Terms & Conditions

Last updated October 2021

1. Introduction

This page tells you the terms on which you may use our website platform and associated mobile application, Ownership (OwnershipApp.com)(the " website" and " App", as appropriate).

By continuing to browse our website, or by downloading and using our App, you are agreeing to comply with and be bound by these terms and our privacy policy, which can be found on our website. Please read carefully before use, as they formed a legally binding contract between you and us.

Your use of the App will also be subject to the terms and conditions of the platform on which you downloaded the App. In the event of a conflict between these terms and conditions, and any platform terms and conditions, the latter will prevail.

2. Who We Are

We are NewCo Heavy Industries Ltd, a company registered in England and Wales under company number 12596894, with registered office at The Old Plough, Cavenham, Bury St Edmunds, England IP28 6DF, and are the owners of the App and the website.

The terms "the Company" or "us" or "we" refers to the owner of the App and the website. The term "you" refers to the user or viewer of our App or website.

3. Our App and How it Works

Our App allows you the opportunity to launch and run a start-up in the simplest way possible. The App uses AI matchmaking to help bring together remote teams from around the world, like a 'matchmaking service' for start-ups and contractors with services to offer.

Self-employed contractors have the ability, through the App, to provide their services to start-up companies on the basis of equity, rather than cash, as payment for services. It allows start-up team members to submit the hours they work, and our algorithm calculates a fair equity split based on contributions, in real time, and in a fair, transparent and accessible way. The App provides tracking for hours worked.

By signing up to the App as a company, you agree to offer equity to the contractors that provide their services through the App, in the amounts as determined by the App's algorithm from time to time.

When you download our App, you will initially be offered a free trial period (the " Trial Period").

How do we determine the company value? When you log hours on the App, in accordance with your hourly rate, this is calculated by our algorithm as reaching a particular value of equity. Once this translates to a company value of £10,000, the Trial Period expires.

You understand that the free version of the App makes only the basic features of the App available to you. You may also choose to upgrade the App to access more features and, where you do this, payment for your subscription will commence at this time.

Following expiry of the Trial Period, you will be automatically placed onto a monthly subscription, where you pay a monthly fee to use the App. The monthly fee is as currently advertised on our website and the App. You may cancel your subscription at any time, through the platform on which you downloaded the App, and your subscription will end 30 days following cancellation. However, please note that cancellation will result in you losing access to the hour tracking and equity calculation capabilities of the Apppro features of the App (you will still have access to the free version).

4. Relationships of Companies, Contractors and Us

The App is a platform provided to companies and contractors to allow them to:

  • Be connected with like-minded individuals and business owners, to obtain and provide services in return for equity
  • Track time spent on particular tasks, to allow this to be translated into equity in respect of a relevant company

The App does not offer investments or provide any financial advice in any way. We are not regulated by the Financial Conduct Authority in the UK, or any other regulator worldwide, as we do not undertake any regulated activities.

No representation is given that any company on the App will achieve a particular level of growth, value or success. Equally, no representation is given that any contractor will have any particular level of expertise, or provide their services to the required standard. We do not carry out background checks on any user of the App.

Any relationship formed between a company and a contractor is directly between those parties. We are not party to this relationship. This means that we are not responsible for any acts or omissions of either party.

We strongly advise you to ensure there is a contract in place between each contractor and company before services are provided. This will help to ensure that contractors receive the equity they are expecting, and that companies are covered in the event that there is an issue with the services provided by a contractor, amongst other things.

Contractors provide services to companies on a self-employed basis. Neither the company, nor us, employ any contractors through the App. It is the responsibility of the company and the contractor to ensure that their working relationship, and use of the App in this way, complies with all local employment and other laws in the country you are based.

Users of the App are responsible for payment of their own tax liability, including income taxes, national insurance contributions and social security contributions. We are not responsible for payment of any such taxes.

The information contained has been complied with considerable care to ensure its accuracy. However, no representation or warranty, express or implied, is made to its accuracy or completeness.

The parties agree to the following sell limit terms:

  • Every relationship has a sell limit, as specified on the App and agreed to between the parties
  • If a contractor chooses to cease working for a company, the company may offer to buy back from the contractor the earned equity. This can be at any price, provided that the contractor is not obliged to sell it back to the company
  • If the company meets the sell limit, the company is permitted to transfer the relevant value amount to the contractor and reclaim the equity
  • If the parties have agreed to an 'unlimited sell limit', this means that the contractor is not required to sell the shares at any price (but may choose to do so)
  • The contractor and the company can choose to vary these terms (including by the addition of time restrictions or payment timescales) by way of separate contract negotiation

5. Use of the App

You have permission for temporary use of the App and the website, but we can withdraw or change our service at any time without telling you and without being legally responsible to you.

You must treat all identification codes, passwords and other security information as confidential. If we think you have failed to keep confidentiality, we are allowed to disable any security information (including your passwords and codes).

You must not allow anyone else to use our website or App using your login details.

Only use the App and website as allowed by law and these terms. If you don't, we may suspend your usage, or stop it completely.

We frequently update the App and website and make changes to them, but we don't have to do this. No material on the website or App is intended to contain advice, and you shouldn't rely on them. We exclude all legal responsibility and costs for reliance placed on the App or website by anyone.

By using the App and/or website, you agree to us handling this information and confirm that data you provide is accurate.

You are prohibited from posting or transmitting to or from our App or website any material:

(a) that is threatening, defamatory, obscene, indecent, seditious, offensive, pornographic, abusive, liable to incite racial hatred, discriminatory, menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in breach of privacy or which may cause annoyance or inconvenience;

(b) for which you have not obtained all necessary licences and/or approvals;

(c) which constitutes or encourages conduct that would be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law of or infringe the rights of any third party in the UK or any other country in the world; or

(d) which is harmful in a technical sense (including, without limitation, computer viruses, logic bombs, Trojan horses, worms, harmful components, corrupted data or other malicious software or harmful data).

You may not misuse our App or website (including, without limitation, by hacking it).

We will fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity or locate anyone posting any material in breach of this section.

6. Our Legal Responsibility to You

We do not guarantee the accuracy of material on our App or website. As far as legally possible, we exclude legal responsibility for the following:

  • Any loss to you arising from use of our website; and
  • Loss of income, profit, business, data, contracts, goodwill or savings.

We also exclude, as far as legally possible, all terms and warranties or promises implied by law or by statutes.

We do not exclude legal responsibility for death or personal injury owing to our negligence, or legal responsibility for fraud or fraudulent misrepresentation, or for anything else where exclusion is not allowed by the law.

When using the App, you are treated as a business customer. This means that normal consumer protection rules do not apply to you when using the App.

Our liability under these terms, and in relation to your use of the App, is limited to the total subscription fees you have paid for use of the App.

7. Intellectual Property Rights

We are the owner or licensee of all intellectual property rights in the App and the website (for example the copyright and any rights in the designs) and in any of the material posted on it. They are protected by copyright.

You acknowledge that you are prohibited from copying, disassembling, reverse decompiling or saving the same, in any manner or any form whatsoever, by any means whether electronic, manual, mechanical, digital, optical, photographic or otherwise any of our intellectual property to pass of as your own for the purpose of redistribution, dealing or reselling of the products or services.

If you breach these terms, you lose your right to use our website and/or our App, and must destroy or return any copies of our digital content or products you have made.

8. Uploading to our App

Material that you upload will be regarded as non-confidential and not owned. This means that we can copy it, distribute it, and show it to other people for any purpose. You agree that if anyone else claims to own the material, or says that it breaches their rights, we can give them your identity.

We won't be legally responsible to anybody for the accuracy of material that you upload to the App and we can remove it at any time.

This clause does not apply to any personal data you input into our App, which will be handled in accordance with our privacy policy. This can be found on our website.

9. Computer Offences

If you do anything which is a criminal offence under the Computer Misuse Act 1990, your right to use the App and the website will end straightaway. We will report you to the relevant authorities and give them your identity.

Examples of computer misuse include introducing viruses, worms, Trojans and other technologically harmful or damaging material.

You must not try to get access to our website or server or any connected database or make any 'attack' on the App or website. We won't be legally responsible to you for any damage from viruses or other harmful material that you pick up via our App or website.

10. Links to Our Website

You are allowed to make a legal link to our website's homepage from your website. We can end this permission at any time.

You must not suggest any endorsement by us or association with us unless we agree in writing.

11. How We Use Your Personal Data

All personal information that we may use will be collected, processed, and held in accordance with the provisions of the UK Data Protection Act 2018.

For complete details of our collection, processing, storage, and retention of personal data including, but not limited to, the purpose(s) for which personal data is used, the legal basis or bases for using it, details of your rights and how to exercise them, and personal data sharing (where applicable), please refer to our Privacy Policy, available on our website.

12. Links From Our Website

Links from our website to other websites are for information only. We don't control them and don't accept responsibility for other websites, or any materials found upon them or any loss you suffer from using them.

13. Variation

We change these terms from time to time and you must check them for changes because they are binding on you. We will do our best to email you to notify you when these terms change.

14. Third party rights

Unless it expressly states otherwise, these terms not give rise to any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any of these terms.

15. Applicable Law

These terms, and any non-contractual obligations arising hereunder, shall be governed by and interpreted according to the law of England and Wales and all disputes arising under these terms (including non-contractual disputes or claims) shall be subject to the exclusive jurisdiction of the English and Welsh courts.

16. Contact Us

Please email us at info@ownershipapp.com to contact us about any issues.