Smart Contract Policy

Smart Contract Policy

Policy Date: May 2024

The following policy (“Smart Contract Policy”) provides the terms and process that will govern transactions in goods and services from, to, and between Members within the ImagineBC community (the “Community”) as well as the disbursement of any resulting credits to Member Referrers, the Genesis Pool and Third Party Referrers (as each are defined below).

Acceptance

This Smart Contract Policy will be effective as of the policy date listed above and will apply to all transactions conducted within the Community. By entering into transactions on the ImagineBC mobile application or BizBase web application (the “Applications”) you consent to this Smart Contract Policy. If you do not consent to this Smart Contract Policy, do not enter into transactions using the Applications.

Objectives

As a service to our Members, ImagineBC provides tools for Members to buy and sell goods and services. Members may also buy from or sell to third parties (e.g., access to data). To maintain, promote, and grow the Community, various other parties (Referrers, the Genesis Pool, and Third Party Referrers) will also receive a portion of credits for each transaction. Payment to the seller and disbursement of these credits will all be automatically processed by smart contract software based on the rules set forth herein.

Changes to the Smart Contract Policy

The Smart Contract Policy will only be changed as follows:

Changes may be proposed by ImagineBC and put to the Members for a vote using functionality within the ImagineBC mobile application;
Members will vote for or against the proposed change; and
If greater than 50% of the Members voting vote in favor of the change, then the change will be deemed approved and will be implemented.

Parties to a Transaction

The parties potentially involved in a completed transaction are listed below:

“Buyer” means an individual Member of the Community or an organization member who purchases goods, services or data from an individual Member using the ImagineBC mobile application.
“Genesis Pool” means the pool of funds that receives a minimum number of credits from each transaction as well as any part of the credits from a completed transaction that could not be allocated to another member of the community (e.g., because a Member involved in a transaction was not referred to the Community, in which case the Referrer’s credit would be directed to the Genesis Pool).
“Genesis Pool Members” means the individuals and organizations who hold interest in the Genesis pool.
“ImagineBC” means ImagineBC, Inc., company that created, administers, and maintains the Applications, including its affiliates and successors.
“Member” means an individual, or organization, that is a member of the Community.
“Referrer” is the individual Member (or a Third-Party Referrer) who invited another Member to join the Community. The connection between a Referrer and the referred Member is captured at time of registration.
“Seller” means a Member who is selling goods, services or their data within the Community.
“Third Party Referrer” means an organization, association, or individual, who has referred blocks of individuals to the Community. Examples may include a staffing company, a labor union, or a social media personality.

Smart Contract Rules

The following rules will apply to the distribution of proceeds from any completed sale.

Payment : The Buyer will be responsible for payment of 100% of the transaction amount. Payment is due immediately upon entering the transaction and will be made in ImagineBC Points, (where one point = one U.S. Dollar) from the Members ImagineBC available balance.

All Sales are Final : All transactions within the Community are final, and refunds or exchanges will not be provided.

Distribution of Purchase Amount : Funds from a completed transaction will be distributed to the parties in accordance with the following rules:

Seller will receive 70% of the purchase amount
Seller’s Referrer (if any) will receive 5% of the purchase amount
Buyer’s Referrer (if any) will receive 10% of the purchase amount
ImagineBC will receive 10% of the purchase amount
Genesis Pool will receive 5% of the purchase amount for each transaction¹
When either the Seller or Buyer, or both, were not referred by a Member, ImagineBC will receive the related referrer amount (5% or 10%) of the purchase amount and donate those funds to a vetted social / charitable organization. The specific social / charitable organization that will receive funds will be at the sole and exclusive discretion of ImagineBC. .

Percentage Distribution

Percentage Allocation	Seller	ImagineBC	Seller’s Referrer	Buyer’s Referrer	Genesis Pool	ImagineBC For Social/Charity
	70%	10%	5%	10%	5%	--
Sample Allocation of $100 Transactions
Case 1 Seller’s Referrer: Member Buyer’s Referrer: Member	$70	$10	$5	$10	$5	$0
Case 2 Seller’s Referrer: Member Buyer’s Referrer: None	$70	$10	$5	-	$5	$10
Case 3 Seller’s Referrer: None Buyer’s Referrer: Member	$70	$10	-	$10	$5	$5
Case 4 Seller’s Referrer: None Buyer’s Referrer: None	$70	$10	-	-	$5	$15

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¹ The base percentage allocation for the seller will be 70% of a transaction, however in certain circumstances where additional percentages are allocated to another party, the Seller may receive as little as 50%.