Terms & Conditions
Last version: September 12, 2022
The present Terms and Conditions (“Terms”) govern the access and use of the services available at: https://zharta.io, under the responsibility of Zhartabal Enterprise SA (“Zharta”, “we”, “our”, or “us”) with headquarters at Rua da Prata 80 1100-415 Lisboa, registered under the company number 516603949.
These Terms are between the User (“you”, “yours”, “Borrower” or “Lender”) which could be any natural or legal person that accesses and/or uses our Services. By using or accessing the Zharta Service (as defined below), you acknowledge and agree to these Terms.
These Terms are related to your access and/or use of the services related to a decentralized and permissionless lending protocol (“Service” or “Platform”) that allows the Users to act as Lenders by depositing Wrapped Ether (“WETH”) in open lending pools (“LP”) and as Borrowers to borrow WETH by depositing non-fungible tokens (“NFTs”) as collateral.
BY READING THESE TERMS, YOU ACKNOWLEDGE AND AGREE THAT NEITHER ZHARTA NOR THE PROTOCOL IS A LENDER OR A BORROWER OF ANY LOAN AND THAT YOUR USE OF THE SERVICES DOES NOT CONVERT ZHARTA INTO A LENDER OR BORROWER OF THE LOANS.
The User should read these terms carefully and if you do not agree with them, you should not access and use our Services.
1.1. The Service is a real-time decentralized, permissionless, and non-custodial NFT loan platform for borrowers and lenders.
1.2. The Zharta platform currently operates on the Ethereum Network.
1.3. At this stage, it is only possible to connect to Zharta through MetaMask.
1.4. Zharta is not a borrower or lender, exchange broker, or financial institution. Zharta provides services through the Ethereum Network which is a public blockchain. We have no control over the blockchain or extensions the Users interact with, and we do not control, hold or have custody over the NFTs and WETH, nor do we perform sales, transfers, or purchases on behalf of and/or on the account of the Users.
2.1. If the User intends to act as a borrower, they need to deposit NFTs of the supported collections as collateral to borrow WETH. The conditions and maturity of the loan are provided in real-time and the lent WETH is transferred to his/her wallet upon fulfilling the protocol requirements.
2.2. As a Borrower, you agree to comply with our policies and practices as set forth herein, even though they can be revised from time to time, and also that:
(i) You assume all liability by accepting the maturity and conditions offered at the time of loan setup.
(ii) You may not attempt to complete the loan payment outside of our service, by any other means.
(iii) If a loan is approved, you will proceed according to the terms established.
(iv) You are solely responsible for carrying out the repayment in full for the agreed-upon amount.
(v) You acknowledge that the deposit of NFTs as collateral only supports the collections listed and that it is a requirement to gain access to the loan.
(vi) You will comply with all applicable laws in submitting each loan proposal.
(vii) You hold all necessary licenses, consent, and approvals necessary under the applicable laws to create and repay the loan.
2.3. You will not be responsible for meeting the above requirements if:
(i) If you cancel the loan prior to its acceptance and in accordance with our cancellation policies.
(ii) If the loan is not accepted by the protocol due to non-compliance with pre-specified conditions.
3.1. If you intend to act as a Lender, you can deposit a selected amount of WETH in an open lending pool, accept the conditions, and then approve the WETH transfer to conclude the deposit.
3.2. For each deposit, there is a lock period of seven (7) days during which you cannot withdraw the selected amount.
3.3. As a Lender, you agree to comply with our policies and practices as set forth herein, even though they can be revised from time to time, and also that:
(i) You are solely responsible for ensuring that you understand the lending process and the associated terms.
(ii) You can only make a withdrawal after a seven (7) day lock period and if you deposit more WETH, the lock period will not be extended.
(iii) Your approval of the amount to transfer and deposit is a voluntary binding by you to agree to the applicable terms of the lending pool.
(iv) You enter into the lending pool in good faith and will proceed according to these terms.
(v) You are aware that pool fees may increase and decrease according to supply and demand.
4.1. The User’s e-wallet will serve as a method of authentication and access to the Platform as a borrower and/or a lender.
4.2. By using the wallet associated with the Service, the User agrees that they will use it in accordance with the terms and conditions of the wallet provider.
4.3. Zharta does not operate or maintain the User’s wallet, have any kind of custody or control over the User’s wallet, nor does it have the power to retrieve or transfer its assets.
4.4. Zharta does not have any responsibility for or to the User in relation to the connection and use of the wallet to access the Service.
4.5. The User is solely responsible for ensuring that the wallet is secure and should never disclose the wallet credentials or private keys to any third party or to access the Service.
4.6. In case there is a failure detected by the User in relation to the wallet, it is the User's sole responsibility to contact the wallet provider. Accordingly, Zharta is not responsible for any acts and/or omissions made by the User that may compromise the connection of the Service with the wallet.
4.7. If the User discovers any security problems in relation to the Service and/or their account they should notify Zharta immediately.
5.1. You acknowledge that the information available through the Service does not constitute legal, financial, investment, tax, or other professional advice. The information and content available is for information purposes only and must be used at your own risk.
5.2. By accessing and using the Service either as a borrower or a lender you acknowledge that you have the necessary technical knowledge and financial means and accept the risks associated with the blockchain including, but not limited to, that the transactions are not reversible.
5.3. You acknowledge and accept that the fees are volatile and that depending on the processing speed there is a risk of having a partial or total loss of value of your digital asset that is being used on the LP.
5.4. You warrant that you have conducted the due diligence necessary to conduct your decisions concerning the sale, transfers, and interactions between NFTs and any other digital assets and that Zharta is not responsible for your decisions.
5.5. Zharta is not responsible for any failures that arise due to third-party platforms including those related to pricing, bankruptcy, or other causes that may jeopardize the interaction with our services.
6.1. The Users must access and use our Services in compliance with all applicable laws and regulations, and in accordance with these terms.
6.2. You agree to comply with and not attempt to circumvent these limitations. In this regard, you are not allowed to:
(i) Borrow or lend in a manner for which you are not authorized or licensed to do, or for which you are not allowed by any applicable law or authority.
(ii) Infringe our intellectual property rights or rights of publicity and/or privacy.
(iii) Use our service for any purpose or in connection with any activity that is fraudulent, illegal, or otherwise promotes the violation of any applicable law or third party’s rights.
(iv) To post, transmit or otherwise make available through or in connection with our Services any materials that are defamatory, trade libelous, threatening, harassing (including autodialing, bulk messaging, or other unsolicited actions).
(v) To transmit any virus or other computer programming routines that may damage, interfere with, surreptitiously intercept or expropriate any system or data.
(vi) To attempt to undermine or impair our Service provision through any kind of device, software, bot, virus, DDoS attack, or harmful activity of any kind including unauthorized access to any part of our Service.
(vii) To impersonate the Zharta platform or a Zharta employee or any other user and/or entity.
(viii) To use a manual or automatic process to monitor or copy any content included in our Service with malicious intent.
(ix) To reverse engineer, decompile or disassemble, or attempt to discover the source code or algorithms of our Service, be it whole or in part.
(x) To frame or mirror any portion of the Service, or otherwise incorporate any portion of the Service or any materials into any product or service.
(xi) Use any robot, spider, site search, and/or retrieval application to retrieve, index, scrape or data-mine or otherwise gather any materials, or reproduce the navigational structure or presentation of the Service.
(xii) Conduct or attempt to conduct a transaction or a loan outside of our Service that was initiated through our Service (or conduct or attempt to conduct a loan transaction, where the Lender and/or Borrower were introduced through our Service).
6.3. Zharta reserves the right to its sole discretion to terminate or suspend any User that violates the foregoing or any other provision of these Terms, and any account that has been inactive for a substantial period.
7.1. Zharta’s materials that are available through our Service and/or Website, including software, data, usage data, images, text, graphics, charts, illustrations, logos, trademarks, service marks (“Zharta Materials”), and all intellectual property rights related, are our exclusive property.
7.2. You have no right to modify, transmit, reuse, download, copy, or use our intellectual property in whole or in part, for any purposes, without our express written consent.
7.3. Zharta Materials are protected by copyright and trademark and may not be used associated with any product or services without our prior consent.
7.4. Zharta allows for the integration of NFTs created by third parties interacting with different blockchains. Zharta does not represent or provide any kind of warranty about any third-party content visible through our Service, including any content associated with NFTs displayed on the Service.
7.5. Zharta also can’t guarantee that any NFTs currently available on the market will always remain visible and/or available to be borrowed, bought, sold, or transferred. The User is responsible for verifying the authenticity and legality of NFTs purchased from third-party sellers.
7.6. Moreover, the Service may contain links to third-party websites that are not owned by Zharta. You understand that Zharta holds no responsibility for the content, practices, or privacy policies of such third-party websites and that the company is excluded from any responsibility or liability for any damage or loss, direct or indirect, that accessing and using such websites may cause.
You must be at least 18 (eighteen) years old or, if higher, the age at which you are legally recognized as an adult in your jurisdiction to use our Services.
9.1. Where our Service contains links to other websites or/and resources provided by third-parties, these links are provided for you to use at your own discretion.
9.2. Such links should not be understood as approval by us of those linked websites, platforms, or of the information you may obtain from them.
9.3. We have no control over the contents of those websites or third-party resources, or their privacy settings, procedures, and/or policies. You are solely responsible for reviewing the information provided by those websites, platforms, or resources.
9.4. We do not guarantee that our Services or any content on them will be secure or free from viruses and/or bugs.
9.5. You are responsible for configuring your information technology, computer programs, and technological means to access our Service.
9.6. Since the Service may contain links or functionalities to access or use third-party applications or display, include, or make available content, data, information services, applications, or materials from third parties. When you click the link to, or access and use, a third-party website/application, though we may not warn you that you left our Products, you are subject to the terms of another destination. Such third-party applications, websites, and/or materials are not under the control of Zharta and may be open applications for which no resource is possible. We are not responsible or liable for any third-party websites, applications, and material. Zharta provides links to these only as a convenience and does not review, approve, monitor, endorse, guarantee, or make any representations with respect to third parties, their products or services, or associated materials. You use all access to third parties at your own risk.
9.7. Zharta does not pre-select or monitor the content transmitted to the Products by third parties and is not responsible for the selection and/or monitoring of such content.
9.8. Digital assets may be subject to expropriation, theft, and/or fraud; hackers and other malicious groups or organizations may attempt to interfere with our network and/or system in various ways including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which may result in the loss of your Digital Assets or the loss of your ability to access or control them. In such an event, we do not guarantee any remedy, refund, or compensation.
11.1. To the maximum extent allowed by applicable law, Zharta including, but not limited to, all its legal representatives, auxiliary directors, employees, and/or agents are not liable to the User of the Website, Services, and Products for any possible damage, loss and/or injury (including, but not limited to, direct, indirect, incidental, special, consequential and punitive damages, lost profits and damages resulting from lost information and/or interruption of Website, Services and Products activities) arising out of or relating to the use of this Service, Website and Products and its contents, whether based on warranty, contract, tort or any other legal ground.
11.2. Without prejudice to this, Zharta's liability, whether in its own capacity or for acts of its representatives, for breach of these Terms shall always depend on the existence of intent or serious fault.
11.3. The User will be exclusively and solely responsible for their use of the Website, Service, and its contents, including any content that the user transmits, the violation by the User of any third-party rights, and/or violation by the User of the Terms. The User shall indemnify Zharta for any damages, losses, costs, or expenses arising to it from the use in violation of the applicable law and the Terms.
12.1. Zharta may suspend or terminate your access to the Service without any prior notice if you commit any material breach of these Terms.
12.2. The access to the Service will also be terminated if the User ceases its interaction with the Service or becomes subject to insolvency proceedings and the proceedings are not dismissed within sixty (60) days, or otherwise becomes generally unable to meet their obligations under these Terms.
12.3. Zharta may also terminate or suspend your right to access or use all or any portion of the Services at any time and for any or no reason, including if:
12.3.1. Zharta believes that you (a) pose a security risk to, or may materially harm, Zharta or its Platform, or any user or other third party; (b) may adversely impact the services, systems, or content of any other user; or (c) may subject Zharta, or any user or other third party to liability;
12.3.2. Zharta determines or reasonably suspects that you may have violated these Terms; or
12.3.3. Zharta has been notified by a third party that you have violated such third party's terms and conditions in connection with the Service.
Without prejudice to the mandatory legal provisions that may be applicable, these Terms shall be governed and interpreted in accordance with Portuguese Law. The User acknowledges and accepts the assignment to the jurisdiction of the Courts of Lisbon with express waiver of any other, the knowledge of any action arising from and/or related to the Terms and/or the use of the Service.
15.1. If any provision of the Terms is found to be void, null, unenforceable, or ineffective, or is otherwise deemed invalid by any competent authority, including a court of competent jurisdiction, the invalidity of any such provision shall not affect the validity of the remaining provision of Terms, which shall remain in force.
15.2. In the event of a declaration of invalidity according to the above paragraph, the Terms shall, to the fullest allowed by law, be interpreted so as to be as similar in effect as possible to that which was originally intended.
16.1. If there are reasonable grounds, Zharta may change these Terms at any time and without prior notice to the User. The User should consult these Terms frequently and check compliance with them when using the Website and Service confirming the date of the latest version at the end of this document.
16.2. Changes will not be applied retroactively. The User hereby accepts that legal, technical, or commercial reasons affecting Zharta shall be considered reasonable grounds to change these Terms.
16.3. Changes concerning new features of a service or changes made for legal reasons shall become effective immediately. If the User does not accept the Service’s modified Terms and Conditions of Use, the User should cease using the Service immediately.