Digital Collectible Rules
Last updated: January 11, 2023
DIGITAL COLLECTIBLE RULES
Last Updated: Jan 11, 2023
These Rules (the “Rules”), in addition to the Terms and Conditions found in https://pdax.ph/terms-and-conditions, and all rules and policies incorporated therein by reference, shall govern your relationship with PDAX when using your PDAX Account to avail of Digital Collectible services, as described below. This is deemed incorporated into the Terms and Conditions. In case of conflict between the Terms and Conditions and this Addendum, this Addendum shall govern.
In addition to the definitions in the Terms and Conditions, the following definitions apply:
- Digital Collectible refers to a unique online asset, separate and distinct, and distinguishable from others of its own class.
- Digital Collectible Account refers to your account maintained with a Digital Collectible Partner, to avail of Digital Collectible Functions.
- Digital Collectible Functions refers to Digital Collectible services performed by a Digital Collectible Partner.
- Digital Collectible Partner refers to an entity that performs Digital Collectible Functions for Users. This refers to NYK Ventures Inc.
- Digital Collectible Platform refers to the network of hardware and software processes, systems, and applications through which the Digital Collectible Partner provides, hosts, and maintains Services, including the servers, source code, code base, and wallets.
The term “Services” in the Terms and Conditions shall include PDAX’s roles as an instruction delivery channel under this Addendum.
2. GENERAL POLICY
By opening a Digital Collectible Account and availing of Digital Collectible Functions, you understand and agree that PDAX merely provides an instruction delivery channel, mainly through APIs, by which you access and/or give instructions in relation to, a Digital Collectible Partner’s Digital Collectible Functions. All Digital Collectible Functions are strictly performed by the Digital Collectible Partner.
3. ACCOUNT OPENING
You may create a Digital Collectible Account through your PDAX Account. By initializing the Digital Collectible Account creation process or creating a Digital Collectible Account, you authorize PDAX to transmit any and all information pertaining to your PDAX Account, including personal information, sensitive personal information, and identification documents, to the Digital Collectible Partner, for the purpose of opening a Digital Collectible Account. PDAX and the Digital Collectible Partner shall separately maintain these pieces of information, and shall be subjected to their separate data privacy protection protocols. Your Digital Collectible Account is under the Digital Collectible Partner’s control and custody, and is subject to the Digital Collectible Partner’s maintenance and safekeeping.
4. REPRESENTATIONS AND WARRANTIES
You represent and warrant that you will not use, misuse, or abuse the Digital Collectible Functions, Digital Collectible Account, and any aspect of your relationship with the Digital Collectible Partner, to circumvent the Terms and Conditions and all rules, policies, and operational guidelines incorporated therein by reference.
5. DISCLAIMER OF WARRANTIES
PDAX does not warrant:
- the accuracy, adequacy, reliability, or completeness of any information and materials found on the Digital Collectible Platform, and expressly disclaims liability for errors or omissions therein;
- that the Digital Collectible Platform is free from any virus or other malicious, destructive, or corrupting code, or program;
- uninterrupted access to the Digital Collectible Platform, or that it will be free from any errors or downtime;
- the timeliness, accuracy, quality, completeness, or existence of the content and information posted in the Digital Collectible Platform;
- that a transaction pertaining to Digital Collectible will push through everytime;
- that the proceeds of the sale of Digital Collectible will immediately be credited to you;
- that the Digital Collectible will generate income and/or returns, that the Digital Collectible will generate income and/or returns in accordance with your expectations, or that the issuer will satisfy the terms of the Digital Collectible;
- that the Digital Collectible Partner will accurately, adequately, reliably, or completely perform any of your instructions, as transmitted by PDAX to the Digital Collectible Partner; and
- that the Digital Collectible Partner will accurately, adequately, reliably, or completely perform any of your instructions.
These disclaimers shall also apply to any information, software, hardware, or system, provided by the Digital Collectible Partner.
All disclaimers of liability in the Terms and Conditions pertaining to Digital Assets shall also apply to Digital Collectibles.
6. PDAX SERVICES
- Instruction Delivery; You understand and agree that PDAX, merely transmits your instructions pertaining to Digital Collectible Functions, to the Digital Collectible Partner. PDAX and the Digital Collectible Partner shall not be responsible for any inaccuracy in, error in, miscalculation in, or commercial effects of, your instructions.
- Payment for Digital Collectible Functions
- You can pay the Digital Collectible Partner, for its performance of Digital Collectible Functions, through the appropriate currency in your PDAX Account, by relaying the appropriate instructions through the PDAX Platform. Should any such instructions be received by PDAX, and duly authenticated by PDAX through appropriate procedures, PDAX shall debit the equivalent Fiat Currency from your PDAX Account, and credit the same amount to the Digital Collectible Partner, or to other authorized and relevant persons, as payment.
- All payment instructions shall be pre-funded. PDAX has the right to deduct additional funds from, or return excess funds to, the User's PDAX Account depending on the final transaction price from the Digital Collectible Partner. PDAX may automatically reject a payment instruction if your PDAX Account does not contain sufficient Fiat Currency on top of the minimum required balance, as required under Section 25(c)(iv) of the Terms and Conditions.
- Payment transactions are subject to fees as may be charged by PDAX or the Digital Collectible Partner.
- PDAX shall not be liable for any delay by the Digital Collectible Partner in receiving payment, or complying with the effects of payment.
- PDAX and/or the Digital Collectible Partner may impose transaction limits, as necessary.
- If, for any reason, the Fiat Currency in your PDAX Account is insufficient to pay your obligations to PDAX, PDAX may liquidate assets in your PDAX Account, including Digital Collectibles, and appropriate unsettled amounts due to you, to answer for unpaid obligations. In case PDAX decides to liquidate your Digital Collectibles and, for any reason, fails to sell the same, PDAX reserves the right to claim the unpaid obligations from you and to enforce other remedies as permitted by law and your agreements with PDAX.
PHPT reflected in your PDAX Account refers to a quantitative unit of measurement within the PDAX Platform that has a one is to one 1:1 correlation with PHP. You may withdraw the same as PhP subject to the limitations under the Terms and Conditions.
7. COMMUNICATIONS AND COMPLAINTS
- Communications and complaints in relation to Digital Collectible Functions, as accessed through the PDAX Platform, may be addressed through PDAX’s customer service channels. Depending on the gravity or complexity of the concern, your communications and complaints may be directed to the Digital Collectible Partner’s own customer service channel, as necessary.
- You can modify or remove your permissions granted to Digital Collectible Partner through the PDAX Platform. Any modification in your permissions may affect how you access your Digital Collectible Account and Digital Collectible Functions.
- You authorize PDAX to do the following in relation to your Digital Collectible Account: view your transactions, view your balance, create an escalation ticket. Nothing in this provision shall limit any of PDAX’s rights and privileges in relation to your PDAX Account under the Terms and Conditions, adverse effects to your Digital Collectible Account notwithstanding.
8. LIMITATION OF LIABILITY
You agree to hold PDAX free and harmless from any of your activities pertaining to Digital Collectible Functions, your Digital Collectible Account, the Digital Collectible Platform, and your relationship with the Digital Collectible Partner. You agree to hold PDAX free and harmless from any and all consequences of PDAX’s exercise of its rights, privileges, and remedies under the Terms and Conditions, including the holding, blocking, freezing, or termination of: [a] your PDAX Account, [b] your access to the Digital Collectible Account, Digital Collectible Functions, and Digital Collectible Platform via the PDAX Platform.
PDAX reserves the right to recover Fiat Currency and other assets from you should you, for any reason, obtain any in excess of what you are entitled to. This includes those obtained due to errors, malicious actions, or negligence, whether committed by you or a third-party.
You agree that PDAX’s participation is limited to information and instruction transmission.
Sections 24(b)(VII) to 24(d) shall also apply to transactions involving Digital Collectible Functions.
9. DISPUTE RESOLUTION
- A Dispute pertaining to Digital Collectible Functions shall be resolved solely between you and the Digital Collectible Partner.
- Where PDAX is involved in a Dispute between you and the Digital Collectible Partner, you agree to negotiate with the Digital Collectible Partner and PDAX in good faith to resolve the Dispute, which discussions shall remain confidential and be subject to applicable rules protecting settlement discussions from use as evidence in any legal proceeding, before commencing any arbitration as set out in Clause 16(c) of the Terms and Conditions.
- In case of any conflict between PDAX’s and the Digital Collectible Partner’s dispute resolution procedures, you agree to be bound by the dispute resolution procedures under paragraph 16 of the Terms and Conditions and by any other relevant provisions thereof.
The Digital Collectible Partner may charge fees other than those charged by PDAX. Total estimated fees for transactions shall be reflected in the PDAX Platform before you confirm instructions. Additional fees may be charged to you, for which PDAX may hold and appropriate such balances as may be necessary in your PDAX account to satisfy the charges.
11. DATA SHARING CONSENT