TERMS & CONDITIONS
Tangy Market is a service run by Riteband AB, a limited liability company incorporated under the laws of Sweden, with organizational number 556923-8628.
The service is not available to any user who has been suspended from the service, whose use has been restricted for any reason, or whose registration has been revoked.
While accessing the Tangy Market app, our Website and/or using any of our Services, you (the “User” or “Copyright Owner”) confirm that you accept and agree to this Agreement. The most updated version of this Agreement is visible in the Tangy Market app.
DEFINITIONS AND INTERPRETATION
“Agreement” shall mean the Terms & Conditions.
“Service” shall mean all services, tools, and information provided by Riteband AB.
“Valuation model” shall mean the tools invented and owned by Riteband AB to estimate future music revenues.
“Music asset” shall mean a song, EP, album, or bundle of songs available on the Tangy Market.
“Copyright Owner” shall mean a person or a company that is lawfully the copyright owner of a music asset and also the issuer of shares of revenues associated with a music asset on Tangy Market.
“Revenue Collecting Source” shall mean a third party from which Riteband AB collects royalties; such as a collective management organization (CMO) or a distributor.
“Investment Period” shall mean the time period from the start date until the end date for a music asset on the market. The time period corresponds to the revenue collecting period for the music asset.
“Royalty Payment” shall mean the payment a User is entitled to by virtue of holding shares. The Royalty Payment corresponds to the sum of the accumulated payouts the CMO or distributor has collected for the corresponding music asset during the Investment Period and which have been transferred from the CMO or distributor to Riteband AB via a payment instruction that has been approved by the Copyright Owner.
“User” shall mean a person using the App.
“New” shall mean a music asset where the shares have a fixed price.
“Trading” shall mean a music asset where the shares have a price determined by the latest transaction between buyers and sellers in the market.
“Account” shall mean a User account to which money can be deposited to be able to buy shares, and from which money can be withdrawn.
ABOUT TANGY MARKET
Tangy Market is a marketplace for investing and trading with shares of revenue of copyright in music. Tangy Market is owned by Riteband AB. To know more about Riteband AB and Tangy Market, please visit the FAQ.
WHAT YOU SHALL NOT DO
DO NOT share personal, confidential, or private information that belongs to others.
DO NOT plan or engage in any illegal, fraudulent, or manipulative content on the Service.
DO NOT use any robot, spider, scraper, data mining tools, data gathering, and extraction tools, or other automated means to access our service for any purpose, except with the prior written approval from Riteband AB.
DO NOT spread viruses or anything similar designed to interfere with the proper function of any software, hardware, or equipment on the service or anyone using the service.
CREATING AN ACCOUNT ON TANGY MARKET
To use our services you need to create a profile with the following information:
Country of Residence
When creating a profile in the Tangy Market app you are agreeing to the following:
That the information you are providing on your profile is accurate, current, and complete.
That you are keeping your password confidential.
That you do not grant access to your account to a third party.
That you make sure to use safe and secure transmission networks while using the service.
You can browse the market without having to provide your payment details. To be able to invest in Shares you will need to provide your bank card details and transfer money to your Account in the Tangy Market app. The balance on your personal Account is only visible to you. The payments are distributed through Mangopay S.A., an EU licensed and registered company approved as an electronic money institution by the Financial Sector Regulator (CSSF).
To be able to withdraw money from your personal account you need to submit your bank account and prove your identity by uploading a picture of your national ID, driver's license, or passport. This process is in compliance with EU anti-money laundering laws.
Shall we have reason to believe that the information you have provided is incorrect or that you use the service in violation of this agreement, then on our sole discretion, we may suspend or prohibit your access to the Service.
You are responsible for all the activity related to your profile and Account.
If you are suspecting someone else is using your name to use the Service, you should report this immediately to firstname.lastname@example.org.
When creating an Account on Tangy Market you give consent to the framework agreement between Riteband AB and our payment service provider Mangopay, and you agree to the following:
You are responsible for the transactions being made to your Account.
You are responsible for the balance in your Account.
You are responsible for any withdrawals from your Account.
BUYING SHARES OF A MUSIC ASSET
A Share gives the right to a certain percent of a song, EP, album, or bundle of songs’ copyright revenue as collected and administered by a CMO or distributor over a pre-set time period.
Regarding the music assets up for investment and trade on the Service that are under the collective management of the Swedish PRO Stim: Read more on General Terms and Conditions for Affiliation with Stim here. You can also read more about the type of revenues Stim collects on behalf of its members here.
Regarding the music assets up for investment and trade on the Service that are under a distributor, we refer to each distributor’s own terms they have agreed on with the Copyright Owner.
The value of each Music Asset has been estimated by Riteband AB’s valuation model and divided into shares. The value of the Music Asset has been confirmed and approved by the Copyright Owner.
These are the terms you agree to when buying Shares of a Music Asset:
The value of a New share is fixed and has been determined by the Valuation Model’s estimation and confirmed by the Copyright Owner.
Users can buy a minimum of one Share of a Music Asset. There is no maximum amount of Shares that a User can buy.
The value of a Trading share is priced at the current market price, i.e. the latest price in a transaction between a seller and a buyer on the Service.
You are responsible for reading and taking the responsibility of understanding the Prospectus associated with a Share before making a commitment to buy.
Riteband AB reserves the right not to approve transfers.
TRADING SHARES ON TANGY MARKET
When all New shares have sold, they become Trading, which implies everyone holding shares can sell to any User on the market.
These are the terms you agree to when trading with Shares on the Tangy Market:
You are responsible for understanding the risks associated with trading in Shares and cannot hold Riteband AB responsible for any potential loss from trading.
Buying and selling Shares between Users are between the two parts and Riteband AB is not part of that contract. It’s a direct deal between the two Users.
Riteband AB charges a fee of 2% (excl. VAT 25%) on every transaction being made on the Service. The fee is withdrawn from the Users’ Accounts at the same moment the transaction is being made. The fee is withdrawn every time a User buys and sells Shares.
Riteband AB charges a fee of € 0.25+2.5% on every Account card deposit made in euros.
Withdrawal from an Account is free of charge.
RITEBAND AB’S INTELLECTUAL PROPERTY
Riteband AB’s Services are legally protected, including copyrights, trademarks, service marks, patents, trade secrets, and other rights.
Riteband AB may be provided with content such as artist or album images, cover artwork, videos, descriptions of artists and songwriters, and other specifications from a third party.
The User is allowed to reproduce content from the Service for personal use only. If you want to use, reproduce, modify, distribute, or store any of the content from the Service for commercial purposes, you need prior written permission from Riteband AB or the relevant Copyright Owner. A “commercial purpose” means you intend to use, sell, license, rent, or otherwise exploit content for commercial use, in any way.
While Riteband AB claims to always offer reliable data, we cannot guarantee that content provided through the Service will always be available, accurate, complete, and up-to-date.
These are the terms you agree to when using our intellectual property:
You agree that Riteband AB is not responsible for examining or warranting the Music Assets or other content provided by third parties through the Service and that you will not hold us liable for any inaccuracies.
As a Copyright Owner, it is your responsibility to review the content of your music asset listings for accuracy and you will not hold Riteband AB responsible for any inaccuracies.
You agree to respect all copyright and other legal notices, information, and restrictions contained in any content accessed through the Service.
You agree to not change, translate, or otherwise create derivative works of the Service.
You agree to not exploit the Service in any unauthorized way, including but not limited to, trespassing or burdening network capacity.
Music Assets that are valued and up for trade on Riteband AB’s Service are not guaranteed to gain success and copyright revenue. Riteband AB’s valuation of the song’s future revenue is solely an estimation and shall not be considered as the precise and accurate truth.
The valuation model is based on historical data of songs’ revenues and other algorithms.
In the case where the valuation model estimates a lower worth than what the Royalty Payment later proves to be, this is beyond Riteband AB’s control and a risk that the Copyright Owner has agreed to take in the agreement made between the two parties.
In the case where the valuation model estimates a higher worth than what the Royalty Payment later proves to be, this is beyond Riteband AB’s control and a risk that the User has agreed to take by agreeing to these Terms & Conditions..
NO LIABILITY FOR FOREIGN EXCHANGE RISKS
Riteband AB takes no responsibility for exchange rate conversion profits or losses as all transactions may be affected by currency conversion, some of which may be entirely outside the control of Riteband AB.
NO RECOMMENDATIONS OR INVESTMENT ADVICE
All content and information about music assets, copyright owners, songwriters, artists, songs’ financial performances, listings on charts, or any similar information provided on Riteband AB’s Service shall not be understood as investment recommendations, but as informative, educational information intended to be evaluated by you as a User. Past revenue performance of a song should not be construed as indicative of future revenues.
Riteband AB does not make recommendations or offer investment advice and is not responsible for any third-party recommendations or investment advice provided on our Service. All Users of Riteband AB’s Service are solely responsible for evaluating the merits and risks associated with the information provided on the Service or elsewhere before making an investment decision.
You agree not to hold Riteband AB or any third party provider liable for any possible claim for damages arising from any decision you make based on information on the Service or elsewhere.
The Service may be integrated with third-party applications, meaning applications, websites, and/or services to make available content, products, and/or services. By agreeing to this Agreement, you understand that Riteband AB does not endorse, and is not responsible or liable for the behavior, features, or content of any third-party application.
UPDATES AND TECHNICAL CHANGES
LIMITATION OF LIABILITY AND WARRANTY
Our Service is provided on an “as is” basis without any warranties. We aim to provide you with a high-quality Service, but cannot warrant an uninterrupted, error- or hassle-free experience. No oral or written information or advice from Riteband AB shall create a warranty.
Riteband AB or its directors, employees, contractors, or partners are not liable for any damages, including but not limited to, loss of money, goodwill, data, or other intangible losses as a consequence of using our Service.
We assume no liability or warranty for non-operability or impaired accessibility to our Service due to, but without limitation to, technical difficulties or dependence on the services of third parties.
Riteband AB will give no indemnity for any loss or other financial burden resulting from your use and access to Riteband AB’s Service. You agree to indemnify and hold harmless Riteband AB and our employees, contractors, agents, officers, and directors, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney's fees), resulting from or arising out of using our Service.
If any terms of the Agreement prove to be invalid for any reason, in full or in part, the remaining terms of the Agreement will still continue to apply in full. Riteband AB will replace the invalid terms by valid terms whose legal consequences, in view of the substance and purpose of the Agreement, correspond as much as possible to those of the invalid terms.
In the event of Riteband AB failing to exercise or enforce any right or term of this Agreement, that will not constitute a waiver of such right or term.
DELETING YOUR ACCOUNT
You can terminate your account at any time by emailing us at email@example.com. We may retain certain information as required by law or as necessary for our legitimate business purposes.
TERMINATION OF THE SERVICE
Riteband AB reserves the right without advance notice to change, suspend, limit or terminate any aspect, content, or feature on the Service.
The purpose of collecting your email address on our website is to update you on changes being made on the Service, including the Terms & Conditions, and for marketing purposes connected to Riteband AB’s services. We treat your information confidentially.
Riteband AB does not have access to any highly sensitive information. We do not have access to Users’ personal passwords or Users’ personal bank card details.
You may have the right under applicable laws to ask for details of the personal information we hold about you or to amend, limit or delete your personal information.
The following data is collected by the Service and kept on secure servers hosted by Amazon Web Services (“AWS”) at Amazon Cognito User Pools. AWS offers customers a number of compliance measures they can rely on to comply with European data protection laws. Read more about how your data is being protected at AWS here and here.
Country of Residence
The following data is collected by the Service and kept on secure servers hosted by Monext SAS through Mangopay S.A.
Payment and bank card information.
This Agreement shall be governed and interpreted in accordance with the laws of Sweden. You agree that any lawsuit arising from or related to Riteband AB’s Service shall be brought exclusively to courts located in Sweden and you consent to the exclusive jurisdiction of such courts.
The district court of Stockholm shall be the competent court and the first instance in relation to any dispute regarding this agreement.
Riteband AB takes no liability or responsibility for failures in providing any of our Services, if they are caused by an event outside our control. These events include, but are not limited to i) weather conditions such as earthquakes, tidal waves, floods, or fire, ii) war, alien attacks, an epidemic, hostilities, invasion, embargo, revolution, civil war, riot, strikes, lockouts, acts or threats of terrorism or commotion, iii) failures of systems, public or private telecommunication networks, communication lines, software, hardware or other equipment of the Service or any third-party service provider, or iv) third party force majeure. In case of any event such as these, Riteband AB will notify the User, as soon as possible under the circumstances of the event, of what suitable arrangements we decide to implement to User accounts.
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