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CPA Shareholder Protection Agreement
Customer: Ian B. (bitcointalk.org: ianbakewell)
CPA Agents: usagi (tsukino)
DATE: August 31st, 2012
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A. GLBSE Shareholder Protection Agreement
1. Parties are Ian and his business ("the business"), CPA
("CPA") and the GLBSE shareholders of the business ("the
shareholders").
2. CPA will insure shareholders by paying out on behalf of
the business should the business become unable or unwilling
to fufill the terms of it's contract (see section C).
3. CPA will not be liable for losses greater than the value
of the funds held in trust; all other liabilities are the
sole responsibility of the business.
4. No party may cancel this contract although any party may
choose to accelerate their obligation at any time.
B. Payment of Premium
1. The business will contribute one bitcoin (or more) per week
to a trust account operated by CPA.
2. The payment address is [1JHP6iaNmPs7osgPKoiki2i28ndm8rDddU]
("CPA Accounts #18 (Ian)").
3. The first week of coverage is 2012 Week #36 (September 2nd to
September 8th).
C. Indemnification Procedure
1. If the business breaks the terms of their contract without
reparation, CPA will pay the value of the trust account to
the shareholders of the business on behalf of the business.
2. A period of 30 days will be allowed for the business to
respond and make reparations before paying out on any
default event.
D. Expiration Clause
1. If there is no default event prior to September 15th, 2013,
CPA will contact the business and request guidance; the
options will be:
1. to extend coverage,
2. to release the trust account to the business,
3. to release the trust account to the shareholders
(as a special dividend).
2. The guidance will be published on the CPA website for a
period of 30 days before actoin is taken on that guidance.
E. Insurability (This is the "Fine Print")
1. Indemnity
The insurance company indemnifies, or compensates, the
shareholders in the case of certain losses only up to the
lower of the shareholder's interest and the trust amount.
2. Insurable interest
The shareholders must directly suffer from the loss; the
shareholders have a "stake" in the loss or damage to the
assets insured.
3. Utmost good faith
The business is bound by a good faith bond of honesty and
fairness. Material facts must be disclosed.
4. Contribution
Insurers which have similar obligations to the insured
contribute prior to any contribution by CPA.
5. Subrogation
CPA acquires legal rights to pursue recoveries on behalf of
the insured; for example, the insurer may sue those liable
for insured's loss.
6. Causa proxima, or proximate cause
The cause of loss (the peril) must be directly related to
the breaking of the business's contract for financial gain
at the shareholders' expense.
7. Mitigation - Before, and in case of any loss or casualty,
the business must attempt to keep the loss to a minimum, as
if the asset was not insured.
F. DISPUTE RESOLUTION
1. Any controversy or claim arising out of or relating to this
contract, or the breach of this contract, shall be settled
by binding internet arbitration at judge.me in accordance
with the judge.me arbitration agreement. The arbitrator's
decision shall be final and legally binding and judgment may
be entered thereon.
2. The business must indemnify (make whole) CPA's incurred
legal fees if they lose their claim, limited to the amount
required to be paid by CPA to judge.me.
3. All judge.me fees related to this contract must be paid in
bitcoins.
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CPA Shareholder Protection Agreement
Customer: Ian B. (bitcointalk.org: ianbakewell)
CPA Agents: usagi (tsukino)
DATE: August 31st, 2012
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A. GLBSE Shareholder Protection Agreement
1. Parties are Ian and his business ("the business"), CPA
("CPA") and the GLBSE shareholders of the business ("the
shareholders").
2. CPA will insure shareholders by paying out on behalf of
the business should the business become unable or unwilling
to fufill the terms of it's contract (see section C).
3. CPA will not be liable for losses greater than the value
of the funds held in trust; all other liabilities are the
sole responsibility of the business.
4. No party may cancel this contract although any party may
choose to accelerate their obligation at any time.
B. Payment of Premium
1. The business will contribute one bitcoin (or more) per week
to a trust account operated by CPA.
2. The payment address is [1JHP6iaNmPs7osgPKoiki2i28ndm8rDddU]
("CPA Accounts #18 (Ian)").
3. The first week of coverage is 2012 Week #36 (September 2nd to
September 8th).
C. Indemnification Procedure
1. If the business breaks the terms of their contract without
reparation, CPA will pay the value of the trust account to
the shareholders of the business on behalf of the business.
2. A period of 30 days will be allowed for the business to
respond and make reparations before paying out on any
default event.
D. Expiration Clause
1. If there is no default event prior to September 15th, 2013,
CPA will contact the business and request guidance; the
options will be:
1. to extend coverage,
2. to release the trust account to the business,
3. to release the trust account to the shareholders
(as a special dividend).
2. The guidance will be published on the CPA website for a
period of 30 days before actoin is taken on that guidance.
E. Insurability (This is the "Fine Print")
1. Indemnity
The insurance company indemnifies, or compensates, the
shareholders in the case of certain losses only up to the
lower of the shareholder's interest and the trust amount.
2. Insurable interest
The shareholders must directly suffer from the loss; the
shareholders have a "stake" in the loss or damage to the
assets insured.
3. Utmost good faith
The business is bound by a good faith bond of honesty and
fairness. Material facts must be disclosed.
4. Contribution
Insurers which have similar obligations to the insured
contribute prior to any contribution by CPA.
5. Subrogation
CPA acquires legal rights to pursue recoveries on behalf of
the insured; for example, the insurer may sue those liable
for insured's loss.
6. Causa proxima, or proximate cause
The cause of loss (the peril) must be directly related to
the breaking of the business's contract for financial gain
at the shareholders' expense.
7. Mitigation - Before, and in case of any loss or casualty,
the business must attempt to keep the loss to a minimum, as
if the asset was not insured.
F. DISPUTE RESOLUTION
1. Any controversy or claim arising out of or relating to this
contract, or the breach of this contract, shall be settled
by binding internet arbitration at judge.me in accordance
with the judge.me arbitration agreement. The arbitrator's
decision shall be final and legally binding and judgment may
be entered thereon.
2. The business must indemnify (make whole) CPA's incurred
legal fees if they lose their claim, limited to the amount
required to be paid by CPA to judge.me.
3. All judge.me fees related to this contract must be paid in
bitcoins.
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Confirmed