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The PredictIt platform and website (“PredictIt” or the “Website”), which includes all of the information, content, features and code contained within it are owned and operated by Victoria University of Wellington, New Zealand (“Provider” or “We”). Victoria University, a multi-campus, constituent college of the University of New Zealand, was established in 1897 by an Act of the New Zealand Parliament. For more information about Victoria University, and its programs in law, the humanities, and scientific disciplines, please go to http://www.victoria.ac.nz/.
PredictIt is intended and offered as an experimental research and educational facility of Victoria University of Wellington, New Zealand (“Provider” or “We”), not as an investment market or a gambling facility. PredictIt is not regulated by, nor are its operators registered with, the U.S. Commodity Futures Trading Commission (CFTC) or any other regulatory authority.
Provider has received a no-action-letter from the Division of Market Oversight of the Commodity Futures Trading Commission. Without explicitly asserting jurisdiction over Provider or any of its submarkets, this letter, dated October 29, 2014, extended no-action relief to Provider's Political and Economic Indicator Markets (the latter limited to students, faculty and staff of participating universities). The letters are available at the CFTC website as part of their Freedom of Information Act documents. Pursuant to this letter, there is “a limit of 5000 total traders in any particular contract”, and “a limit on investment by any single participant in any particular contract [of] $850”.
i. PredictIt is offered by Victoria University, a highly-regarded, non-profit educational institution.
ii. No political party or other organization referred to on the Website in connection with any Market has (or has had) any role in the promotion or operation of this Website or any Market.
i. The Website supports the operation of a "predictions market", a facility for buying and trading futures contracts linked to political or financial events or circumstances. More detail is available in the "How It Works" section of the Website.
ii. The Website is intended principally as a tool for education, research and policy analysis; it is not offered or intended as a commercial trading facility, a gambling platform, or an investment tool. If you intend to use the Website for a particular purpose, or to achieve a particular result, it is up to you to satisfy yourself that the Website will meet your needs.
iv. The Website is not a stock exchange, and there are no controls on market manipulation or trading on the basis of "inside information". You confirm that you fully understand the risks that this entails, or, if you do not understand these risks, you agree to obtain appropriate independent advice before using the Website.4. Safety, security and impermissible conduct
i. You agree that you will not (directly or indirectly):
a. use the Website (including the comments sections), PredictIt's twitter page, or PredictIt's Facebook page to make false or defamatory statements about, or to threaten, harass, abuse or invade the privacy of, any Users or PredictIt staff; or to otherwise send or disseminate offensive, obscene or objectionable material;
b. use the Website (including the comments sections), PredictIt's twitter page, or PredictIt's Facebook page to advertise goods, services or websites without our permission, or send or disseminate "spam", "junk mail", "chain letters" or any kind of malicious software such as "viruses" or "spyware"; or
c. use the Website (including the comments sections), PredictIt's twitter page, or PredictIt's Facebook page to gather or aggregate personal information about other Users;
d. Use any manual or automated software, devices or other processes to engage in automated trading, to scrape or extract data from the Website, or otherwise to “crawl” or "spider" any portion of the Website;
e. use the Website (including the comments sections) or any data or content contained in it for any commercial purpose, or any use other than its intended use as a way to participate in the Services offered;
f. post any communication that you falsely attribute to having come from PredictIt.5. Opening a User Account
ii. To open a User Account you will need to complete the online application process set out on the Website, ensuring that all the information you provide to us (through the Website or otherwise) is and continues to be complete and accurate. Whether we accept your application for a User Account is entirely up to us.
iii. By applying for a User Account, you represent, warrant and undertake to us that you:
a. are 18 years of age or older;
b. do not already have (and will, at no time while you have the User Account for which you are applying, have) a User Account, whether directly or indirectly (including through any company or other legal entity which you directly or indirectly control);
c. have not previously had a User Account that has since been cancelled by us;
d. are (and will at all times be) acting solely for yourself and not on behalf of any other individual, company or other legal entity; and
f. may not do anything which would result in you breaching any of these representations, warranties and undertakings.
g. will comply with all laws in the jurisdiction in which you are present;
h. will at all times provide us with truthful and accurate information, including without limitation as to personal, billing and account and profile information that you provide.
i. are not an employee nor a contractor of either Aristotle International Inc. or PredictIt.
iv. You agree that you will keep your password secret and secure at all times, and that you will not (intentionally or otherwise) allow anyone else to use the Website through your User Account. You agree that you (and in no event We) are solely liable for any activity occurring through your User Account.6. Funds
i. In order to trade on the Website, you will need to deposit funds with the Clearing House. You can make deposits with the Clearing House by credit card and, as available, other payment methods we support, in accordance with the applicable instructions set out in the "Funds" section of the Website, as updated by us from time to time ("Deposit Instructions"). PredictIt reserves the right and sole discretion to limit amounts deposited via any method, including but not limited to gift, credit or debit cards.
ii. You must not deposit more than the permitted amount with the Clearing House. The permitted amounts for any Market are set forth on the Website. Where you deposit (or attempt to deposit) more than this amount, the Clearing House will be entitled to reject or return your funds.
iii. Where you deposit funds in accordance with the Deposit Instructions, the Clearing House will hold those funds on trust for you as follows:
a. the funds will be held in a Clearing Account;
b. the Clearing Account will also contain funds deposited by other Users, but the Clearing House will maintain a separate ledger for the funds deposited by you (referred to as your "Ledger");
d. the Clearing House will be entitled to any interest accumulated on the funds held in the Clearing Account; this interest will not be held on trust for you or anyone else, and the Clearing House is entitled to pay it over to the Provider;
e. you can request withdrawal of funds from your Ledger, in accordance with the applicable instructions set out in the "Funds" section of the Website, as updated by us from time to time, and the Clearing House will be obliged to pay to you any funds in your Ledger as soon as practicable; notwithstanding the above, we may delay or refuse withdrawal where we have been apprised of fraudulent deposits or payment methods;
f. where you withdraw funds, the Clearing House will be entitled to deduct a portion of the funds withdrawn and pay them to the Provider as a fee in accordance with clause 8 below;
g. the Clearing House can debit funds from your Ledger to correct manifest errors, such as mistaken payments;
i . you can withdraw your request if it has not been executed. However, once an offer is matched you cannot undo it because it has resulted in a real-money trade. All trades in our real-money markets are final;
j. you are not able to withdraw your funds until 30 days after the deposit date of such funds.
k. Inactive Accounts: If: a) there has been no log in recorded on your PredictIt account ("Account") for 12 consecutive months or more ("No Account Activity"); and b) there is a positive cash balance in your Account, then PredictIt will begin charging you a fee of $2.00 per calendar month ("Inactive Account Fee") beginning after the 12-month period of inactivity. The Inactive Account Fee will be withdrawn monthly to the extent that a positive cash balance remains in your Account and only for the period during which there remains no Account Activity after the initial 12-month period has passed. If the Inactive Account Fee is due to be withdrawn from your Account and the balance of your Account is less than $2.00 US (or equivalent currency), the Inactive Account Fee shall comprise the remaining funds in your Account.
iv. You may not trade on the Website with funds credited to your Ledger that are not from one of the following sources:
a. a payment made to the Clearing House by you for your own benefit; or
b. trading activities on the Website.
v. If the Clearing House becomes aware that a payment other than a payment of a kind referred to above has been credited to your Ledger, the Clearing House will refund it as soon as practicable.7. Trading and Settlement
a. The Website facilitates the trading of futures contracts ("Shares") tied to the outcome of political and financial events and circumstances ("Factors"). A pool of associated Shares relating to the same Factor/s is called a "Market".
b. Each Share entitles its holder to the payment of a specified amount ("Payout") if on its Expiry Date certain specified conditions are met.
ii. No Off-Website Trading
iii. Suspending Trading
We may suspend the trading of any Share on the Website at any time and for any period. While trading is suspended, the matching process will be paused and you will not be able to enter any orders, but this will not affect your ability to withdraw your unmatched orders.
Within such time after a Share's Expiry Date as may be specified in the relevant Rules, the Provider will:
a. examine the Rules applicable to the Share and judge whether or not the Rules require a Payout and, if so, what the Actual Payout is; and
b. liquidate that Share (and all the others in the same Market) in accordance with clause 7. v .
The Provider's decision under clause 7. iv (including its interpretation of the Rules and its findings of fact in applying them) will be final. By accepting these terms and conditions you waive your right to seek other remedies (to the maximum extent permitted by law).
If you are dissatisfied with a decision made by the Provider, you agree that you will engage with us in good faith in an attempt to resolve the issue before seeking any further remedy. Issues about a decision in a given market will not be addressed until that market closes.
v. Payout and Liquidation
Within such time after the outcome of the Market being judged under clause 7. iv as may be specified in the relevant Rules (but subject to the resolution of any dispute over that decision), for each Share in that Market which is then in your Account, the Clearing House will credit your Ledger with the Actual Payout and the Provider will remove the Share from your Account.8. Fees
The Provider sets fees according to the structure described on the “How It Works” page.9. Cancelling your account
i. You can cancel your User Account by logging in to the Website and following the online cancellation process or by contacting PredictIt's support service at firstname.lastname@example.org, but your cancellation will not take effect unless and until your ledger balance is zero and you have no shares in your account (and accordingly no unmatched buy orders or sell orders.).
ii. The Provider is entitled at any time to suspend or prohibit you or any other person from trading on the Website. In addition, we may suspend or cancel your User Account at any time, for any reason (including but not limited to the commencement of arbitration or other formal litigation or dispute process), without any explanation or advance notice.
iii. If we cancel your User Account, you will not be able to log in to your User Account, use any of the features of the Website which require a User Account, or withdraw any funds; and in the following order:
a. we will notify you of the cancellation, by sending an email to the email address in your Account Details;
b. we may cancel any or all of your unmatched buy orders or sell orders, and we may sell on your behalf any or all of the Shares in your Account at or around the best available price;
c. the Clearing House will pay the remaining funds in your Ledger to you by check;
d. we may delete your User Account, although we may retain any information we reasonably believe is or may be necessary to enable us to meet our current or future legal obligations and/or any policy we have about information retention.10. Liability
a. any loss or damage arising, in whole or in part:
B. in connection with a change in services provided by a third party (or a change in the terms on which those services are provided) that affects our ability to operate or maintain the Website; or
C. as a result of our tortious default (including negligence); or
c. any amount exceeding your then current Ledger balance.
ii. You can use that software, and those materials and data, as part of the ordinary use of the Website, but you are not entitled to copy, reproduce, reverse compile, adapt, transmit, distribute, sell, sub-license, commercialize or otherwise deal with the software, materials or data (or any part of them), except to the extent of any entitlement you may have at law which cannot be excluded or surrendered by contract.
iii. By uploading any material to the Website, you:
a. represent and warrant to us that you own all the intellectual property rights in that material; and
b. grant us a worldwide, irrevocable, royalty-free, perpetual, transferable right to use, copy, modify, delete (in whole or part), and/or distribute those materials in any form, medium or technology.13. Binding Arbitration and Class Action Waiver
PLEASE READ THIS SECTION CAREFULLY – IT MAY SIGNIFICANTLY AFFECT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT
Initial Dispute Resolution
Our Customer Support Department is available at email@example.com to address any concerns you may have regarding the Service. The parties shall use their best efforts through this Customer Service process to settle any dispute, claim, question, or disagreement and good faith negotiations which shall be a condition to either party initiating a lawsuit or arbitration.
If the parties do not reach an agreed upon solution within a period of 30 days from the time informal dispute resolution under the Initial Dispute Resolution provision, then either party may initiate binding arbitration as the sole means to resolve claims, subject to the terms set forth below. Specifically, all claims arising out of or relating to these Terms (including their formation, performance and breach), the parties' relationship with each other and/or your use of the Service shall be finally settled by binding arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules and the supplementary procedures for consumer related disputes of the American Arbitration Association (the “AAA”), excluding any rules or procedures governing or permitting class actions.
The arbitrator, and not any federal, state or local court or agency, shall have exclusive authority to resolve all disputes arising out of or relating to the interpretation, applicability, enforceability or formation of these Terms, including, but not limited to any claim that all or any part of these Terms are void or voidable, or whether a claim is subject to arbitration. The arbitrator shall be empowered to grant whatever relief would be available in a court under law or in equity. The arbitrator's award shall be written, and binding on the parties and may be entered as a judgment in any court of competent jurisdiction.
The Commercial Arbitration Rules governing the arbitration may be accessed at www.adr.org or by calling the AAA at +1.800.778.7879. To the extent the filing fee for the arbitration exceeds the cost of filing a lawsuit, PredictIt will pay the additional cost. If the arbitrator finds the arbitration to be non-frivolous, PredictIt will pay all of the actual filing and arbitrator fees for the arbitration, provided your claim does not exceed $75,000. The arbitration rules also permit you to recover attorney's fees in certain cases. The parties understand that, absent this mandatory provision, they would have the right to sue in court and have a jury trial. They further understand that, in some instances, the costs of arbitration could exceed the costs of litigation and the right to discovery may be more limited in arbitration than in court.
If you are a resident of the United States, arbitration will take place at any reasonable location within the United States convenient for you. For residents outside the US, arbitration shall be initiated in the District of Columbia, United States of America, and you and PredictIt agree to submit to the personal jurisdiction of any federal or superior court in the District Columbia, in order to compel arbitration, to stay proceedings pending arbitration, or to confirm, modify, vacate or enter judgment on the award entered by the arbitrator.
Class Action Waiver
The parties further agree that any arbitration shall be conducted in their individual capacities only and not as a class action or other representative action, and the parties expressly waive their right to file a class action or seek relief on a class basis. YOU AND WE AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. If any court or arbitrator determines that the class action waiver set forth in this paragraph is void or unenforceable for any reason or that an arbitration can proceed on a class basis, then the arbitration provision set forth above shall be deemed null and void in its entirety and the parties shall be deemed to have not agreed to arbitrate disputes.
Exception - Litigation of Intellectual Property and Small Claims Court Claims
Notwithstanding the parties' decision to resolve all disputes through arbitration, either party may bring an action in state or federal court to protect its intellectual property rights (“intellectual property rights” means patents, copyrights, moral rights, trademarks, and trade secrets, but not privacy or publicity rights). Either party may also seek relief in a small claims court for disputes or claims within the scope of that court's jurisdiction.
30-Day Right to Opt Out
You have the right to opt-out and not be bound by the arbitration and class action waiver provisions set forth above by sending written notice of your decision to opt-out to the following address:
205 PENNSYLVANIA AVE
WASHINGTON, DC 20003
The notice must be sent within 30 days of 08/20/2013 or your first use of the Service, whichever is later, otherwise you shall be bound to arbitrate disputes in accordance with the terms of those paragraphs. If you opt-out of these arbitration provisions, PredictIt also will not be bound by them.
Changes to this Section
PredictIt will provide 60-days' notice of any changes to this section. Changes will become effective on the 60th day, and will apply prospectively only to any claims arising after the 60th day.
For any dispute not subject to arbitration you and PredictIt agree to submit to the personal and exclusive jurisdiction of and venue in the federal and District of Columbia courts located in the District of Columbia. You further agree to accept service of process by mail, and hereby waive any and all jurisdictional and venue defenses otherwise available.
The Terms and the relationship between you and PredictIt shall be governed by the laws of the District of Columbia without regard to conflict of law provisions.14. Third Party Advertisements
The Website may contain advertisements linking to other websites if permitted by law. Neither we nor the Clearing House may control the content of such website or advertisements. In those advertisements, and on those websites, all offers to sell and statements relating to goods and services are the responsibility of, and are given by, the operator of the relevant website.15. Defined Terms
Account Details means the contact and personal details which you provide to us in your application for a User Account, as updated by you from time to time through the online form provided on the Website for that purpose;
Actual Payout means the Payout (if any) which is actually payable in accordance with the Rules of a Share in light of the circumstances at the Share's Expiry Date, as determined by the Provider under clause 7.v;
Clearing Account means a deposit account maintained with a registered bank in the name of the Clearing House;
Clearing House means Aristotle;
Current Value means the current price of a Share as reported on the Website (taking into account recent trades in that Share, and determined in accordance with the methodology selected by the Provider);
Expiry Date means the expiry date of a Market, as set out in its Rules, whether that date is (i) a specified date or (ii) a date described by referring to the day, or number of days (including, for the avoidance of doubt, the number of working days or other specified type of days) after a specified future act or event happens or circumstance occurs);
Maximum Payout means in relation to a Share, the maximum Payout possible under the Rules relating to that Share if all the conditions of that Share are satisfied to their fullest,
Payout means the amount specified in (or calculated under) the Rules of a Share as being payable from the Clearing House to the holder of the Share, if one or more specified conditions is satisfied;
Market has the meaning given in clause 7.i (a);
Rules has the meaning set out in clause 7.ii;
Share is defined in clause 7.i(a);
User means you and anyone else with a User Account;
User Account means an individual trading account at the Website;
Website means the website and trading facility whose homepage is at www.PredictIt.org.16. Transfer of Rights Hereunder.
We may transfer our agreement with you (and any information we hold pertaining to PredictIt, or that you have provided to us), and all rights and privileges hereunder, to any affiliate or subsidiary entity, such as a not-for-profit entity specifically created to operate and administer PredictIt. We also may transfer our agreement with you (and any such information), and any rights and privileges hereunder, to any successor in interest or acquirer of all or substantially all assets of PredictIt.17. General