Article 1 Definition
Unless otherwise interpreted in context, the following terms shall have the following meanings:
1.1. This Agreement: refers to the "Asset Locking Service Agreement" and any clause, details, and information in its appendixes.
1.2. Party B: refers to LBK Blockchain Co., Limited, hereinafter, LBank platform, which is a global and innovative crypto-asset exchange that provides professional digital asset exchange and management solutions.
1.3. Party A: refers to authentication users that had already registered on LBank, also referred to as a “locking person”, to whom LBank provides asset lock-up services.
1.4. Lock-up period: refers to the period of time when the locking person authorizes LBank to lock up its assets, beginning from the date on when Party A pays the locked assets. The lock-up period is the same as the valid time of this Agreement.
1.5. Annual return: Refers to the annualized rate of return that the locking person expects to achieve from the locked asset.
1.6. Working day: Refers to the working day (legal working day) stipulated by the laws of the People's Republic of China
1.7 Month: Refers to the natural month.
Article 2 Party A’s Rights and Obligations
2.1. During the service period, Party A is not eligible to withdraw its locked assets or terminate the lock-up.
2.2. After the end of the service period, as authorized by Party A, Party B shall assist Party A in applying for withdrawal of their assets and then transfer back to Party A’s account.
2.3. Party A shall be deemed to have voluntarily accepted the contents agreed upon in all the terms of this agreement from the date of signing this agreement.
2.4. Party A entrusts LBank platform to lock Party A's assets in one-off full (or part) payment to the borrower.
2.5. Party A has the right to request Party B to provide an asset lock-up report.
2.6. Party A needs to guarantee that all information it provides to LBank is truthful, accurate, and complete.
2.7. Party A needs to guarantee that all locked assets are its own legitimate assets. Party A shall be responsible for resolving any dispute with a third party arising in connection with the ownership or legitimacy of its assets and shall compensate Party B for any economic losses thereby caused to Party B.
2.8. Party A shall notify Party B of any change is related to significant information including account information, email address, and phone number within three working days after the fact change; otherwise Party A shall be solely responsible for all losses it suffers due to its failure to notify Party B in a timely way.
2.9. In the event that Party A’s locked assets are inherited or donee, the successor or donee that claims for the rights shall provide relevant notarized proof documents to Party B. After confirming by Party B, Party B assists in the transfer of the underlying creditor’s rights, and all taxes and fees resulting from the transfer shall be declared and paid by the claiming successor or donee to the competent tax authorities. Party B will not be responsible for handling the related formalities.
2.10. The relevant taxes and fees that incurred by party A in the process of assets’ lock-up and transfer shall be declared and paid by party A to the competent tax authorities themselves, but in accordance with the relevant laws and regulations, Party B shall be obliged to withhold and pay the said amounts directly with tax certificates to party A.
2.11. Party A confirms and agrees that all Agreement-related written documents or electronic information provided by Party B constitutes an integral part of this Agreement.
Article 3 Party B’s Rights and Obligations
3.1. Party B shall provide Party A with information services and safeguard Party A’s lawful rights and interests in accordance with the principles of conformity with the law, integrity, voluntariness, and fairness.
3.2. Party B shall provide the assets lockup related services for party A, and Party A must provide necessary assistance (including but not limited to signing the relevant power of attorney) when providing the mentioned related services to party A.
3.3. Party B may report or transmit Party A’s asset information on the LBank platform to the said government department, industry association, or related databases as required by competent authorities including local government and industry association.
3.4. Party A shall keep confidential for Party A’s identity information, asset information, and related service information in accordance with the law.
Article 4 Governing Law and Jurisdiction
4.1. Applicable laws. All matters in respect of the Agreement, including without limitation the effectiveness, interpretation, and execution of the Agreement and dispute resolution shall be governed by relevant laws of the place where Party A is registered; in the event of any conflict between any terms in the Agreement and its statutory regulations, the terms shall be construed and executed to the maximum extent that is not forbidden by such statutory regulations, and any conflicting provisions of statutory regulations shall be without prejudice to the validity of the other terms of the Agreement.
4.2. Dispute jurisdiction. Both parties agree that any dispute, regardless of the amount involved, shall be submitted to the arbitration commission in the place where Party A is located. The arbitration award shall be the final decision, which is binding on both parties.
4.3. During the arbitration, the terms of the Agreement not involved in the dispute shall continue to be executed, and neither party shall refuse to fulfill its obligations in the Agreement on account of dispute resolution.
Article 5 Miscellaneous Matters
5.1. Party A and Party B may sign the Agreement and pertinent documents through a variety of means, including without limitation hand signature or seal, clicking, ticking, electronic signature, and data message. Neither party shall negate the legal effect of the Agreement on account of different ways of signing the contract;
5.2. The Agreement shall take effect upon signature by the two parties or upon agreement of Party B and terminate upon the two parties’ fulfillment of their obligations pursuant to the Agreement. Party B authorizes Party A to keep all written documents or electronic information related to the Agreement.