Terms of Service

1. Agreement to Terms

These Terms of Service ("Terms") constitute a legally binding agreement between you and SBN Platforms, LLC, a Delaware limited liability company ("SBN Platforms," "we," "us," or "our"), governing your access to and use of the Settl mobile application and related services (collectively, the "Service" or "Settl").

By creating an account, accessing, or using the Service, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, you may not use the Service.

2. Description of Service

2.1 What Settl Is

Settl is a contract enforcement system for group money agreements. The Service enables users to create money pools with predefined, immutable rules and facilitates the collection, holding, and distribution of funds according to those rules. Settl provides:

• Neutral holding of pooled funds until rules are satisfied
• Automated enforcement of rules and distribution terms
• Guaranteed outcomes: either rules are met and payouts occur, or the pool voids and contributors are refunded
• Transparency into pool activity for all participants

2.2 What Settl Is Not

Settl is not a bank, money transmitter, payment processor, or financial institution. Settl does not:

• Provide peer-to-peer instant transfers outside of pool structures
• Maintain user wallet balances or stored value accounts
• Arbitrate disputes or make determinations about pool outcomes
• Determine how payouts should be allocated or who should receive them
• Guarantee the conduct, honesty, or performance of other users
• Provide investment, legal, tax, or financial advice

Settl enforces the rules defined at pool creation. If those rules cannot be satisfied, the pool is voided and all contributors are automatically refunded. There is no manual intervention or dispute resolution.

2.3 Neutral Infrastructure

Settl is neutral infrastructure for pooling and distributing money according to user-defined rules. The Service does not organize, promote, or operate any contests, competitions, fantasy sports leagues, gambling activities, or similar endeavors. Users are solely responsible for ensuring that their use of Settl complies with all applicable laws and regulations in their jurisdiction.

3. Eligibility

To use the Service, you must:

• Be at least 18 years of age
• Be a resident of the United States
• Have the legal capacity to enter into binding contracts
• Create an account and complete identity verification
• Provide accurate and complete registration information
• Maintain the security and confidentiality of your account credentials
• Not have been previously suspended or removed from the Service

All users must have a verified account to use the Service. There are no anonymous or guest contributions. Every contribution is attached to an identified, verified account holder.

4. Account Registration and Security

To access the Service, you must create an account and complete identity verification through Stripe Identity. You agree to provide accurate, current, and complete information during registration and verification, and to update such information as necessary.

You are responsible for safeguarding your account credentials and for all activities that occur under your account. You must notify us immediately of any unauthorized use of your account.

Identity verification is required because Settl facilitates binding financial agreements. Every contribution represents a contractual commitment, and all parties must be identifiable for the agreement to be enforceable.

5. Pools and Pool Rules

5.1 Pool Structure

A pool is a shared pot of money with defined rules for collection and distribution. When creating a pool, the organizer defines:

• The goal amount (maximum amount the pool can collect)
• Whether the pool pays out to the organizer alone or to multiple recipients
• For pools with multiple recipients: the payout structure (number of payout slots and amounts)
• For pools with multiple recipients: the contribution deadline and approval mode
• A description of the pool's purpose

5.2 Immutability

Once a pool is created, all rules are immutable. Nothing can be changed after creation, including: goal amount, payout configuration, payout structure, deadlines, and approval mode. This immutability is fundamental to the Service. Contributors join pools based on clearly defined rules, and those rules remain fixed throughout the pool's lifecycle. If pool rules need to change, the organizer must void the existing pool and create a new one.

5.3 Pools with Single Recipient

When a pool is configured to pay out to the organizer alone:

• The organizer is the sole recipient of pooled funds
• The organizer may close the pool and receive funds at any time, regardless of whether the goal has been reached
• The pool cannot collect more than its goal amount
• No group approval is required for payout
• Contributors may request refunds while the pool remains open
• If a pool remains open and inactive for one (1) year, it is automatically voided and all contributions are refunded

5.4 Pools with Multiple Recipients

When a pool is configured to distribute payouts among multiple recipients:

• The payout structure (number of recipients and amounts) is defined at creation and cannot be changed
• The pool must reach the exact goal amount by the contribution deadline, or the pool voids and all contributions are refunded
• After the contribution deadline, the organizer assigns payout slots to specific contributors
• Depending on the approval mode set at creation, payout assignments may require organizer-only approval, majority contributor approval, or unanimous contributor approval
• Only contributors with funds in the pool at the time it locks are eligible to receive payouts
• If no approved payout assignment occurs by the resolution deadline, the pool voids and all contributions are refunded

5.5 Pool Lifecycle

Every pool follows a defined lifecycle:

• Creation: The organizer defines all rules. Rules become immutable immediately upon creation.
• Contribution Period: Contributors join and contribute funds. Refunds are available during this period.
• Lock (for multi-recipient pools): At the contribution deadline, if the goal is met, the pool locks and no further contributions or refunds are permitted.
• Allocation (for multi-recipient pools): The organizer assigns payout slots to recipients.
• Approval (if applicable): Contributors vote to approve or reject the payout assignment.
• Settlement: Approved payouts are distributed, or if rules cannot be satisfied, the pool voids and contributors are refunded.

All pools have defined resolution paths. Funds are always either paid out according to rules or refunded to contributors.

6. User Roles and Responsibilities

6.1 Organizers

As a pool organizer, you:

• Define all pool rules at creation, understanding they cannot be changed
• Are responsible for accurately describing the pool's purpose
• Share pool invitations only with intended participants
• For single-recipient pools, agree to use received funds for the stated purpose
• For multi-recipient pools, agree to assign payouts fairly and in accordance with the pool's stated purpose
• Are not required to contribute to your own pool

6.2 Contributors

As a contributor, you:

• Must have a verified account to contribute
• Are responsible for reviewing and understanding pool rules before contributing
• Acknowledge that your contribution becomes subject to pool rules once made
• May request refunds only during the open contribution period, as permitted by pool rules
• For pools requiring approval votes, agree to vote honestly and in good faith
• Understand that votes, once cast, cannot be changed

7. Fees and Payments

7.1 Service Fees

The Settl application is free to download and use. The following fees apply to transactions:

• Processing Fee: 2.9% + $0.30 per contribution (covers payment processing costs)
• Platform Fee: 1% of each contribution
• Instant Payout Fee: 2% of payout amount (for recipients who choose instant payout instead of standard timing)

All applicable fees are clearly displayed before you confirm any contribution or payout. Fees are non-refundable except as required by law.

7.2 Payment Processing

Payment processing is provided by Stripe, Inc. ("Stripe"). By using the Service, you agree to be bound by Stripe's terms of service. We use Stripe for payment processing, connected accounts for payouts, and Stripe Identity for identity verification. Settl does not store your complete payment card information; this data is handled directly by Stripe in accordance with Payment Card Industry (PCI) standards.

7.3 Payouts

To receive payouts, you must connect a valid payout method (such as a bank account or debit card) through Stripe. Standard payouts typically arrive within 2-5 business days. Instant payouts (where available) are subject to the 2% instant payout fee. Payout timing may vary based on your financial institution.

7.4 Refunds

Refunds occur in two circumstances:

• Contributor-Initiated: Contributors may request a refund while a pool remains in its open contribution period. Once a pool locks or closes, contributor-initiated refunds are no longer available.
• Automatic (Pool Void): When a pool voids (due to unmet goals, failed approval, inactivity, or other rule failures), all contributions are automatically refunded.

Refunds are processed to the original payment method and typically appear within 5-10 business days, though timing depends on your financial institution. Processing fees may not be refunded in all circumstances.

7.5 Fund Holding

Contributed funds are held by Stripe in accordance with applicable regulations until pool rules dictate their release. Settl does not maintain user wallet balances. Money is always either: (a) held in the context of a specific pool, (b) being refunded to a contributor, or (c) being paid out to a recipient. All pools have defined resolution paths that result in either payout or refund.

8. Prohibited Uses

You agree not to use the Service for:

• Any illegal activity, including fraud, money laundering, or terrorist financing
• Activities that violate gambling, gaming, or contest laws in your jurisdiction
• Creating pools with deceptive, misleading, or fraudulent purposes
• Collecting funds under false pretenses
• Harassing, threatening, defaming, or defrauding other users
• Attempting to circumvent, disable, or interfere with security features of the Service
• Using automated bots, scripts, or other automated means to access the Service
• Reverse engineering, decompiling, or disassembling any part of the Service
• Violating any applicable federal, state, local, or international law or regulation
• Any other use that we determine, in our sole discretion, to be harmful to the Service, other users, or third parties

9. User Conduct and Legal Compliance

You are solely responsible for ensuring that your use of Settl complies with all applicable laws, including but not limited to laws governing gambling, gaming, contests, sweepstakes, and prize competitions in your jurisdiction. Different states and localities have different rules regarding these activities, and it is your responsibility to understand and comply with the laws that apply to you.

Settl provides neutral infrastructure for pooling and distributing money. We do not advise on the legality of any particular pool or use case, and we make no representations that any specific use of the Service is legal in your jurisdiction.

10. Intellectual Property

The Service, including its original content, features, functionality, and underlying technology, is owned by SBN Platforms, LLC and is protected by copyright, trademark, and other intellectual property laws. The Settl name, logo, and all related marks are trademarks of SBN Platforms, LLC. You may not copy, modify, distribute, sell, or create derivative works from any part of the Service without our express written permission.

You retain ownership of any content you submit to the Service (such as pool descriptions). By submitting content, you grant SBN Platforms, LLC a non-exclusive, worldwide, royalty-free license to use, display, and distribute such content solely for the purpose of operating and improving the Service.

11. Disclaimers

11.1 Service Provided "As Is"

THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED, ERROR-FREE, OR COMPLETELY SECURE.

11.2 No Guarantee of User Conduct

SBN PLATFORMS DOES NOT GUARANTEE THE IDENTITY, CONDUCT, PERFORMANCE, OR HONESTY OF ANY USER. WHILE WE ENFORCE POOL RULES THROUGH AUTOMATED SYSTEMS, WE CANNOT AND DO NOT GUARANTEE THAT ORGANIZERS WILL USE FUNDS FOR STATED PURPOSES, THAT PAYOUT ASSIGNMENTS WILL BE APPROPRIATE, OR THAT ALL PARTICIPANTS WILL ACT IN GOOD FAITH. YOU PARTICIPATE IN POOLS AT YOUR OWN RISK.

11.3 No Dispute Resolution

SETTL DOES NOT ARBITRATE DISPUTES BETWEEN USERS. THE SERVICE ENFORCES POOL RULES AS DEFINED AT CREATION. IF YOU DISAGREE WITH HOW AN ORGANIZER ASSIGNS PAYOUTS, YOUR RECOURSE IS THROUGH THE POOL'S APPROVAL MECHANISM (IF APPLICABLE) OR EXTERNAL LEGAL REMEDIES. WHEN POOL RULES CANNOT BE SATISFIED, THE POOL VOIDS AND FUNDS ARE REFUNDED. THERE IS NO MANUAL INTERVENTION OR JUDGMENT BY SETTL.

12. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, SBN PLATFORMS, LLC AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND AFFILIATES SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO LOSS OF PROFITS, DATA, USE, GOODWILL, OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR RELATED TO YOUR USE OF OR INABILITY TO USE THE SERVICE, ANY CONDUCT OR CONTENT OF ANY THIRD PARTY ON THE SERVICE, OR ANY ACTIONS OR OMISSIONS OF OTHER USERS.

IN NO EVENT SHALL SBN PLATFORMS' TOTAL LIABILITY TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THE SERVICE EXCEED THE GREATER OF: (A) THE AMOUNT OF FEES PAID BY YOU TO SBN PLATFORMS IN THE TWELVE (12) MONTHS PRECEDING THE CLAIM, OR (B) ONE HUNDRED DOLLARS ($100).

SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU.

13. Indemnification

You agree to indemnify, defend, and hold harmless SBN Platforms, LLC and its officers, directors, employees, agents, and affiliates from and against any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable attorneys' fees) arising out of or related to: (a) your use of the Service; (b) your violation of these Terms; (c) your violation of any rights of another party, including other users; (d) your violation of any applicable law or regulation; or (e) any content you submit to the Service.

14. Termination

We may suspend or terminate your access to the Service at any time, with or without cause, and with or without notice, including for violation of these Terms. Upon termination:

• Your right to use the Service will immediately cease
• Any funds held in pools you organized will be handled according to pool rules or refunded to contributors
• Any funds you contributed to pools will remain subject to those pools' rules
• Provisions of these Terms that by their nature should survive termination will survive

You may terminate your account at any time by contacting us at legal@getsettl.com. Account termination does not affect your obligations arising from pools created or contributed to prior to termination.

15. Dispute Resolution

15.1 Informal Resolution

Before filing any formal dispute, you agree to first contact us at legal@getsettl.com and attempt to resolve the dispute informally. We will attempt to resolve your concerns within 30 days.

15.2 Binding Arbitration

If informal resolution is unsuccessful, any dispute arising out of or relating to these Terms or the Service shall be resolved through binding arbitration administered by the American Arbitration Association ("AAA") in accordance with its Consumer Arbitration Rules. The arbitration shall be conducted in the State of Delaware or another mutually agreed location, and the arbitrator's decision shall be final and binding.

15.3 Class Action Waiver

YOU AGREE THAT ANY DISPUTE RESOLUTION PROCEEDINGS WILL BE CONDUCTED ONLY ON AN INDIVIDUAL BASIS AND NOT IN A CLASS, CONSOLIDATED, OR REPRESENTATIVE ACTION. YOU WAIVE ANY RIGHT TO PARTICIPATE IN A CLASS ACTION LAWSUIT OR CLASS-WIDE ARBITRATION AGAINST SBN PLATFORMS, LLC.

15.4 Exceptions

Notwithstanding the above, either party may seek injunctive or other equitable relief in any court of competent jurisdiction to prevent the actual or threatened infringement or misappropriation of intellectual property rights.

16. Modifications to Terms

We reserve the right to modify these Terms at any time. If we make material changes, we will notify you through the Service or via email at least thirty (30) days before the changes take effect. Your continued use of the Service after the effective date of any changes constitutes your acceptance of the modified Terms.

Changes to these Terms do not affect the rules of pools created before the changes took effect. Pool rules remain immutable regardless of any changes to these Terms.

17. Governing Law

These Terms and your use of the Service shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law provisions. To the extent that arbitration is not applicable, you agree to submit to the exclusive jurisdiction of the state and federal courts located in Delaware.

18. General Provisions

18.1 Entire Agreement

These Terms, together with our Privacy Policy, constitute the entire agreement between you and SBN Platforms, LLC regarding the Service and supersede all prior agreements, understandings, and communications, whether written or oral.

18.2 Severability

If any provision of these Terms is found to be unenforceable or invalid by a court of competent jurisdiction, that provision shall be limited or eliminated to the minimum extent necessary, and the remaining provisions shall continue in full force and effect.

18.3 Waiver

Our failure to enforce any right or provision of these Terms shall not be considered a waiver of that right or provision. Any waiver must be in writing and signed by an authorized representative of SBN Platforms, LLC.

18.4 Assignment

You may not assign or transfer these Terms or your rights under these Terms without our prior written consent. We may assign or transfer these Terms without restriction.

18.5 Notices

We may provide notices to you through the Service, via email to the address associated with your account, or by other reasonable means. You are responsible for keeping your contact information current.

19. Contact Information

For questions, concerns, or notices regarding these Terms, please contact us at: