How Untreadable Works -In Depth-
How Untreadable Works -In Depth-
Index
1. Untreadable works on top of the TF Empires crowdfunding platform. See here to learn more about how the TF Empires crowdfunding system works. Untreadable founders create projects with a mission. Backers in support of that mission fund the projects. Over the period of a total of 6 years the backers will receive rewards or “benefits” in return for backing the project. That is the basics.
2. Untreadable expects that many of these projects will be substantial, and therefore require substantial funding. This is not because we are a platform of change. We expect large projects, even projects that seem impossible, because change requires perseverance and massive devotion. The reason for the rewards being delivered over a period of 5 years (6 years total with a 1 year leeway between the project’s completion and the beginning of the 5 years), is that often we expect these projects to require heavy immediate funding with little to no immediate return to the founder.
3. Backers pledge money to a project over a period of no more than 90 days. Once the project has met its funding goal the founder collects the pledged funds from the backers. If a project fails to meet its minimum funding amount within no more than 90 days, the backers keep the pledged money and the project “closes”. It is important to realize that funds are not “captured” until either of the following conditions are met. The founder has secured the “minimum funding amount” by the project’s end date and has reason to expect the success of the project going forward, and has released a “going-forward” resolution to the backers. OR A substantial amount being no less than 50% of the required funds to meet the “minimum launch amount” has been pledged within 14 days (in some cases 21 days) of the campaign’s start date, and there is reasonable expectation that the project will succeed, and the founder has notified the backers and has released a “going-forward” resolution to the backers.
4. Backers have the right to email and make inquiries regarding the project, risks, etc. However founders have no obligation to provide information they deem endangers their business’s success or breaches their own privacy.
5. Untreadable has the right at any time to de-platform a project it deems too risky, incomplete, illegal, or immoral.
6. have the right at any time (excepting the 48hrs preceding the project’s end date) to withdraw support (pledge(s)).
7. founders and backers should be aware of the risks involved with rewards based crowdfunding. There is no guarantee of success on the founders’ end, founders could devote much time and effort and even money to a project that fails. Founders and backers need to be aware of these risks, before investing in either founding or backing a project.
8. are highly encouraged to mitigate most to all risks involved via insuring there is a backup source of income, or a side hustle to help with the funding and distribution of rewards. Founders are encouraged to include in the project details a “risk plan” that specifies different risks and their actions to avert them. Founders are also encouraged to have a “management plan” and publish it in their projects details. We do not expect or request founders to reveal any information that would encroach or breach a founder’s privacy or reveal any information that could breach a company’s trade secrets.
9. funding (backing) a project, backers agree to hold Untreadable and the Founder(s) harmless and release all right to the invested money, excepting where it can be proven that the Founder was entirely irresponsible and or made little to no attempt in following through with the project. In such cases Untreadable shall still be held harmless. For more information regarding the legal liability of founders for entrusted funds, please see our “Terms and Conditions and Legal Binding Contract” page.
10. a project meet its “minimum funding amount” before the project’s end date, the founder at any time may release a “going forward” resolution to the backers and pull the funds. In any case where the funds are captured before the project end date, the project may (but is not required to) remain open to funding, in such cases after the first amount has been pulled, all subsequent pledges are immediately “captured.”
11. “going forward” resolution founders must release to backers must include the following information. The date the funds will be pulled, the current amount funded, plans for the successful launch of the project, reasons for expecting the success of the project, a current risk assessment of the project going forward and plans of how to mitigate such risks. Further the “going forward” resolution must be released to backers, 3 days before pulling the project’s funds. Founders may release “going forward” proposals, in scenarios where currently the project has not met the required amount to withdraw the funds, yet in the case that it should meet the required amount in the next 3 days, the funds will be pulled.
12. the event that a project fails to meet the required “minimum funding amount” the founder may “close” the project and all pledged funds return to the backers. OR The founder may release a “going-forward analysis” in which they present all of the project costs, current funded amount, and an evaluation of whether they can still make the project succeed to the backers. The backers then, within 24hrs of the notification, vote whether the project moves forward. There is no revising of the project by the backers, though they may include suggestions. The vote is to be “go-forward” or “close”.
13. not only is a crowdfunding system for funding projects we hope will change the world, but also aims to be a real community for conversation, information, and support, for founders and backers.
Founder Terms and Conditions
Backer Terms and Conditions
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