Trade Agreement

Trade Agreement

Please read these Trade Agreement terms carefully before making or receiving payments through the Site. By making or receiving payments through the Site, you accept and agree, on behalf of yourself or on behalf of your employer or any other entity (if applicable), to be bound and abide by these Trade Agreement terms. These Terms are supplemental to Infounder's General Terms of Service and Terms of Privacy Policy, as applicable (collectively, the “Terms of Service”).


Definitions

General definitions

  • • "Seller" - A person or entity offering personal property for sale, and desiring to use the Infounder.com website in order to close such a sale.
  • • "Buyer" - A person or entity desiring to purchase personal property from a Seller, by use of the Infounder.com site for completing the purchase.
  • • "Site" and “Website” refers to the website for the Services which can be found at www.infounder.com.
  • • "Company" (referred to as either "the Company", "We", "Us" or "Our" in this Agreement) refers to Infounder OÜ, Estonia, Tallinn.
  • • "Goods" - goods bought from a private individual.
  • • "Orders" mean a request by You to purchase Goods from Us.
  • • "Service" refers to the Website.
  • • "You" mean the individual accessing or using the Service, or the company, or other legal entity on behalf of which such individual is accessing or using the Service, as applicable.

Trade statuses definitions

  • • "Asset Transferring Terms" - Terms, which have to be followed by the Seller.
  • • "In development" - Asset Trade Agreement is currently in development process.
  • • "Trade complied" - Asset Trade Agreement was complied by the seller.
  • • "Trade accepted" - Buyer has accepted the Asset Trade Agreement terms.
  • • "Asset transferring" - Buyer has completed a payment for agreed Asset Trade Agreement terms and Seller has to transfer an asset to Buyer.
  • • "Trade canceled" - Trade was canceled. The Buyer will receive a refund, if payment was made.
  • • "Trade completed" - Trade was successful. Both Buyer and Seller have followed the Asset Trade Agreement terms.

Payment definitions

  • • "Infounder balance" - Balance is the aggregated amount of your Revenue as a Seller and/or returned payments from canceled orders as a Buyer.
  • • "Payment Services Provider(s)" - service providers that provide payment services to Buyers and Sellers in connection with the Infounder platform, including with respect to the collection of funds from Buyers in connection with purchases, remittance and withdrawal of funds to Sellers, currency exchange services in connection with payments and withdrawals in local currencies, and the holding of funds in connection with Infounder Balances.
  • • "Revenue" - the money that Sellers earn from completed trades.
  • • "Payment pending" - Buyer has to make a payment for a trade, according to agreed trade terms.
  • • "Payment failure" - Buyer failed to make a payment.
  • • "Payment completed" - Buyer successfully made a payment and payment was confirmed by Infounder

Dispute definitions

  • • "Dispute in review" - Infounder Support will take an action of reviewing of dispute.
  • • "Dispute is solved in buyer favour" - Dispute was solved by Infounder or Estonian Chamber of Commerce and Industry in Buyer favour.
  • • "Dispute is solved in seller favour" - Dispute was solved by Infounder or Estonian Chamber of Commerce and Industry in Seller favour.
  • • "Dispute is canceled" - Dispute was canceled by Buyer or Seller.
  • • "Dispute is solved" - Dispute was solved between Buyer and Seller.

Business Day

The term "Business Day" shall refer to the working days Monday through Friday between the hours of 9 a.m. and 5 p.m. EET (UTC+02:00) during winter, and Eastern European Summer EEST (UTC+03:00) during summer, which are not legal holidays in Estonia.


1. General Terms

Infounder allows third-party sellers to list and sell their assets using the Infounder Services. Infounder does not own, create, sell, resell, provide, control, offer or deliver listings or the assets contained therein. The relevant seller is indicated on the respective listing page. While Infounder helps facilitate transactions that are carried out on the Website, Infounder is not a buyer or seller in any transaction involving the seller’s assets or any other transaction among users of the Services.

Assets are goods bought from a private individual.

Infounder provides an avenue for sellers and buyers to negotiate and complete transactions. Accordingly, the contract agreed to by the sellers and buyers regarding the seller’s assets is solely between the buyer and seller. Infounder is not a party to this contract and does not assume any responsibility arising out of or in connection with the contract and/or the transaction. Infounder does not act as an agent for the buyer or seller. The seller is solely responsible for the sale of their assets and the buyer is solely responsible for the purchase of the assets.

It is the buyers and sellers responsibility to ensure that they are fully aware and capable of transferring and receiving all assets and inclusions within a sale Sellers must ensure that before a listing is launched, they are fully aware and capable of transferring all assets and inclusions within a sale as per their listing and in a manner and format acceptable to any buyer Buyers must ensure that before a bid or offer is placed for a listing, they are fully aware of the transfer process and capable of receiving and operating all assets and inclusions within a sale. Whilst Infounder enables buyers and sellers to meet, Infounder does not take part in the transfer of ownership or delivery of assets and inclusions within a sale.

Infounder serves as Seller’s limited authorized payment collection agent solely for the purpose of accepting payments (via its Payment Services Provider, if applicable) from Buyer, and remitting those payments to Seller. Buyer’s payment obligation to Seller will be satisfied upon receipt of payment by Infounder (or its Payment Services Provider, as applicable), and Infounder (via its Payment Service Provider, as applicable) is responsible for remitting the funds to the Seller in the manner described in these Payment Terms. In the event that Infounder (via Payment Services Provider) does not remit any such amounts to Seller, the Seller will have recourse only against Infounder and not the Buyer directly.

Prior to any payment being made, the particulars of sale and any additional terms and conditions need to be clearly detailed in a sales agreement It is clear to both buyers and sellers what is to be sold and transferred as part of a sale on Infounder The agreement needs to be signed and agreed by both parties The agreement should be made available to Infounder Infounder strongly recommends that all buyers and sellers enter into a sale agreement prior to any payment being made and any assets being transferred. This will enable both parties to be fully aware of what is expected to be delivered both as part of the sale, what is expected post sale such as post-sale support; and any conditions around payment such as installments and milestone payments. We have a template sales agreement available in all Deal Completion Areas for your convenience, however we recommend you seek your own legal advice with respect to the final contract of sale.

You agree to receive invoices and/or payment receipts from Infounder in electronic form as PDF documents, by email or through the Site.

By using any payment method and/or providing payment details for making purchases on Infounder, you represent and warrant that: (a) you are legally authorized to provide such information; (b) you are legally authorized or have permission to make payments using the payment method(s); (c) if you are an employee or agent of a company or person that owns the payment method, you are authorized by that company or person to use the payment method to make payments on Infounder; and (d) such actions do not violate any applicable law.

You may not offer Buyer or Sellers or any other User to pay, or make payment using any method other than through the Infounder.com site. In case you have been asked to use an alternative payment method, please report it immediately to Support.

Service fees are added at the time of purchase where you can review and accept the total amount requested to pay. These fees cover administrative fees.

To protect against fraud, unauthorized transactions (such as money laundering), claims, or other liabilities, payment information in connection with withdrawals is collected by either Infounder or Infounder's Payment Services Providers. Payment Services Providers may also collect such other information as necessary for the purpose of processing withdrawal payments. Infounder is not exposed to the payment information provided to Payment Services Providers, and this information is subject to the privacy policy applicable to the Payment Service Provider. Please see our Privacy Policy.


2. Seller's Responsibilities

Seller must fill in KYC ("Know Your Client") Application form.

It is the sellers responsibility to ensure that they are in a position to fully transfer ownership and possession of all assets and inclusions within a sale. This includes any passwords or other authorities needed to access any of the assets held or hosted by a third party and all records associated with the sale (“Records” means originals and copies, in any material form, of all books, files, reports, records, correspondence, documents, supplier lists and contact details, customer lists and contact details, price lists, calculations, costings and associated documentation and other material of or relating to or used in connection with the assets and any other inclusions of the asset or business. The Seller may keep a copy of the Records for its own compliance purposes). It is also the seller's responsibility to ensure that the duly executed instruments of transfer, assignment, notices of transfer or assignment or disposal consents and other documents are in a form and substance satisfactory to the Buyer (and any required registration, filings or approvals in respect thereof) as the Buyer may reasonably require to complete the transfer, assignment and conveyance of the Assets (free from Encumbrances).

Seller responsibility in Asset Trade Agreement is to transfer an asset to a Buyer within 7 days, after Buyer's successful payment ("Payment successful").


3. Buyer's Responsibilities

Buyer must fill in KYC ("Know Your Client") Application form.

It is the buyer's responsibility to ensure that they are fully aware of the transfer process and capable of receiving and operating all assets and inclusions within a sale. Before placing an offer in a sale, buyers should contact the seller and verify that: The seller is in a position to fully transfer ownership and possession of all assets and inclusions within the sale. They as the potential new owner of all assets and inclusions within the sale are completely clear on all processes, procedures and requirements to take possession and ownership of all assets and inclusions within the sale. They have a clearly defined checklist of all assets and inclusions within a sale and the transfer process that is required for each. Please note that Infounder can only provide limited advice for any asset transfer and the transfer of any other inclusions within a sale and any advice should be followed up and verified as it is purely provided as assistance and not absolute direction. The exact process and nature of transfer is the responsibility of buyer and seller and should be discussed and agreed upon by both parties.


4. Disputes and Cancellation

We encourage our Buyers and Sellers to try and settle conflicts amongst themselves. If for any reason this fails after using the Resolution Center or if you encounter non-permitted usage on the Site, users can contact Infounder's Customer Support.

• Infounder encourages Buyers and Sellers to resolve service disputes mutually using the dispute features on trade agreement page.

• Order cancellations can be performed on Infounder, when eligible, by Customer Support or through the Infounder Support.

• Filing a transaction dispute or reversing a payment through your payment provider or your bank is a violation of these Payment Terms. Doing so may get your account temporarily or permanently disabled. Note: Once you have filed a dispute with your payment provider, the funds will be ineligible for a refund due to our obligations towards the payment provider.

• In the event that you encounter an issue related to the service provided in an order, you are encouraged to use the Site's dispute resolution tools to attempt to resolve the matter.

•Infounder, through its Payment Services Provider, reserves the right to cancel orders or place funds on hold for any suspected fraudulent transactions made on the Site.

• All transfer and assignment of intellectual property to the Buyer shall be subject to full payment and the delivery may not be used if payment is canceled for any reason.

• If a trade is canceled ("Trade canceled"), the funds paid will be returned to the Buyer's Infounder Balance.

• Requesting to gain more services from Sellers beyond the agreed trade terms is not allowed.

• Eligibility for requests to Infounder to cancel an order will be assessed by our Support based on a number of factors, including violations of our Terms of Service and/or our Community Standards, general misconduct, and improper usage of the Infounder marketplace platform.

• Completed trade "Trade completed" may not be canceled.

• Any non-permitted usage of Infounder encountered during a trade, after being reviewed by our Support, may result in the trade being canceled. This includes, but not limited to; harassment, unlawful behavior, or other violations of Infounder's Terms of Service.


Infounder Support will cancel orders based on, but not limited to, the following reasons:

• The Seller is late with asset transferring and unresponsive for more than 24 hours while the order is marked as Late.

• Seller have failed to transfer an asset to Buyer during "Asset Transferring" period of 7 days.

• Seller did not follow the terms in Asset Trade Agreement.

• Buyer did not follow the terms in Asset Trade Agreement.

• Users are abusive towards the other party through threats against each other.

• The Buyer or Seller is no longer an active Infounder user due to Terms of Service violations or closure of their account.

• The Seller uses the Delivery system to extend the delivery due date to complete the requested service without providing the final delivered service. Note: Multiple reported offenses will result in permanent suspension of your account.

• The Seller delivers no credentials and/or no files and/or proof of full asset transferring and/or related to the agreed upon order requirements. Note: Subjectivity of the materials in question will be reviewed by our Support.

• The Seller requests additional payments, on or off the Infounder platform, by withholding the final delivery of services directly related to the agreed requirements.

• Users who threaten to leave a damaging review to gain more services from the Seller not related to the agreed requirements.

• Infounder Support will review cases of Order delivery manipulation that prevents users from fully utilizing our Support and/or Dispute feature that enabled the order to be marked as complete.


Chargebacks

Infounder reviews cases of payment provider chargebacks and disputes on behalf of Sellers. Although results vary per case due to each chargeback reason, we work hard on resolving disputes in the Seller’s favor. If the chargeback case allows, Infounder (or one of Infounder's Payment Services Providers) will return parts or full revenue back to Sellers, otherwise the chargeback amount will be borne by the Seller.

Refunds

Infounder does not automatically refund payments made for canceled orders back to your payment provider. Funds from order cancellations are returned to the Buyer's payment provider in 7 business days. Refunds directly to your payment provider can be performed by our Support, based on the Order’s original payment amount and currency. To prevent fraud and abuse, we limit the total amount of times users can request a payment provider refund, which is subject to review by our Support. Such refunds may be subject to an additional fee.


5. Delivery; Transferring and Receiving the assets

After Buyer's successful payment to agreed Asset Trade Agreement terms ("Payment completed"), Seller has 7 days to transfer an asset to Buyer ("Asset transferring").

If Buyer will not receive an asset due "Asset transferring" - Buyer has rights to cancel the trade and get the refund. See "4. Disputes and Cancellation". If received asset contradictions the Asset Trade Agreement terms - Buyer's has rights to open a dispute after receiving an asset within 24 hours and demand the refund, if received asset is contradictions the terms in chapter 4. Disputes and Cancellation" - Infounder Support will take an action and will review the dispute ("Dispute in review").

We consider digitally delivered assets as goods to be information or content that you can download from our website, access via web browser, or receive by email. Buyer who purchase assets from Infounder marketplace platform will receive an email verifying a successful purchase. Users can log in to their purchased course using the login credentials they created during the purchase process. "Delivery" means the access to our online program through internet web browser. At present, we have only one mode of delivery – internet browser. Currently, there are no products that require downloading. Online digital delivery of content is through internet browser only i.e. Safari, Chrome, Firefox, etc. We are not responsible for your internet connection quality or inability to access to the course through web browser.


6. Timing of Payment

All Escrow Funds due to Buyer and Seller shall be paid as soon as possible following the Buyer's acceptance, Seller's acceptance, or the resolution of a dispute. In the event that Buyer makes any form of overpayment, we shall reimburse the overpayment upon the Close of Escrow. In the event that Buyer or Seller is overpaid for any reason, Buyer and Seller agree to promptly return the funds to Infounder.com. The payee agrees to pay any postage costs and/or wire fees if an alternate payment is requested. Buyer and Seller shall also hold Infounder.com harmless from any loss that may arise due to currency conversion.


7. Currencies

• You can pay on Infounder in several currencies. For your convenience, prices will be rounded up to the closest number. At checkout, you will see the accurate amount to be paid. Unless stated otherwise, you will be charged in the currency displayed on the payment page. All currency exchange services in connection with payments in local currencies are performed by Infounder’s Payment Services Providers. In certain cases, however, when certain currencies are not supported by certain payment methods, you will be charged in EUR€ even if the price is displayed in another currency. In any event, the actual charged amount (in the actual payment currency) will be clearly disclosed to you before you complete the payment.

• Note that all prices on Infounder are derived always from their original EUR€ price and, therefore, non-EUR€ currency prices may change daily in accordance with exchange rate fluctuations and may also include conversion fees. Buyers always have the option to pay in EUR€ by changing their currency.

• If you paid for an Asset in a currency other than EUR€ and your Asset was later canceled for any reason, the amount returned to your Infounder Balance would be based on the exchange rate as of the date of cancellation. Therefore, the returned amount may vary from the paid amount in local currency terms, while always maintaining the same EUR€ value.

• Your Infounder Balance is always valued in EUR€, even if it is displayed in a non-EUR€ currency. Therefore, should you choose to view your Infounder Balance in any currency other than EUR€, it may change daily in accordance with exchange rate fluctuations, while always maintaining the same EUR€ value. Users always have the option to view their Infounder Balance in EUR€ by changing their selected displayed currency.


8. Withdrawing Revenues

• All funds eligible for Withdrawal will be held on your behalf at an account with Infounder's Payment Services Provider. All payment services, including withdrawal services, will be provided by Infounder's Payment Services Provider.

• Revenues are only made available for withdrawal from the "My Bank & Wallets" page following a safety clearance period of 14 days after the trade is marked as "trade completed".

• Sellers may withdraw their revenues using one of Infounder's withdrawal options. To withdraw your available revenue, you must click on the designated withdrawal provider to initiate the withdrawal process.

• For security concerns, Infounder may temporarily disable a user's ability to withdraw revenue to prevent fraudulent or illicit activity. This may come as a result of security issues, improper behavior reported by other users, or associating multiple Infounder accounts to a single withdrawal provider.

• Withdrawals can only be made in the amount available to you.

• Withdrawal fees vary depending on the withdrawal method.

• Withdrawals are final and cannot be undone. We will not be able to reverse this process once it has begun.

• In certain cases, users may withdraw Revenues in several currencies. All currency exchange services in connection with such withdrawals are performed by Infounder Payment Services Providers. Your Infounder Balance is always derived from its EUR€ value and, therefore, the local currency amount of your Infounder Balance may change daily in accordance with exchange rate fluctuations and also includes conversion fees. Users always have the option to withdraw Revenues in EUR€.

• To see which withdrawal methods are available for your country is on "Lists of available payment methods" page.

www.infounder.com/select-country/

8. Unclaimed Funds

For Buyers or Sellers registered on Infounder.com, Escrow Funds held on deposit and on withdraw for longer than twelve (12) months shall be charged a yearly Maintenance Fee on the last day of. On the first day of the sixty-first month, Infounder.com shall have the right to escheat 3% of unclaimed funds.


9. Taxes

Infounder may be required by applicable laws to charge users with indirect taxes (such as Sales Tax, VAT or GST) or to withhold taxes. Any amount Infounder will be required to collect will be in addition to the purchase amount and any other fees payable by the Buyer, and any amount Infounder will be required to withhold will be deducted from the Seller’s revenue, as required by applicable laws. Indirect taxes are in addition to the price shown on the site, and in any event, any such taxes will always be displayed to the Buyer before payment. Users are responsible for paying any direct or indirect taxes, including any GST, VAT, or income tax, which may apply to them depending on residency, location or otherwise, under provisions of their jurisdiction.


10. Services Not Included

The Buyer and Seller understand that the above escrow services DO NOT include any representation of warranty, either expressed or implied by Infounder.com, and that Infounder.com assumes no responsibility for the legality of the transaction, condition of the ownership, sufficiency of instruments conveying ownership, or agreements therefore. Payment of sales tax, utilities, future performances of Buyer and Seller, transfer of any insurance policies or warranties, legality of the transaction or legal effect thereof or any other matters related to merchandise or this escrow NOT specifically included herein shall be considered outside of escrow and neither Infounder.com nor any of the Infounder.com affiliates shall have any further responsibility and/or liability for same.


11. Security

Infounder.com uses secure sockets layer ("SSL"), a security protocol that provides data encryption, server authentication, and message integrity for connections to the Internet to ensure that the data you provide Infounder.com is not transmitted over the Internet unencrypted and cannot be viewed by unauthorized individuals.Infounder.com has also implemented a security system requiring a user identification credentials and a password to access your transactions on the website. You agree not to give your password to any other person or entity and to protect it from being used or discovered by anyone else.


12. Fees

Unless otherwise agreed upon by each User in the Transaction, Buyer agrees to pay the fees for the Services that are disclosed on the Site at the time the completed Transaction Escrow Instructions are agreed to by all such Users, as well as any other fees, including, without limitation, third party service fees (e.g., shipping, appraisal, inspection, etc.). Once paid, Infounder.com fees are nonrefundable. Infounder.com fees may change from time to time in Infounder.com's absolute and sole discretion. Infounder.com is not responsible for payment of any sales, use, personal property or other governmental tax or levy imposed on any items purchased or sold through the Services or otherwise arising from the Transaction.


13. Trade Funds

Buyer and Seller acknowledge that the maintenance of such escrow trust accounts may result in an affiliate being provided with certain bank services, accommodations or other benefits by the bank. All such services, accommodations and other benefits shall accrue to the Infounder.com affiliates, and the Infounder.com affiliates shall have no obligation to account to Buyer or Seller or any other party to any escrow created hereunder for the value of such services, accommodations or other benefits.


14. Authority

The natural person who selects the "Agree" button at the bottom of this screen on behalf of the Buyer or Seller certifies that by selecting the "Agree" button, that Buyer or Seller is at least eighteen years of age (18) and that he or she has read and agrees to be bound by the terms of these General Escrow Instructions, and the Transaction Escrow Instructions. If the natural person is acting on behalf of a corporation, limited liability company, partnership, trust or business entity of any type, by selecting the "Agree" button, he or she represents and warrants that he or she has the authority to bind said entity.


15. Disclaimer of Warranties

Your use of the site, its content and any services or items obtained through the website is at your own risk. the site, its content and any services or items obtained through the website are provided on an "as is" and "as available" basis, without any warranties of any kind, either express or implied. neither Infounder nor any person associated with Infounder makes any warranty or representation with respect to the completeness, security, reliability, quality, accuracy or availability of the site. the foregoing does not affect any warranties which cannot be excluded or limited under applicable law.


16. Disclaimer

The Buyer and Seller expressly agree that use of the services is at your sole risk. The services are provided on a strictly "as is" and "as available" basis. Infounder.com makes no warranty with regard to the underlying transaction, any items obtained by you through the use of the site or the services, that the services will meet your requirements, or that the services or the site will be uninterrupted, timely, or error free. Infounder.com expressly disclaims any and all express and implied warranties, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.Infounder.com shall not be liable or responsible for those guarantees, warranties and representations, if any, offered by any Seller of items. No advice or information, whether oral or written, obtained by you from Infounder.com or through the Services shall create any warranty not expressly made herein. You acknowledge and agree that Infounder.com does not endorse the website of any third party, or assume responsibility or liability for the accuracy of any material contained therein, or any infringement of thirdparty intellectual property rights arising therefrom, or any fraud or other crime facilitated thereby. In no event will Infounder.com be liable for any act or omission of any third party, including, but not limited to, your financial institution, any payment system, any third party service provider, any provider of telecommunications services, Internet access or computer equipment or software, any mail or delivery service or any payment or clearing house system or for any circumstances beyond Infounder.com's control (including but not limited to, fire, flood or other natural disaster, war, riot, strike, terrorism, act of civil or military authority, equipment failure, computer virus, infiltration or hacking by a third party, or failure or interruption of electrical, telecommunications or other utility services).

Limitation of liability - to the extent permitted by applicable law, neither Infounder.com nor its affiliates, shall be liable for any damages, whether direct, indirect, incidental, special or consequential, relating to your use of the site or the services or your inability to use the site or the services.

Termination of services - Infounder.com may suspend or terminate your use of the services at any time, without notice for any reason, at Infounder.com's sole discretion. Except as warranted by risk to the security, privacy or integrity of the services, Infounder.com will attempt to provide you with prior notice of the suspension or termination of the services by emailing you, but Infounder.com is not obligated to do so. You shall remain liable for all transactions you initiate through the services prior to such termination, and the performance of your obligations, including but not limited to, the delivery of the items and the payment of all amounts you owe prior to termination or discontinuation of your use of the services. You agree to pay all costs and expenses (including reasonable attorneys' fees) that Infounder.com may incur in order to (a) collect any amounts you owe under this agreement, the general escrow instructions, or the transaction escrow instructions or (b) to initiate an arbitration or judicial proceeding to resolve a dispute between buyer and seller, as set forth in the general escrow instructions


17. Governing Law; Venue

This Agreement will be construed in accordance with and governed exclusively by the laws of The Republic of Estonia applicable to agreements made among Estonian residents and to be performed wholly within such jurisdiction, regardless of such parties' actual domiciles. All parties submit to personal jurisdiction in Estonia, and venues in Estonia. The aforementioned choice of venue is intended by the parties to be mandatory and not permissive in nature. Each party hereby waives any right it may have to assert the doctrine of forum non conveniens or similar doctrine or to object to jurisdiction or venue with respect to any proceeding brought in accordance with these General Escrow Instructions.


18. Severability; Headings

If any provision herein is held to be invalid or unenforceable for any reason, the remaining provisions will continue in full force without being impaired or invalidated in any way. Headings are for reference purposes only and in no way define, limit, construe or describe the cope or extent of such section.


19. Force Majeure

If performance hereunder is interfered with by any condition beyond a party's reasonable control, the affected party will be excused from such performance to the extent of such condition.


20. Counterparts

These General Terms may be executed in two or more counterparts, each of which will be deemed an original and all of which together will constitute one instrument. The parties may execute these General Terms and forward an executed counterpart signature to the other party by electronic signature or fax and the party receiving such executed counterpart by electronic or faxed signature shall be authorized to attach it hereto as a legal and valid signature of such executing party, including electronic or fax signatures. However, if these General Terms are executed in counterparts no signatory hereto shall be bound until all parties have duly executed a counterpart of these General Terms. The parties hereto are authorized to treat an electronic or faxed counterpart signature as a duplicate original signature for any and all purposes.