These General Terms & Conditions (hereinafter „T&C“) regulate the relationship between parties to the contract on granting Corrents (hereinafter „the Contract“), with the company I, Foundation, s.r.o., Identification Code: 01816705, with a seat at Balbínova 223/5, Vinohrady, 120 00 Praha 2, entered in the Commercial Register conducted by the Municipal Court of Prague, Section C, Insert 212130, as Provider on the one side (hereinafter „Provider“) and the beneficiary of Corrents (hereinafter „Beneficiar“).
The Beneficiary is any person who is entitled to submit a request for concluding the Contract and whose request for concluding the contract will be approved by the Provider according to the procedure as set in Art. II. par. 1. letter d) of T&C. Legitimacy of the Beneficiary to submit a request for concluding the Contract results from his/her satisfying definition criteria set on the Provider’s website http://kyjov.corrency.cz, or in the request form for concluding the Contract (hereinafter „the Form“). The Beneficiary is entitled to conclude only one Contract with the Provider.
Corrent is a currency (certification instrument) with adjustable convertibility, emitted in the Corrency System in digital form with the abbreviation „COR“ in ratio 1 CZK = 1 Corrent. Parameters of convertibility is shown on the Provider’s website https://kyjov.corrency.cz, or in the Form, i.e. in the request form for concluding the Contract on the same website. By convertibility parameters of Corrents, we perceive especially:
Expiration date of Corrents, i.e. fixing a term during which Corrents may be used at Merchants;
territoriality of Corrents, i.e. delimitating a locality within the territory of which Corrents may be used at Merchants;
participation of the Beneficiary while paying the price of goods or services for which the Beneficiary uses Corrents. Participation is set in % (per cent) and the set amount of % means that the Beneficiary must pay in cash the price of goods/services in the set participation amount. That is if the participation is set to 50% and the price of goods /service is CZK 100.-, the Beneficiary may use Corrents only if s/he pays part of the price amounting to CZK 50.-, i.e. a 50% participation and the balance of Corrents on the Beneficiary’s Corrent account will amount at least to the remaining 50%, i.e. 50 COR at minimum at the time of payment. In case that the Beneficiary uses his/her complete Corrent balance on his/her Corrent account and this balance will not amount to 50% of the price of good/service, the Beneficiary is entitled to higher participation in CZK (i.e., in such a case s/he will pay more than 50% of the price by cash). The amount of Corrents that may be used is rounded down to whole units and in case of such a rounding, the Beneficiary’s participation will be increased by the difference resulting from the rounding up (e.g., if the price of goods/service is CZK 100.50, 50 Corrents may be used and a 50% participation will increase by CZK 0.50).
Corrents are not considered as electronic currency pursuant to Act No 370/2017 Coll., on payment systems. The Corrency system and fulfilment granted by the Provider and Merchant abides by provisions of par. 1939 and following of Act No 89/2012 Coll., Civil Code, as amended, on voucher notes, while Corrents are an instrument registered in electronic (digital) form by which the Beneficiary certifies his/her right for fulfilment of obligations to the Merchant.
The Beneficiary’s Corrent account is a unique electronic account held by the Provider for the Beneficiary where the Provider records (i) Corrent units which he provides to the Beneficiary and (ii) the Corrent balance related to Corrents being used.
The Corrency system is a system of efficient money distribution by means of Corrents within which the Provider grants Corrents to the Beneficiary, The Beneficiary uses Corrents at the Merchant and the Provider pays subsequently a sum in CZK corresponding to the amount of used Corrents to the Merchant. The Corrent balance is recorded on the Corrent account of the Beneficiary.
The Merchant is a legal or natural person selling goods or providing services and participating in the Corrency system which means that the Beneficiary is entitled to use Corrents at the Merchant.
Concluding the Contract
The Contract is concluded as follows:
The Beneficiary fills in the Form, i.e. the request form for concluding the Contract on the Provider’s website https://kyjov.corrency.cz; s/he is obliged to fill in the Form with truthful data;
after filling in the Form completely, the Beneficiary clicks on the hyperlink leading to these T&C and personal data processing, and s/he gets acquainted with them which s/he confirms by ticking the field and thus expresses his/her consent with their wording, whereas s/he is obliged to get acquainted with these documents;
the Beneficiary sends a completely filled request for concluding the Contract to the Provider through the application on the Provider’s website https://kyjov.corrency.cz;
shortly after the Beneficiary sends a completely filled request for concluding the Contract to the Provider (approx. in 15 seconds after sending), the Provider informs the Beneficiary if he grants him/her Corrents (hereinafter „Granting Corrents“) or if he does not grant him/her Corrents (hereinafter „Not granting Corrents“), on the one hand by notification on the http://kyjov.corrency.cz website application and if the Beneficiary specifies his/her mobile phone number in the Form, on the other hand also by a short mobile message (SMS) sent to the mobile phone contact specified by the Beneficiary;
in case of granting Corrents, the notification will contain the amount of Corrents in form of a number specification and designation “COR”. For instance, if 400 Corrents are granted, the notification’s text will be as follows: “400 COR”. In case granting Corrents is notified to the Beneficiary also by SMS, the notification will contain a seven-digit code number for the first purchase.
The Contract is concluded at the moment of sending the message on granting Corrents by the Provider in the way mentioned above. If the Contract is not concluded in this way up to the 1st working day since the day of sending the filled-in request for concluding the Contract, it is assumed that the Contract has not been concluded.
In case of not granting Corrents, the notification on not granting Corrents will not contain the amount of Corrents. At the moment when the Provider sends the message on not granting Corrents in the way mentioned above, it is assumed that the Beneficiary’s request for concluding the Contract has been denied.
The Contract which is concluded based on false specified data is considered as not having been concluded and a person who would pay with Corrents based on such a Contract will be obliged to grant his/her gain to the provider, i.e. an equivalent of the sum paid by Corrents in CZK.
At the moment when the Provider sends the Beneficiary a notification on granting Corrents, he creates a Beneficiary’s Corrent account for the Beneficiary and credits it with the amount of Corrents as specified when granting Corrents and with convertibility parameters according to the emission of Corrents which the Contract has been concluded for (i.e. as these parameters were specified on the Provider’s website https://kyjov.corrency.cz, or directly in the Form).
Paying with Corrents, using Corrents
The Beneficiary will use Corrents first by informing the Merchant before the payment for goods/services that s/he wants to use Corrents for the payment. While using Corrents, the Beneficiary is limited by his/her participation amount, i.e. in what ratio does s/he pay for the goods/service by cash. For instance, if the goods price is CZK 100.- and the participation amount 50%, the Beneficiary must pay CZK 50.- by cash. In case the Corrents balance is insufficient, e.g. only 30 COR, the Beneficiary is entitled to use this whole Corrent balance whereas his/her participation amount will be higher in such a case, i.e. s/he will pay the remaining price part by cash.
To verify if Corrents can be used for paying the price of goods/service from the balance on the Beneficiary’s Corrent account, the Merchant will check the state of Corrent balance on the Beneficiary’s Corrent account by one of the ways shown hereunder:
In case granting Corrents was notified to the Beneficiary also by SMS, a seven-digit code number was sent to the Beneficiary for the first purchase. The Beneficiary will communicate this first purchase code to the Merchant and the Merchant will send the code number by SMS to the Provider with the total price of goods or service the Beneficiary intends to purchase. This procedure will be the same in case of further Corrents’ use by the Beneficiary if the Provider sends an SMS message to the Beneficiary with a seven-digit code for further purchase;
in case granting Corrents was not notified to the Beneficiary also by SMS, i.e. if the Beneficiary did not specify a mobile phone contact in the Form, the Beneficiary submits to the Merchant his/her valid identity card so that the Merchant can send the identity card number by SMS to the Provider with the total price of goods or service the Beneficiary intends to purchase. The Beneficiary consents explicitly that the Merchant may check in this way the state of balance on the Beneficiary’s Corrent account, exclusively for purposes of implementing the contractual relation, i.e. paying the price of the goods/service.
In case there are enough Corrents on the Beneficiary’s Corrent account, the Provider sends to the Merchant immediately an SMS replying that the use of Corrents has been approved, what is the remaining sum to be paid in CZK and what is the remaining balance on the Beneficiary’s Corrent account. In case granting Corrents was notified to the Beneficiary also by SMS, the Provider will inform the Beneficiary by SMS about the remaining Corrent balance on the Beneficiary’s Corrent account including a seven-digit code number for further purchase.
In case the Corrent balance on the Beneficiary’s Corrent account is lower than the amount of Corrents the Beneficiary intends to use for paying the price of good/service, the SMS sent immediately by the Provider to the Merchant will include a supplementary charge in CZK higher than the amount of the Beneficiary’s participation in % with the entry “0 COR” informing that the Corrent balance on the Beneficiary’s Corrent account has been run out. In case the Beneficiary refuses to pay his/her higher participation by cash, s/he must inform the Merchant about this immediately. The Merchant informs the Provider about this by SMS; in such a case, the Corrent balance on the Beneficiary’s Corrent account is restored. In case granting Corrents was sent to the Beneficiary also by SMS, the Beneficiary will be informed about the change of his/her Corrent balance on the Beneficiary’s Corrent account by SMS sent by the Provider. A similar procedure is used in the case when the Beneficiary does not pay the remaining price of goods/service immediately after approval for using Corrents and the goods/service is not provided to the Beneficiary.
In case there is a remaining balance of Corrents after their expiration on the Beneficiary’s Corrent account, the Beneficiary’s right to use unused Corrents expires.
It is forbidden to use Corrents for paying a deposit or bet in gambling (pursuant to Act No 186/2016 Coll., on gambling) or for paying tobacco and alcohol products except vineyard products (i.e. products made from grapevine). In case the Beneficiary infringes this prohibition, the Beneficiary’s right to use Corrents forfeits.
In case the Beneficiary satisfies definition criteria as shown in the Form by filling in false data, the Beneficiary’s right to use Corrents forfeits.
Using Corrents is a personal right of the Beneficiary. The Beneficiary is not entitled to transfer his/her right to use Corrents to a third person. In case of such a transfer, the right to use Corrents forfeits.
The Beneficiary acknowledges hereby that granting Corrents pursuant to the Contract is considered as free earning which is exempt from income tax pursuant to Art. 10 par. 3) letter c) item 5 of Act No 586/1992 Coll., on income taxes, whereas this earning exempted from income tax is not specified in the tax return and the tax return is not being submitted for this income only.
Protection of personal data of the Beneficiary and their processing by the Provider abides by Personal Data Protection Principles which can be found at the hyperlink for personal data processing.
Any legal relations between the Beneficiary and the Provider and possible disputes between them abide by the legal order of the Czech Republic.
These General Terms & Conditions including their parts enter into force and take effectiveness since the date of 21 January 2021 and can be found in electronic form on the website https://kyjov.corrency.cz. The Provider keeps the right to amend them without previous notice. The amendment takes effectiveness on the day of its publication on the website https://kyjov.corrency.cz