Terms of Use

1. INTERPRETATION

1.1 In these terms and conditions, the following expressions bear the meaning assigned to them below and cognate expressions bear the corresponding meaning –

• 1.1.1 “Account” means a profile created or used by a Member of Sum1 on the Web App;
• 1.1.2 “Individual” means a natural person;
• 1.1.3 “Investment Portfolio” or “Investments” means the assets Sum1 invests in namely delivery bikes, livestock, crop farming, small business and township property. This is not an exhaustive list;
• 1.1.4 “Member(s)” or “You” or “Yours” collectively means Individual and/or Stokvel investing in Sum1;
• 1.1.5 “Parties” collectively means Sum1 and the Members and “Party” shall mean either of them as the context may indicate;
• 1.1.6 “RSA” means the Republic of South Africa;
• 1.1.7 “Services” means the services which the Members shall by virtue of registering on the Web App, have access to, as more fully set out in clause 7.1;
• 1.1.8 “Stokvel” means a group of natural persons who have created a group savings scheme;
• 1.1.9 “Sum1” or “we” or “us” means Sum1 Investments Proprietary Limited (registration number 2020/737154/07), a company duly incorporated and registered in accordance with the laws of the RSA; and
• 1.1.10 “Web App” means the mobile and/or online application developed by Sum1, in terms of which the Subscriber shall access the Services.

2 INTRODUCTION

2.1 These terms and conditions regulate the legal relationship between Sum1 and the Members relating to the use of the Web App.

2.2 By registering and signing up on the Web App the Members hereby agree to be bound by these terms and conditions and our privacy policy.

2.3 The Members acknowledge that Sum1 has not made and that the Members are not relying on, any statements, representations, promises or undertakings whatsoever that are not contained herein.

2.4 Please read these terms closely to guarantee You understand each part before using our Services. Once you start to use our Services, You confirm that You fully understand and agree to the terms and conditions.

3 MEMBERSHIP

3.1 To become a Sum1 Member, You must first register by filling out and submitting the “sign- up” form on the Web App. Alternatively, You can request a Sum1 representative to sign-up on Your behalf on the Web App. Additionally, a minimum investment of R500 (five hundred Rands) is required. Your membership will commence once both Your application and payment are received by us.

3.2 Once you become a Member, an Investment Portfolio will be opened for You to assist You in monitoring your investment. By becoming a Member, You consent to us providing You with information about Your investment through the Web App or other online channels such as SMS, WhatsApp or email.

3.3 The Investment Portfolio will be updated quarterly by Sum1 to reflect the performance of the Investment. Updates will be accompanied by Sum1’s commentary on the performance and market environment of the Investment.

3.4 No person under the age of 18 (eighteen) years is allowed to register as a Member of Sum1 unless such person is represented and/or assisted by their legal guardian.

3.5 Members will be required to pay a 3% (three percent) management fee on the value of the money invested into Sum1.

4 PAYMENT

4.1 You will be required to invest a minimum of R500 (five hundred Rands) a month for a period of 12 (twelve) months and at the end of the 13th (thirteenth) month, You will be provided with an option of cashing out the investment.

4.2 In the event that Members do not cash out at the end of the 13th (thirteenth) month, the investment will be automatically reinvested in the next investment cycle for a period of 12 (twelve) months. If a Member misses a month or underpays in a specific month, such Member shall not be penalised and the returns shall continue to accrue on the invested amount.

4.3 Members may cancel their investment with Sum1 by completing an exit form in order to process payment, however, they will only be entitled to cash out their investment at the end of the 13th (thirteenth) month from the date of the initial investment.

4.4 The investment shall be paid by You by way of electronic transfer or debit order, free of any deductions or set-off whatsoever, into a bank account nominated by Sum1 in writing for this purpose. Any Members making payments through cash deposits will incur an additional fee charged by Sum1’s bank which will be deducted from the invested amount.

4.5 If on the 13th (thirteenth) month, You opt to cash out the investment, Sum1 shall make an electronic transfer, free of any deductions or set-off whatsoever, into a bank account nominated by You. Members need to ensure that they provide correct banking details as Sum1 will not be held liable for monies sent to an incorrect bank account.

4.6 Members who are Stokvels agree and accept that a representative shall be appointed by the Stokvel (“Representative”), to act on behalf of the Stokvel and shall be the one responsible for receiving payment on behalf of the Stokvel.

4.7 Sum1 shall not be held liable for any claims and/or demands made by individual members of the Stokvels (“Stokvel Members”) for any reason whatsoever (including without limitation for non-payment) against Sum1. In this regard, the Representative hereby agrees to indemnify and hold Sum1 harmless from any and all liabilities, claims and demands whatsoever suffered or incurred by the Stokvel Members as a result of or arising directly or indirectly out of or in connection with the actions of the Representative.

4.8 Should an Individual pass away, his or her family members will not automatically become Members of Sum1 but they will become beneficiaries (entitled to the proceeds from the deceased contribution). The investment funds will be transferred to the deceased estate of the Individual.

4.9 Should any legal authorisation/instructions be given to Sum1’s bank to pay any amounts to a third party (individual or instruction that is not a Member), Sum1 and its bank is hereby unconditionally absolved and indemnified from and against all and any loss, damages, costs and expenses which we or the bank, may sustain or incur, either directly as a result of us paying any amounts (as per authorisation/instructions) into the bank account of a third party.

5 RISK AND RETURN

5.1 Sum1 targets a return of 15% (fifteen percent) however, Sum1 does not guarantee a return as this varies each year based on the operating environment of the Investments.

5.2 Sum1 will ensure that the necessary risk measures are taken by getting insurance for the investment however the Members acknowledge that Investments involve risk and Sum1 does not guarantee the performance of the Investment.

5.3 In the event that an unforeseen situation occurs and Sum1 is unable to recover any money claims from its insurer, Sum1 shall not be held liable for those losses and damages.

6 COMMUNICATIONS WITH MEMBERS

6.1 Communication from Sum1 to the Members may be made either through the Web App, orally by telephone line, via email, whatsapp or other electronic means or writing.

6.2 You will be deemed to have accepted electronic communication as an acceptable form of communication unless You give written notice to the contrary.

7 REGISTRATION AND SCOPE OF USE

7.1 You may be required to register in order to (i) sign up to become a Member of Sum1, (ii) access the Investment Portfolio, (iii) update personal details, banking details and beneficiaries, (iv) and receive communication of all activities of Sum1.

7.2 Subject to these terms and conditions, this Web App may only be used by You for the purposes set out in clause 7.1 (“the Permitted Use”). The Permitted Use does not extend to the source code of this Web App or of the source code of any software or computer program that forms part of the Web App content.

7.3 With respect to such registration –

7.3.1 You are requested to register and create Your own username and password to gain access to the Web App, You may not use, (i) a username (or email address) that is already being used by someone else; (ii) that may be construed as impersonating another person; (iii) that may belong to another person; (iv) that violates the intellectual property or other rights of any person; (v) that is offensive or (vi) that we reject for any other reason in our sole discretion; and

7.3.2 Your username and password are for Your personal use and not for use by any other person.

7.4 You are responsible for maintaining the confidentiality of any password You may use to access the Web App and agree not to transfer Your password or username or lend or otherwise transfer Your use of or access to the Web App, to any third party. You are fully responsible for all interactions with the Web App that occurs in connection with Your password or username. You agree to immediately notify Sum1 of any unauthorised use of Your password or username or any other breach of security related to Your Account or the Web App, and to ensure that You log off/exit from Your Account with the Web App (if applicable) at the end of each session. We shall not be liable for any loss or damage arising from your failure to comply with any of the foregoing obligations.

7.5 Representatives may be permitted to register an Account on behalf of a Stokvel.

7.6 Any Member who creates and/or operates an Account on behalf of a Stokvel, represents that (i) he/she/it is the rightful representative, and (ii) has been duly authorised to create and/or operate the Account in the name of or for and on behalf of the Stokvel.

8 TERMS AND CONDITIONS OF USE

8.1 The Members shall not use the Web App for any purpose that is prohibited by these terms and conditions.

8.2 The Members shall not permit any third party to take any action or upload or submit content on or through the Web App that the Member knows to be false, misleading, fraudulent or inaccurate.

8.3 The Members shall not directly or indirectly –

8.3.1 decipher, decompile, disassemble, reverse engineer or otherwise attempt to derive any source code or underlying ideas or algorithms of any part of the Web App;

8.3.2 probe, scan or test the vulnerability of the Web App or any network connected to the Web App or breach the security or authentication measures on the Web App or any network or authentication measures on the Web App; or

8.3.3 use any device, software or routine to interfere or attempt to interfere with the proper working of the Web App or any transaction being conducted on the Web App or with any other person’s use of the Web App.

9 TERMINATION AND DEREGISTRATION

9.1 Sum1 endeavours to maintain the availability of the Web App, except during scheduled maintenance periods, and are entitled to discontinue providing the Web App or any part thereof with or without notice to You.

9.2 Sum1 may, in its sole discretion terminate, suspend and modify the Web App, with or without notice to You. You, as the Member, agree that Sum1 will not be liable to You in the event that it chooses to suspend, modify or terminate the Web App.

9.3 Failure by the Member to perform its obligations under these terms and conditions, may lead to a suspension and/or termination of the Member’s access to the Web App without any prejudice to any claims for damages or otherwise that Sum1 may have against You.

9.4 Sum1 is entitled, for purposes of preventing suspected fraud to blacklist a Member on its database (including suspending or terminating a Member’s access to the Web App).

10 LICENCING AND COMPLIANCE REQUIREMENTS

Sum1 undertakes that it will maintain on an ongoing basis, all the necessary approvals, licences, registrations and/or authorisations as required by legislation to conduct the business contemplated under these terms and conditions and will comply with such laws.

11 WARRANTY AND UNDERTAKINGS

11.1 The Member warrants that they have full capacity and authority to enter into, and perform their obligations in terms of these terms and conditions and undertake –

11.1.1 to do such things, at all times, perform all such acts and take all such steps, and to procure the doing of all such things, within their power of control as may be open to them and necessary for and incidental to the putting into effect of these terms and conditions and agrees to assist Sum1 in any manner that is necessary for Sum1 to adequately perform its duties in terms of these terms and conditions; and

11.1.2 to ensure that all information disclosed by them to Sum1 is true, accurate and not misleading in any material respect.

11.2 This Web App and the Web App content is provided as is and is subject to change without notice.

11.3 This Web App and the Web App content is provided without any representation or warranty whatsoever, whether express, implied or statutory. This includes but is not limited to any representation or warranty as to the operation, integrity, compatibility, availability or functionality of this Web App or as to the operation, accuracy, completeness, integrity, compatibility, availability, functionality or reliability of the Web App content.

11.4 Sum1 makes no warranty or representation, whether express or implied, that the Web App content is free of viruses, destructive materials or any other data or code which is able to corrupt, compromise, jeopardise, disrupt, disable, harm or otherwise impede in any manner the operation of a computer system, computer network, any handset or mobile device, or Your hardware or software. You accept all risk associated with the existence of such viruses, destructive materials or any other data or code which is able to corrupt, compromise, jeopardise, disrupt, disable, harm or otherwise impede in any manner the operation or content of a computer system, computer network, any handset or mobile device, or Your hardware or software.

11.5 Sum1 does not accept any responsibility for any errors or omissions on this Web App or the Web App content.

12 INTELLECTUAL PROPERTY

12.1 The contents of the Web App, including any material, information, data, software, icons, text, graphics, lay-outs, images, sound clips, advertisements, video clips, trade names, logos, trademarks, designs and service marks which are displayed on or incorporated on the Web App are the property of Sum1, including but not limited to copyrights and trademarks.

12.2 You will not under any circumstances acquire any right, title or interest in or to the Web App and/or the contents of the Web App.

12.3 Any use, distribution or reproduction of the Web App content is prohibited unless expressly authorised in terms of these terms and conditions.

12.4 Where any of the Web App content has been licensed to the Web App or belongs to any third party, your rights of use will also be subject to any terms and conditions which that licensor or third party imposes from time to time and you agree to comply with such third party terms and conditions.

13 MODIFICATION

13.1 Sum1 reserves the right, in its sole discretion, to –

13.1.1 modify or replace any of these terms and conditions, or change, suspend, or discontinue the Web App at any time by posting a notice on the site or by sending the Member notice via email or by another appropriate means of electronic communication; and

13.1.2 impose limits on certain features and Services or restrict access to parts or all of the Web App without notice or liability. While we will timely provide notice of modifications, it is also the responsibility of the Member to check these terms and conditions periodically for changes.

13.2 Continued use of the Web App by the Member following notification of any changes to these terms and conditions constitutes acceptance of those changes.

14 CONFIDENTIALITY AND DATA PROTECTION

Sum1 may from time to time share with any of its investors, any and all information supplied to Sum1 by the Members. Such information shall be kept confidential by Sum1 and its investors. However, without prejudice, and in addition to any other right or obligation by virtue of which Sum1 or any Member May be entitled or bound by law, Sum1 shall be entitled unfettered discretion to disclose any information known to it, or to produce any documents, relating to the Member.

15 FORCE MAJEURE

Sum1 is not responsible for disruption in respect of the Web App due to circumstances beyond its control, including, but not limited to fire, flood, war, civil unrest, pandemics, severe weather, disruption of telephone or internet service, technical or mechanical problems or other unforeseen catastrophes.

16 GENERAL

16.1 These terms and conditions are personal to the Member and are not assignable or transferable in any manner by the Member except with the prior written consent of Sum1. Sum1 may assign, transfer or delegate any of our rights and obligations hereunder without consent.

16.2 No agency, partnership, joint venture, or employment relationship is created as a result of these terms and conditions and neither party has any authority of any kind to bind the other in any respect.

16.3 Unless otherwise specified in these terms and conditions, all notices hereunder will be in writing and will be deemed to have been duly given when received; when receipt is electronically confirmed, if transmitted by facsimile or email; or the day after it is sent, if sent for next day delivery by recognized overnight delivery service.

16.4 Failure by Sum1 to enforce any part of these terms and conditions shall not constitute a waiver of its right to later enforce that or any other part of these terms and conditions.

16.5 These terms and conditions constitute the whole of the agreement between the Member and Sum1 relating to the matters dealt with herein and, save to the extent otherwise provided herein, no undertaking, representation, term or condition relating to the subject matter of these terms and conditions not incorporated in these terms and conditions shall be binding on either of the Parties.

16.6 No latitude, extension of time or other indulgence which may be given or allowed by Sum1 to the Member in respect of the performance of any obligation hereunder, shall in any circumstances be construed to be an implied consent or election by that Party or operate as a waiver of or otherwise affect any of its rights in terms of or arising from these terms and conditions.

16.7 These terms and conditions will in all respects be governed by and construed under the laws of the RSA.