Funding Application Agreement
By Applying for Funding or Joining our WhatsApp Group for Connecting with Angel Investors or by Participating in a Demo Day organized by SL Angels, you agree to the following Terms and Conditions:
Section 1: PURPOSE
- Overall Goal: The purpose of applying for funding through SL Angels is to connect the Startup with Angel Investors and/or to learn the process of funding.
- Association with StartupLanes: The SL Angels is affiliated to StartupLanes and is a part of StartupLanes Group.
- Promoting Entrepreneurship: The SL Angels aims to promote the entrepreneurship in India by supporting the startups of founders through external funding.
Section 2: COMMON TERMS
- Founder/Member: Both the terms will be used interchangeably in the agreement for the people who fill up the application form seeking funding through SL Angels.
- Startup: This is the term used for the Private Limited Company registered under Companies Act 2013, of India.
- SL Angels Team: The Directors, Salaried Employees, Mentors and Franchisees of SL Enterpreneurs Pvt. Ltd. are considered as SL Angels team.
Section 3: MEMBER APPLICATION & TERMINATION
- Free Membership with StartupLanes: The SL Angels is a part of StartupLanes, each member will be considered the member of StartupLanes after filling up the application form, having limited rights to seek information and use the WhatsApp Group of StartupLanes.
- Membership Application and Survey: Each member must complete an application for membership (“Membership Application”) and must annually complete a membership survey provided by SL Angels (“Membership Survey”) at the end of the year.
- KYC Documentation: Each member should submit the address proof, identify proof and income proof documents to the SL Angels for the membership application.
- Application Review & Approval: The SL Angels advisory board will review each Membership Application and shall provide the Member with an electronic written response within thirty days in case the application has been declined.
- Consent: The Member should agree to the terms and conditions of the membership as mentioned in this agreement.
- Discretionary Membership; Termination: Membership is at the discretion of SL Angels’ Advisory Board and is subject to annual renewal, non-renewal, revocation, or termination. Should the advisor board deem termination or non-renewal of any membership advisable, such member shall be notified in writing and the member given thirty (30) days (the “Termination Notice Period”) to submit a written response to the Advisory Board. The Advisory Board shall consider, in its unfettered discretion, the member’s written response (if any) and provide a final determination within sixty (60) days of the Advisory Board’s receipt of the member’s response.
- Assent to Membership Agreement Amendments: The SL Angles Advisory Board may from time to time amend the terms of this Membership Agreement, and shall so notify all members in writing. In the event that the terms of this Membership Agreement are amended for any reason, any member may elect to opt out of the new Membership Agreement within thirty (30) days of receiving notice that the terms of the Membership Agreement have changed. Failure to opt out of the new Membership Agreement shall constitute assent to the revised agreement.
Section 3: COMPLIANCES
- The Member should comply with the laws, rules and regulations as prescribed by the Government & Competent/Regulatory Board/Authority in the home country as per the law of the land.
- The Startup is responsible to acquire all the necessary approvals and licenses from the Competent Authority or Government body, if required by the State as a mandatory requirement for the purpose of raising funds and/or a particular activity.
Section 4: DATA AND INFORMATION USE
- The Member provides consent to SL Angels for using their name, brand, trademark or any other information for the purpose of discussing with the Investors.
- The Startup is responsible to share only the information which is non-confidential and has no consequence or adverse effect if shared with the Investors or Potential Investors, with SL Angels as the available information will be shared as necessary.
Section 5: INVESTMENT ADVISE AND OPINION
- SL Angels may time to time advise the investors about the investment opportunity in a personal meeting or in a group communication, this advice may or may not be favorable to the members as each Startup may not be suitable to invest. This advice could be on the basis of, but not limited to: valuaton, revenue, profitability, management team, or any other factor that affects the investment opportunity directly or indirectly.
- SL Angels team may share their personal opinion about the investment opportunity when asked by the Investors, this is an integral part of the business process therefore no legal liability shall arise out of these personal opinions.
Section 6: DISCLAIMER
- The SL Angels is not a venture fund, investment bank, broker-dealer, investment clearinghouse, investment portal, investment advisor, tax, accounting or financial advisor, and SL Angels is not registered with the U.S. Securities and Exchange Commission or any state securities commission of The United States of America. The SL Angels is also not affiliated to Securities and Exchange Board of India (SEBI).
- Rather, SL Angels is a forum in which members may discuss various aspects of investment and business, as well as be introduced to companies for possible investment. The SL Angels does not endorse any investment opportunity, and makes no representation or warranty regarding the same.
- Reliance on Information: The member recognize and acknowledge that they are responsible to check the authenticity of the Investors themselves.
- Diligence: Each member shall have full responsibility to conduct due diligence of the investors and evaluate the terms of any funding the investor elects to make through the SL Angels.
- Participation Rights: The SL Angels membership does not create any right to participate in any particular funding opportunity or event.
- Liability: In no event shall SL Team be liable under this Agreement to any member or any third party for consequential, incidental, indirect, exemplary, special, punitive or other damages, including any damages related to investment activity whether or not such damages were proximate or foreseeable.
Section 7: CONFIDENTIALITY
- Confidentiality: The member may receive confidential information about the angel investors, products or services, intellectual property, trade secrets, third-party confidential information, or other sensitive aspects of companies considered for investment including their phone numbers, email ID and address (collectively “Confidential Information”). Confidential Information shall not include information that is: (a) publicly available at the time of disclosure or subsequently becomes available without violation of an obligation of confidentiality, (b) expressly non-confidential, (c) known by the member before a disclosure, or (d) developed by the member independently.
- Non-Disclosure: No member shall disclose or use Confidential Information for any purpose other than the SL Angels’ investment activity, which activity may include conferring with a member’s investment advisors, or other members. Each member will use the same degree of care, but no less than a reasonable degree of care, as the member uses with respect to its own information of a similar nature to protect the Confidential Information.
- Permitted Disclosure: Members may only disclose Confidential Information as set forth above or pursuant to applicable federal, state or local law, regulation, or a valid order issued by a court or governmental agency of competent jurisdiction.
- Member Information: Members shall not disclose any information on other members without the express consent of such members.
- Contact: The members should not contact the investors without the written permisson of SL Angels.
Section 8: GENERAL
- Jurisdiction: This agreement is governed by and constructed in accordance with the laws of India. In case any disputes or differences arise in respect of the agreement the same shall be subject to the jurisdiction of the Courts located where the corporate office of The Angel Network is located at the time of filing the case.
- Assignment: Assignment: This Membership Agreement is binding and for the benefit of SL Angels and its members only. A member may not assign his or her rights under this Membership Agreement to any other party.
- Entire Agreement: This Membership Agreement constitutes the sole and entire agreement of the parties with respect to the subject matter hereto and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter. No party may rely on any statement, representation, warranty or agreement of the other party or of any other person acting on such party’s behalf, including any representations, warranties, or agreements arising from statute or otherwise in law, except for the representations, warranties, or agreements expressly contained in this Membership Agreement.
- Electronic Agreement: This is an electronic agreement, this needs no signature, the member confirm the acceptance of this agreement by filling up the applicaiton form.
- Notice: Members and SL Angels shall deliver all notices, requests, consents, claims, demands, waivers and other communications under this Membership Agreement in writing and addressed to the other party at the address set forth in the online investment portal used by SL Angels. The SL Angels shall deliver all notices by email, facsimile, postal mail or personal delivery to the member’s address as specified in the Membership Application.
- No Waiver: No waiver by either SL Angels or any member of any breach by the other of any condition or provision of this Membership Agreement with regard to any other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by any party in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. No waiver under this Membership Agreement is effective unless it is in writing, identified as a waiver to this Membership Agreement and signed by an authorized representative of the party waiving its right.
- No Third Party Beneficiary: This Membership Agreement is not intended to benefit any third party and does not confer any rights or remedies to any person or entity other than the parties to this Membership Agreement.
- Severability: If any term or provision of this Membership Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Membership Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.