Refund / Non-Launch Policy
Refund in a non-launch scenario does not guarantee 100% of contribution and depends on the actual unused Treasury balance.
When It Applies
This policy applies if the Fund is not launched by [CONVERSION_EVENT_DATE_OR_CONDITION] or the Management Company / Project initiator publishes a Non-Launch Notice.
Non-launch does not automatically mean breach if delay or non-launch is caused by legal, regulatory, banking, exchange, technical, market or operational factors.
Refund Pool
Refund Pool = actual unused Treasury balance after expenses, losses, taxes, banking and exchange fees, legal, tech, marketing, compliance, KYC, operations, consulting, development expenses, liabilities and reserves.
Potential refund to an Eligible Holder = Refund Pool x recognized contribution of that Eligible Holder / total recognized contributions of all Eligible Holders.
If the Refund Pool is zero, no refund is made.
Excluded Amounts
Refund does not cover incurred legal, technical, operational, marketing, compliance, KYC/AML, bank, exchange, tax, consulting, audit, development, custody/security, smart contract, dashboard, trading infrastructure, treasury management or R&D expenses.
Refund does not cover market losses, drawdowns, wallet/network fees or losses within permitted Treasury use.
Eligibility
Refund may be available only to an Eligible Holder who passed KYC/AML refresh, sanctions screening, confirmed wallet ownership, provided tax or banking details and did not breach the Public Offer, Token Terms or AML/KYC Policy.
Form and Timing
The Management Company may refund in fiat, stablecoin, digital asset or another form it considers operationally and legally available.
Refund period: [REFUND_PERIOD], unless a Refund Notice or law provides otherwise.
Conversion and Buyback
Refund applies to non-launch before a Conversion Event. After a Conversion Event, potential exit is generally governed by the Buyback Policy, not the Refund Policy.