In connection with preparation for launching Contributing and according to the development stages of the Bitbon System, Simcord specialists have developed two new processes, EFO and ABR, to provide additional opportunities to the Bitbon System Participants interacting during Contributing.
We would like to inform you that, on September 17, 2018, new terms (EFO and ABR) were published in the “Terms and Definitions” section on the official website www.bitbon.space. Precise definitions will help you to understand the nature of these processes and the reasons for their occurrence in the Bitbon System. Please read these concepts and find out, which parties take part in EFO and ABR, when each of these processes starts and when it is completed.
- EFO (Emergency Financing Offering) means a process in the Bitbon System[i], which the Contractat[i] may initiate in order to obtain additional financing of his/her business project in agreement with the Bitup-Agency[i], which supervises implementation of his/her business project, and with Contributors[i] of this project.
The EFO process starts when a supplementary agreement to the Projectbon Public Contract[i] of this project is published, but only after the IBO[i] (Initial Business Offering) is completed.
The EFO process implies an additional issue of a certain amount of Projectbons[i] in favor of Contributors of this project. Three parties take part in the EFO process: Contractat, Bitup-Agency and Contributors. The Bitbon Capitalization Fund[i] does not take part in the EFO process.
- ABR (Automatic Bitbon Reversion) means a process in the Bitbon System, which may take place if, after the fulfillment of all implementation stages of the project by the Contractat in accordance with the terms and conditions of the Projectbon Public Contract, any Bitbon[i] amount remains in the Masterbox[i] of the given project.
The ABR process starts when the Bitup-Agency of a specific business project establishes that there are Bitbons left in the Masterbox of the project after implementation of all project stages.
The ABR process is completed when the remaining Bitbons in the Masterbox of the project are automatically distributed among Contributors according to their shares in this business project.