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Parties:
I, lucky, commit to contract to modulus. We are both capable contracting and will indicate our consent through a digital signature.
Definition of the start date:
The start date shall be the day when lucky acquires the necessary components of hardware to begin hashing, or June 20th 2011, whichever is sooner.
Objective:
Modulus will fund 18 BTC for lucky's purchase of hardware for the purpose of Bitcoin hash generation for the purpose of what is known as “pooled bitcoin mining”.
The hardware purchased is the property of lucky.
Modulus will receive 50% of realized BTC gains from this activity for a period of sixty days from the designated start date. At the end of those sixty days, a period of 120 days will begin, at which time lucky will have the have the option of paying modulus 0.08 BTC per day remaining in the period to end the terms of the contract immediately, otherwise he will continue to provide modulus with 50% of realized BTC gains from mining until the completion of this second term, 180 days from the commencement of the contract.
Lucky shall deposit the realized BTC to an address of Modulus's choosing no less frequently than every two weeks so long as the profit-sharing arrangement remains in effect. If the contract is ended during the following 4 month period, he will pay modulus within three days for both any remaining share of the profit and for the settlement payment of 0.08 BTC per remaining day.
Modulus will have the choice of which bitcoin pool lucky will use, he may leave this to lucky's discretion.
Release from obligations:
Lucky is not responsible for a failure to realize BTC return from events beyond his control, such as loss of Internet connectivity or the power grid, catastrophic hardware failure not covered by warranty or consumer guarantees and acts of God, fraud or failure on the part of the Bitcoin pool operator, or for any other circumstances which he could not reasonably foresee and which are beyond his control to remedy.
If lucky is unable to realize the loaned BTC into Canadian dollars suitable for fulfilling the terms of this contract, he has the option of refunding the full 18 BTC to modulus within three days, ending his obligations in this contract.
Modulus acknowledges that there is no guarantee of profit and that any realizations of BTC will depend on factors beyond lucky's control, such as the hashing difficulty rate of the network and the varying performance of hardware, including periodic minor software and hardware failure and variation in performance. Lucky will be diligent in remedying these situations and ensuring the optimal rate of return.
Mutual obligations:
Both parties will maintain periodic contact through IRC or email.
Arbitration:
Any controversy arising from this contract shall be subject to arbitration in equity by a panel formed by one person chosen by lucky, one person chosen by modulus, and one person agreed by both. If no agreement can be reached, either candidate will decide alone, to be decided by random draw.
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