risks associated with transactions that rely on smart contracts and other such experimental technologies.
  2. Such transactions rely on technology that includes but is not restricted to blockchains, cryptographic tokens generated by smart contracts, and other nascent software, applications, and systems that interact with blockchain-based networks. These technologies are experimental, speculative, inherently risky, and subject to change. The User is solely liable for undertaking such risk.
  3. The regulatory regime governing blockchain technologies, cryptocurrencies, and tokens is uncertain, and new regulations or policies may materially and adversely affect the development of Magik Labs. The User shall assume the risks associated with such regulatory changes.
  4. Magik Labs services may be subject to technological interferences due to third-party actions which, include but are not limited to, downtime on any third-party platform accessed by the User via Magik Labs, or its Platforms; network uptime; and network interference.
INDEMNIFICATION
1. The User agrees to indemnify Magik Labs and all its Affiliates from any claim or demand made by any/all third parties, arising out of -
  1. User’s breach of the Terms;
  2. Misuse of any service provided by Magik Labs, its smart contracts, and/or Platforms;
  3. Violation of any laws, rules, regulations, codes, statutes, ordinances, or orders of any governmental or quasi-governmental authorities;
  4. Violation of any rights of third parties, including but not limited to intellectual property, confidentiality, privacy, and/or publicity;
  5. Any misrepresentation of fraud on the part of the User.
2. Magik Labs reserves the right to assume, at the User’s expense, the exclusive defense in any matter subject to this clause and indemnification by the User.
3. The User agrees to cooperate with Magik Labs’s defense of any claim under this clause and the User shall not, in any event, settle any claim, without the prior written consent of Magik Labs.
TERM AND TERMINATION
1. The Terms are effective from the Effective Date and shall remain in force until terminated under this clause.
2. Magik Labs reserves the right to terminate the User from using its Platforms without prior notice or liability, if the User is found to be in breach of these Terms.
3. In the event of such termination, Magik Labs shall not liable for any loss of information, damage, or any other loss of similar nature.
4. The User may request termination of their account by contacting Magik Labs. Upon completion of such request, the User’s right to use the Platforms ceases.
5. Magik Labs reserves the right to discontinue or terminate Magik Labs for all Users without placing any liability on the User. In the event of such termination, not resulting out of a violation by the User, Magik Labs may notify the User regarding the same.
LIMITATION OF LIABILITY
1. Magik Labs or its Affiliated Parties shall not be liable under any circumstances for any lost profits or any special, incidental, indirect, or consequential damages, whether based on contract, tort, negligence, strict liability, or otherwise, arising out of or in connection with these Terms or otherwise even if an authorized representative of Magik Labs has been advised or should have known of the possibility of such damages.
2. Magik Labs shall not be liable for any non-payment or failed transaction by a Fiat Gateway. Any transaction or agreement through the Platform shall be treated as a separate agreement between the User and the Fiat Gateway, with no liability attributable to the Platform.
3. We only agree to perform such duties as are expressly set forth in these Terms, and no other duties will be implied. We have no liability under, and no duty to inquire as to, the provisions of any agreement, other than the Terms of Service.
4. The User understands and agrees that, to the fullest extent permitted by applicable law, neither Magik Labs, its Affiliates nor any related entities, suppliers, or licensors shall be liable to the User for any direct, indirect, incidental, special, punitive, exemplary or other damages of any kind, including but without limitation to damages for loss of profits, goodwill, or other tangible or intangible losses or any other damages. This includes but is not limited to:
  1. any damage, resulting from the Platforms;
  2. conduct of any third party on the Platform;
  3. any actions taken by Magik Labs or failure thereof;
  4. human errors or technical malfunctions;
  5. any loss, damage, or injury, direct or indirect arising out of forgotten passwords, incorrectly constructed smart contracts, server failure, malfunction, misuse of service, or intangible losses;
  6. inability to fully access the Platforms;
  7. the introduction of viruses, worms, or other destructive programs or any other commercial or economic losses;
  8. any decision made or action taken by any party in reliance on Magik Labs’s data that is processed late or incorrectly or is incomplete or lost.
DISCLAIMERS -
1. MAGIK LABS DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES. THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. MAGIK LABS AND/OR ITS SUBSIDIARIES, AFFILIATES, RELATED ENTITIES, AGENTS, REPRESENTATIVES, PARTNERS, LICENSORS, OR ANY SUCH RELATED PARTY TO MAGIK LABS (COLLECTIVELY, “INDEMNIFIED PARTIES”) MAKE NO GUARANTEES OF ANY KIND IN CONNECTION WITH THE SERVICES PROVIDED BY MAGIK LABS OR BY ANY OF ITS USERS.
2. MAGIK LABS AND ALL INDEMNIFIED PARTIES DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, RELATED TO ANY/OR ALL MATERIAL, CONTENT, OR SERVICES MADE AVAILABLE BY MAGIK LABS OR THE PLATFORMS OF MAGIK LABS INCLUDING BUT NOT LIMITED TO (A) ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, QUIET ENJOYMENT, OR NON-INFRINGEMENT; AND (B) ANY WARRANTY ARISING OUT OF COURSE OF DEALING, USAGE, OR TRADE.
3. MAGIK LABS DOES NOT WARRANT THAT THE SERVICE OR ANY PORTION OF THE SERVICE, OR ANY MATERIALS OR CONTENT OFFERED THROUGH THE SERVICE, WILL BE UNINTERRUPTED, SECURE, OR FREE OF ERRORS, VIRUSES, OR OTHER HARMFUL COMPONENTS, AND DO NOT WARRANT THAT THOSE ISSUES WILL BE CORRECTED. THE USER SHALL ASSUME ALL RISK FOR ANY AND/OR ALL DAMAGES THAT MAY RESULT FROM THE USE OR ACCESS BY THE USER TO MAGIK LABS OR ANY OTHER THIRD PARTY ON MAGIK LABS PLATFORMS.
4. THE USER UNDERSTANDS AND AGREES THAT THE USER IS SOLELY RESPONSIBLE FOR ANY PROPERTY DAMAGE (INCLUDING BUT NOT RESTRICTED TO THE USER’S COMPUTER SYSTEM, MOBILE DEVICE, AND/OR ANY OTHER DEVICE USED TO ACCESS MAGIK LABS OR ITS PLATFORMS), OR LOSS OF DATA OR ANY KIND OF PECUNIARY LOSS. THESE LIMITATIONS SHALL APPLY TO THE MAXIMUM EXTENT PERMITTED BY LAW.
FORCE MAJEURE
1. Magik Labs shall not be liable for compensating inadequate performance of any obligations set forth in these Terms, caused due to force majeure circumstances.
2. Force majeure circumstances include but are not limited to, acts of God, natural or industrial disasters, pandemics, acts of terrorism, power supply failures, civil disorders, military operations, equipment shutdowns, and/or other similar situations that cannot be reasonably foreseen or prevented.