Terms of Service
Please read these terms carefully before using LockN. By using our services, you agree to these terms and conditions.
Acceptance of Terms
Agreement
By accessing or using LockN's services, you agree to be bound by these Terms of Service and all applicable laws and regulations. If you do not agree with any of these terms, you are prohibited from using or accessing this platform.
Eligibility
You must be at least 18 years old and capable of forming a binding contract to use our services. By using LockN, you represent and warrant that you meet these eligibility requirements.
Account Responsibility
You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. Notify us immediately of any unauthorized use.
Escrow Services
Service Description
LockN provides automated escrow services for peer-to-peer gaming challenges and group savings. Funds deposited into escrow are held securely until predetermined conditions are met.
Fund Release
Escrowed funds are released automatically based on the rules and conditions set during challenge creation. Both parties must agree to the terms before funds are locked.
Dispute Resolution
In case of disputes, LockN provides a fair resolution process. Our team will review evidence submitted by both parties and make a binding decision based on the original challenge terms.
Payments & Fees
Transaction Fees
LockN charges a small percentage fee on successful transactions. Fee rates are clearly displayed before you confirm any transaction. We do not charge fees on cancelled or refunded transactions.
Payment Methods
We accept various payment methods including credit/debit cards and supported cryptocurrencies. All payments are processed through secure, PCI-compliant payment processors.
Withdrawals
You may withdraw your available balance at any time. Withdrawal processing times vary by method but typically complete within 1-3 business days. Minimum withdrawal amounts may apply.
Prohibited Activities
Illegal Activities
You may not use LockN for any illegal purposes, including but not limited to money laundering, fraud, or gambling where prohibited by law. We reserve the right to report suspicious activities to authorities.
Platform Abuse
You may not attempt to manipulate, exploit bugs, or abuse our platform in any way. This includes creating multiple accounts, using bots or scripts, or circumventing security measures.
Harassment
Any form of harassment, abuse, or threatening behavior toward other users or LockN staff is strictly prohibited and will result in immediate account termination.
Limitation of Liability
Service Availability
While we strive for 99.99% uptime, LockN is provided "as is" without warranties of any kind. We do not guarantee uninterrupted or error-free operation of our services.
Damages
LockN shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising from your use of our services, even if we have been advised of the possibility of such damages.
Maximum Liability
Our total liability to you for any claims arising from your use of our services shall not exceed the amount of fees you have paid to LockN in the twelve months preceding the claim.
Modifications & Termination
Terms Changes
We reserve the right to modify these terms at any time. Material changes will be communicated via email or platform notification at least 30 days before taking effect.
Account Termination
We may suspend or terminate your account at our discretion if you violate these terms. You may also close your account at any time. Outstanding obligations survive termination.
Data After Termination
Upon account termination, we will retain your data as required by law and our privacy policy. Transaction records are kept for 7 years for regulatory compliance.
Governing Law
Jurisdiction
These terms shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law provisions.
Arbitration
Any disputes arising from these terms or your use of LockN shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
Class Action Waiver
You agree to resolve any disputes on an individual basis and waive any right to participate in class action lawsuits or class-wide arbitration.
Agreement to Terms
By creating an account or using LockN, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service.
Questions about these terms? Contact our legal team