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1. REGISTRATION AND SUBMISSION
1.1 The Entrepreneur agrees to register on the Company’s platform by providing accurate and complete information as required by the registration form.
1.2 Entrepreneur will pay £400 and enroll on the Umicom Ltd.’s Live- Entrepreneurship courses for membership. This fee is non-refundable.
1.3 After successful completion of the course, Members are eligible to participate in the Founder’s Lab program with Umicom Ltd. at no extra cost to members.
1.4 The registration and submission must be completed on the Company’s website in the specific format provided in the website.
2. IDEA REVIEW, RATING, AND SELECTION
2.1 The Entrepreneur may submit their idea through the Company’s designated submission process within six months of completion of courses for funding.
2.2 In the next stage, members will be required to make an online presentation via zoom before our experts’ panel for evaluation.
2.3 The Company will review all those ideas submitted based on the criteria determined at the sole discretion of the Company.
2.4 The rating and selection of the candidate for sponsorship shall be at the sole discretion of the Company. The Company reserves the right to select or reject any idea submitted by the Entrepreneur without assigning any reason whatsoever for its decision.
3. SPONSORSHIP
3.1 If the Entrepreneur’s idea is selected by the Company, the Company agrees to sponsor the Entrepreneur’s idea as per the terms and conditions agreed upon by both parties in a separate Sponsorship Agreement.
3.2 The sponsorship will include: a) Taking the Entrepreneur to UK. b) Providing the Entrepreneur with an opportunity to work with the Company. c) Assisting the Entrepreneur in implementing their idea in collaboration with the Company’s resources and expertise.
3.3 Once selected, the company will provide initial funding to develop the plan to a MVP (Minimal Viable Product), along with a monthly salary and resources to take the project to market, through virtual Founder-Lab program, for six months, in the country of origin.
3.4 Once the Founder develops a viable MVP and selected by the expert panel, Umicom Ltd. will issue certificate of employment or sponsorship at future scan, in the UK.
3.5 Benefits of Founder-Lab –
- Founder will receive live certificate courses online for developing a new product.
- Founder will have an opportunity to get funding for developing a new venture.
- Founder will have access to resources from our founder-Lab to develop the venture to a MVP.
- Founder will have an opportunity to move to the UK to independently develop own venture.
4. INTELLECTUAL PROPERTY
4.1 The Entrepreneur and Umicom Limited retains ownership of the intellectual property rights of the submitted idea.
4.2 By submitting the idea, the Entrepreneur grants the Company a non-exclusive, royalty-free license to use, reproduce, and distribute the idea for the purpose of evaluating it for potential sponsorship.
5. CONFIDENTIALITY
5.1 Both parties agree to keep the details of the submitted idea confidential and not to disclose such information to any third party without the prior written consent of the other party.
5.2 This confidentiality obligation shall not apply to information that is publicly known or rightfully received from a third party not bound by confidentiality obligations.
6. INDEMNIFICATION
The Entrepreneur agrees to indemnify and hold harmless the Company, its officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, or expenses (including reasonable attorneys’ fees) arising out of or in any way connected with the Entrepreneur’s submission of the idea or any breach of this Agreement.
7. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the U.K, without regard to its conflict of law principles.
8. ARBITRATION
Any dispute, controversy or claim arising out of or relating to the conclusion, interpretation or performance of this Agreement, or the breach, termination or invalidity thereof, shall be definitively settled by arbitration.
The arbitral tribunal shall be composed of sole arbitrator. The seat of arbitration shall be Isle of Man, UK, unless the arbitral tribunal decides otherwise with the agreement of all Parties.
The language of the arbitration shall be the language of this Agreement, i.e. English.
The Parties hereby waive their right to any form of recourse against an award to any court or other competent authority, insofar as such waiver can validly be made under the applicable law.
9. WAIVER
Any of the terms or conditions of this Agreement may be waived at any time by the party or parties hereto entitled to the benefit thereof, but only by a writing signed by the Party or Parties waiving such terms or conditions.
10. SEVERABILITY If any term, provision, covenant, or restriction of this Agreement is held by a court of competent jurisdiction (including an arbitral tribunal) or other authority to be invalid, void, or unenforceable, the remainder of the terms, provisions, covenants, and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired, or invalidated so long as the economic or legal substance of the transactions completed by this Agreement is not affected in any manner materially adverse to any party. Upon such determination, the parties shall negotiate in good faith to modify this Agreement so as give effect to the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the fullest extent possible.
