Terms and Conditions: Casascius Coins

Casascius Coins (“Coins” or “Coin Products”) are collectibles produced by Casascius LLC, a Utah limited liability company (“Company”), intended to serve as functional containers of digital virtual currency, as well as an abstract demonstrable representation of digital virtual currency in tangible form.

Casascius Coins are not currency and are not legal tender.

“Casascius” is a trademark of Company.

Company may modify these Terms at any time and without prior notice.

Warranties and Disclaimers

Company warrants that it sells only genuine untampered Casascius Coins containing Private Keys (as defined below) that each have only been used one single time in one single Coin.

Company warrants and represents that each Casascius Coin which a) indicates an amount of Bitcoin virtual currency on its face (“Face Value”), b) was properly purchased from Company in exchange for Bitcoins in an amount equaling or exceeding its respective Face Value, AND c) was properly delivered to the buyer or its designee (“Buyer”), contains a cryptographic private key or functional equivalent thereof (“Private Key”), which can be used one time to transfer, reassign, or reappropriate the Face Value in Bitcoin.

Company warrants and represents that Private Keys used in Coins sold directly by the Company have been produced, managed, and stored in a manner substantially consistent with its Statement of Controls, specifically, that they have been produced using equipment isolated from the Internet, using a secure random number generator, printed so as to only produce the single copy to be inserted within the Casascius Coin Product, with all excess overprints and other printing trash securely destroyed, and all digital copies securely destroyed. Company is unable to remove or deduct virtual currency from a Casascius Coin whose Private Key is not in the possession of Company.

Destructibility

Company makes no representations or warranties as to durability or indestructibility of Casascius Coins. Casascius Coins can be destroyed by external forces including heat, fire, flood, chemicals, and excessive abrasion. Virtual funds stored within Casascius Coins that are destroyed or stolen are permanently unrecoverable. If your Casascius Coin is lost, stolen or damaged, they cannot be replaced or re-issued. Casascius will not be responsible for any damage the Coins receive.

Tamper Resistance, Counterfeits

Company does not warrant and makes no representation that Casascius Coins are immune from tampering, and Company cannot test Casascius Coins against every mode of known and future tampering method or imaging technology (including but not limited to x-rays, ultrasound, magnetic resonance imaging, radiography, etc.). A Casascius Coin is a collectible and not currency, and accordingly, achieving absolute physical security is inconsistent with the goals for which Casascius Coins were conceived and produced and the price point at which they are sold.

Company makes no representation or warranty that Casascius Coins are immune to tampering or extraction of the private key without visible evidence of tampering, and expressly disclaims liability related to the risk of such possibility, even if Company is advised of such a risk. However, Company warrants that any Casascius Coins sold directly by Company have not been subjected to outside tampering prior to tendering for delivery.

Company makes no representation or warranty that Casascius Coins cannot be counterfeited. In addition, it is possible that Private Keys obtained from opened legitimate Casascius Coins could be misappropriated by malicious third parties into counterfeit coins, and that the presence of a valid Private Key does not constitute prima facie evidence that such an item is genuine. However, Company warrants that all Casascius Coins sold directly by Company are genuine, unique, and that each Private Key has been used in no more than one Coin Product.

At the time of drafting of these Terms and Conditions, Company is unaware of any credible evidence suggesting that Casascius Coins are being counterfeited. Company agrees to post a notice on its website and/or blog indicating that it has credibly learned of and confirmed counterfeiting or similar activities within a reasonable time frame no shorter than 30 days if such is to occur, so long as Company remains in the business of producing and/or selling Casascius Coins.

It is the expectation of Company that other companies and individuals will potentially create physical virtual currency products resembling Casascius Coins and potentially using similar artwork, styles, and materials as Casascius Coins; Company deems only products misappropriating the Casascius trademark, or confusingly similar marks, as being counterfeits of Casascius Coins.

Delivery, Shipping, Insurance, Liability for Non-Delivery

Except when Buyer has optionally paid for insured delivery, or when a delivery method other than mail/common carrier is agreed upon by Company, Company is responsible for the risk of loss or damage to a shipment of Casascius Coins only up until the point of mailing or tender to a common carrier (FOB Salt Lake County, Utah).

When Buyer has paid for Registered Mail (insured) delivery, Company agrees to replace a lost or destroyed shipment of Casascius Coins when it has been presented with written evidence/acknowledgment of loss or destruction while in the custody of the common carrier, AND when Company reasonably believes that the shipment was not delivered to Buyer.

In consideration for Company’s offer to replace at its own expense any shipment of Casascius Coins that do not reach Buyer when Registered Mail is selected and paid for as a shipping option, the digital virtual currency value of any shipment presumed lost, stolen, or otherwise non-deliverable, as well as the proceeds of any successful insurance claim, shall be retained by Company to cover future claims of the virtual currency in the event the undelivered Coins are found, as well as any loss of goodwill and/or other measure of value similarly difficult to appraise, regardless of the shipping method actually chosen by Buyer.

Company and Buyer each acknowledge that each Casascius Coin is initially created as an empty container for digital virtual currency, to which value is added later using each Coin’s unique receiving address. Virtual value is added digitally by broadcasting an appropriate transaction record on the Internet for inclusion in the virtual currency’s public ledger and can be done by Company after relinquishing possession of the Coins. In light of this, Company may, at its sole discretion, opt to ship Casascius Coins to a buyer before the virtual value is added to the Coins, and add that value either after the Buyer acknowledges receipt, or after a time period has passed in which Company deems receipt by Buyer to be likely. Company may opt to do such in Company’s sole discretion.

During the time period that begins when an order is paid and ending when the digital virtual currency value has been applied to Coins which have been delivered to Buyer or that are presumed to have been delivered to Buyer, the digital virtual currency value is deemed to be on deposit with Company and pledged toward those specific Coins. When such digital value is prepaid and pledged toward Coins, it is not available for return to Buyer at Buyer’s request, even if the shipment is lost or not delivered, except when it is pledged toward Coins that were shipped and subsequently and documented as lost or destroyed while in transit via insured Registered Mail.

These Terms and Conditions, and your relationship with Casascius under these Terms and Conditions, shall be governed by the laws of the State of Utah without regard to its conflict or choice of laws provisions. Any dispute with Casascius, or its officers, directors, employees, agents or affiliates, arising under or in relation to these Terms and Conditions shall be resolved exclusively through the courts of Salt Lake County, Utah, except with respect to imminent harm requiring temporary or preliminary injunctive relief in which case Casascius may seek such relief in any court with jurisdiction over the parties. You understand that, in return for agreement to this provision, Casascius is able to offer the Coins on the terms designated, and that your assent to this provision is an indispensable consideration to these Terms and Conditions.

You alone assume the sole responsibility of evaluating the merits and risks associated with purchasing Coins. Coins are collectibles and not intended as investments. The value of Coins and Bitcoins are subject to large fluctuations. You should always conduct your own research and due diligence and obtain professional advice before making any decision. Company will not be liable for any loss or damage caused by an individual’s reliance on information obtained from its website or any communication from its members, managers, employees or agents. No investment, legal or tax advice is given to you and you should consult your own licensed tax, legal or other advisors for such advice before you implement your financial decisions.

CASASCIUS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, DIRECT, OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF ITS SITE OR THE COINS). THIS IS TRUE EVEN IF CASASCIUS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.

CASASCIUS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSS RESULTING FROM A CAUSE OVER WHICH CASASCIUS DOES NOT HAVE DIRECT CONTROL. THIS INCLUDES FAILURE OF ELECTRONIC OR MECHANICAL EQUIPMENT OR COMMUNICATIONS LINES (INCLUDING TELEPHONE, CABLE AND INTERNET), UNAUTHORIZED ACCESS, VIRUSES, THEFT, OPERATOR ERRORS, SEVERE OR EXTRAORDINARY WEATHER (INCLUDING FLOOD, EARTHQUAKE, OR OTHER ACT OF GOD), FIRE, WAR, INSURRECTION, TERRORIST ACT, RIOT, LABOR DISPUTE AND OTHER LABOR PROBLEMS, ACCIDENT, EMERGENCY OR ACTION OF GOVERNMENT.

IF YOU LIVE IN A STATE THAT DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SOME OR ALL OF THESE LIMITATIONS AND EXCLUSIONS MAY NOT APPLY TO YOU.

YOU AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE COINS OR THE CASASCIUS SITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.

You agree to defend, indemnify, and hold Casascius and its affiliates harmless from all liabilities, claims, and expenses, including attorney’s fees, against us, that arise from your use or misuse of Coins and the Casascius site.

If any portion of these Terms and Conditions are deemed unlawful, void or unenforceable by any arbitrator or court of competent jurisdiction, these Terms and Conditions as a whole shall not be deemed unlawful, void or unenforceable, but only that portion of these Terms and Conditions that is unlawful, void or unenforceable shall be stricken from these Terms and Conditions. All covenants, agreements, representations and warranties made in these Terms and Conditions, as may be amended by Casascius from time to time, shall survive your acceptance of these Terms and Conditions and the termination of these Terms and Conditions.