Terms and Definitions

IBO

(Initial Business Offering) means a process in the Bitbon System[i], in which three parties take part: Contractat[i], Bitup-Agency[i] and Contributors[i].

The IBO process starts when the Bitup-Agency publishes the Projectbon Public Contract[i] of a specific project to raise the required amount of Bitbons[i] from Contributors in exchange for Projectbons[i] in order to implement this business project.

The IBO process is completed when Contributors determine their shares in the amount of 100% of the total number of Projectbons. From this moment on, the terms and conditions of the Projectbon Public Contract of this business project automatically come into force. After that, the Contractat begins to fulfill his/her obligations aimed at successful implementation of the project.