Blog

01/09/2018
by Joseph R K Eshun

Ura Whitepaper

k1malls.com

Ura Distribution via K1malls Platform

URA Whitepaper

This Whitepaper may be altered or updated at any time.

This whitepaper has been prepared to advance a general understanding about Ura. Ura begun as a commodity money introduced by Resource Mobilization Inc (“RMI”). Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transformed Ura into a monetary system. RMI includes Resource Mobilization Inc, its successors, and assigns. The term Ura is an acronym derived from Universal Receivables Assignment which term was adopted on 11/14/14 by board resolution to be the name of the money drawn on RMI reserves.

NOTICE

The information set forth in this Whitepaper may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Whitepaper. The purpose of this Whitepaper is to provide relevant and reasonable information on Ura.

This Whitepaper includes information from several sources (all sources are recognized). it has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Whitepaper without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Whitepaper, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Whitepaper or for any decision based on it.

The information contained in this Whitepaper may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Whitepaper may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Whitepaper, the information contained in this English language original Whitepaper shall prevail.


1 What is Money?

Money is value. It is intangible in nature (i.e., it cannot be felt, touched, or smelled). It has intrinsic value (i.e., has value in and of itself). Money is money, irrespective of its recognition or acceptance. Money fully vests with its owner(s) granting the owner(s) the authority to provide the means of money transmission (i.e., “Currency”) from one entity to another in a socio-economic environment. Money empowers four key functions, being medium of exchange function, unit of account function, store of value function, and standard of deferred payment function as discussed below.

1.1 Medium of Exchange Function.

Money is the authority that powers exchange. It is a pre-requisite for all exchanges and payments in a money economy (money economy means a system or stage of economic life in which money augment barter in exchanges). In any money economy, the value of any good or service can be derived in form of money, quoted in terms of a currency.

Money empowers the medium of exchange function in its form as currency. Money facilitates trade by making it easier to (i) buy and sell goods and services and (ii) pay and settle financial transactions and debts including taxes in a socio-economic environment compared to barter (barter system still exists today), being the exchange of one monetary good or service for another. Money makes it easier to trade compared to barter because it eliminates one of the major difficulties of barter of fulfilling the mutual or double coincidence of wants.

1.2 Unit of Account Function.

Money is the common denominator (i.e., Unit of Account) that people use to present prices, record debts, and make calculations and comparisons. Money by empowering its unit of account function (i.e., money as a measuring rod of economic value), makes price determination easier. To be an effective force multiplier, money must eliminate barter’s biggest deficiencies, that is it must end the double coincidence of wants problem and reduce the number of prices, ideally to one per good. It does the former by empowering its medium of exchange function, something that people acquire not for its own sake but to trade away to another person for something of use. The latter it does by empowering its unit of account function, as a way of reckoning value. In order to reckon value, money allows comparisons of the economic value of unlike things easily and quickly, for example to compare apples and oranges, both literally and figuratively.

For money to empower its unit of account function it must have the following characteristics: divisible, fungible, and countable.

a. Divisible: Unit of Account can be divided so that its component parts will equal the original value. Illustration: If you cut a bar of gold in half, the two pieces together will equal the same value as the original bar.

b. Fungible: One Unit it viewed as the same as any other with no change in value. Illustration: 12 ounces of 24-carat gold is no different than another 12 ounces of 24-carat gold.

c. Countable: A Unit of Account is also countable and subject to mathematical operations. You can easily add, subtract, divide, and multiply units of account. This allows entities to account for profit, losses, income, expenses, debts, and wealth. For purposes of this Whitepaper entity means natural persons being all human beings from all walks of life, wherever they are located around the world and juridical persons being all non-human legal entities of all sizes, wherever they are located around the world, (hereinafter referred to as “Entities” or “Entity”).

1.3 Store of Value Function.

Money once acquired should over time prove and maintain its value. That is, money empowers the store of value function by its ability to be saved, retrieved, and exchanged in the future ideally without devaluation. This means that money can be used to purchase the same quantity of goods and services, that provide the same consumption value, in the future as it can purchase today. Illustration: U.S. dollar deriving its authority from money owned by the United States of America is stored by many nations as reserve money. Arguable, but U.S. dollar is leading store of value in the world today.

1.4 Standard of Deferred Payment Function.

Money is used as a standard benchmark for specifying future payments for current purchases (i.e., buy now, pay later). This function is a direct result of the store of value and unit of account functions empowered by money. If money is the standard for current prices, then money to function as a deferred payment standard, it must retain value, and it must also store value.

Ura is Money.

Ura derives value and authority from United States (U.S.) dollar-based receivables (“the Commodity”) owned and held by Resource Mobilization Inc, its successors, and assigns (“RMI”).

Ura originates largely from the claims prepared at the instance of RMI by professional appraisers who traced, verified, quantified, and recorded in the appraisal report the total amounts due and payable to the creditor by the debtors in the Receivables.

Receivables are defined in the United Nations Convention on Assignment of Receivables in International Trade (“Convention”) as “all or part of or an undivided interest in the assignor’s contractual right to payment of monetary sum”.


2 Forms of Money.

There are three types of money: commodity money, commodity-based money, and fiduciary money.

2.1 Commodity Money.

Commodity money begun as bartering. The commodity itself is the money that people exchange for goods and services. Its value is also directly perceived by its users who recognize its utility (use-value) as goods in themselves. The first examples of commodities used as money include, pearls, precious stones, gold, silver, copper, iron, bronze, peppercorns, salt, tea, coffee, shells, alcohol, tobacco, wine, cloth, silk, nails, cocoa beans, cowrie shells, barley, cows, goats, animal skins, weapons, leather, etc. However, commodity money generally lacks uniformity, it is not useable in all societies, it is a poor store of value, it is not easily portable, and its value is negotiated for every transaction. Because of these inadequacies, money being the value of the commodity instead of the commodity itself was derived and used alongside commodity money.

Metals were initially only used as currency before they became commodity money. For example, gold and silver were predominantly used as currency for 4,500 years before they became commodity money itself. Early coins first appeared in Lydia in about 680 B.C., and the techniques were quickly copied and further refined by the Greek, Persian, Macedonian, and later the Roman empires. Unlike Chinese coins which depended on base metals, these coins were made from precious metals like silver, bronze, and gold, that had more inherent value. It is at this point that precious metals became commodity money, whose value came from the precious metal it was made of. However, metallic commodity is plagued by debasement negatives, scarcity of precious metals to mint large coin quantities, and risk of loss or theft when porting large quantities, which led to the introduction of commodity-based money.

Ura is Commodity money, deriving value from the U.S. dollar-based receivables owned and held by RMI; the exchange rate of Ura to the U.S. dollar Receivables is 1 Ura:1Unit of Receivables.

2.2 Commodity-Based Money.

Commodity-based money came into being when commodity owners started using representative claims on units (tokens) of the same commodity. For example, the ancient empires of Egypt, Babylon, India and China, temples and palaces often had commodity warehouses which made use of clay tokens and other materials as evidence of a claim upon a portion of commodities stored in the warehouses. Because these tokens could be redeemed at the warehouse for the commodity they represented, they were traded in the markets as the commodity itself or as money for payments. Commodity-based money draws its value from the commodity it is representing and does not involve handling the commodity itself. Commodity-based money is exchanged for the value of the commodity (i.e., it is redeemable for a set amount of the commodity backing it). Commodity-based monies circulate in socio-economic environments alongside other forms of money.

Fiat money is a form of commodity-based money, deriving its value from the physical reserves (i.e., the commodity) of a nation. Fiat money is convertible to the commodity backing it at a fixed exchange rate. For example, U.S. dollar when it was linked to gold reserves drew its value from the gold reserve. The United States delinked its U.S. dollar from gold in a vault being the commodity, replacing it with the entire United States monetary authority. Fiat money is national commodity-based money. It derives its value from the entire resources (“Money”) of the issuing monetary authority (“issuer”) which also guarantees its value in a socio-economic environment to which the issuer has authority over.

Ura is commodity-based money; deriving value and authority from the U.S. dollar because the receivables (“the commodity”) are U.S. dollar denominated and exchanged without transferring the commodity itself. The initial exchange rate of Ura to the U.S. dollar is 1Ura:1US$ as at 11/14/2014.

2.3 Fiduciary Money.

Fiduciary Money derives from the commodity of the issuing authority of the money and commodity held by the fiduciary entity (bank). Fiduciary money begun when banks and similar institution (bank) circulated money from one entity to another during economic transactions by reassigning it from one entity to another for accounting purposes while such money was physically held on deposit at the same bank. Fiduciary Money is conveyed via the deposited money substitutes which represent the deposited money. These money substitutes are passed from one entity to another in daily transactions and settled later by financial institutions, for example checks. Use of money substitutes increased portability and durability of fiduciary money and reduced other risks and allowed people to simultaneously enjoy the use of their money in day-to-day transactions while also keeping the money secure from theft or physical damage.

Ura is fiduciary money. The banks distributing Ura shall as part of their fiduciary duties add to the Receivables (“the commodity”) and subsequently issue additional Ura as per market demand.

3 What is Currency?

Currency is a product of Money. It does not have value in and of itself. It is used as a means of conveying money from one entity to another. Currency is tangible, issued by an entity with authority to guarantee its value (the “monetary authority”), empowered by money to be used as a medium of exchange for transactional and payment purposes. Currency derives its value from money owned and held by the issuing monetary authority (“issuer”).

There have been many forms of currency in history. Currency invention begun with the early societies which used an available commodity that had the best combination of durability, portability, divisibility, uniformity, limited supply, and acceptability. The first examples of currencies were commodities used currency such as pearls, precious stones, gold, silver, copper, iron, bronze, peppercorns, salt, tea, coffee, shells, alcohol, tobacco, wine, cloth, silk, nails, cocoa beans, cowrie shells, barley, cows, goats, animal skins, weapons, leather, and so on. However, some currency forms have worked better than others because they were more useful as currency (i.e., have a better combination of currency characteristics). For example, Hay (grassy livestock feed) rarely emerges as money because it is too easy to adulterate with weeds; its low value-to-bulk renders its portability very low due to the trouble and expense of transporting it; and until it is properly baled and stored, a rainstorm can ruin it. Tobacco, by contrast, has served as a currency because it is more uniform, durable, portable, and easily authenticated than hay. In colonial Virginia, tobacco was turned into a form of currency as well as commodity money when trustworthy and knowledgeable inspectors attested to its quality, stored it in safe warehouses, and issued paper receipts for it. The receipts, rather than the tobacco itself, served as an extremely uniform, durable, divisible, portable, and acceptable currency.

The characteristics of a good currency are durability, portability, divisibility, uniformity, limited supply, and acceptability. Below are examples of some the most powerful currencies in history:

a. Persian daric: The daric was a gold coin used in Persia between 522BC and 330BC.

b. Roman currency: Currencies such as the aureus (gold), the denarius (silver), the sestertius (bronze), the dupondius (bronze), and the as (copper) were used during the Roman Empire from around 250 BC to AD 250.

c. Thaler. From about 1486 to 1908, the thaler and its variations were used in Europe as the standard against which the various states’ currencies could be valued.

d. Spanish American pesos. Around 1500 to the early nineteenth century, this contemporary of the thaler was widely used in Europe, the Americas, and the Far East; it became the first world currency by the late eighteenth century.

e. British pound. The pound’s origins date as early as around AD 800, but its influence grew in the 1600s as the unofficial gold standard; from 1816 to around 1939 the pound was the global reserve currency until the collapse of the gold standard.

f. Euro. Officially in circulation on January 1, 1999, the euro continues to serve as currency in many European countries today.

g. U.S. dollar. The Coinage Act of 1792 established the dollar as the basis for a monetary account, and it went into circulation two years later as a silver coin. Its strength as a global reserve currency expanded in the 1800s and continues today.

The modern forms of currency include: -

a. Cash being the physical paper notes and coins, for example the U.S. Dollar which is used as money (reserve money), currency and legal tender in the United States of America.

b. Check which refers to a paper order that makes a bank to transfer money from one entity’s bank account to another.

c. Debit which refers to an electronic order for a transfer from a bank account or a prepaid declining balance debit card.

d. Credit which entails the prearranged transfer of funds from the customer’s creditor, a bank or other lender, in exchange for a small service fee.

Today the form of Ura currency available is Digital Ura, on K1Malls platform. Other forms of Ura currency are currently under development.

4 What is Legal Tender?

Legal tender is the means of conveying money (“Currency”), that is specified and recognized by law (i.e., statute) to be used as a medium of exchange by market participants within the socio-economic territory (i.e., jurisdiction) that the issuer has authority over. The monetary authority issues legal tender to the public through the legally authorised institution.

Legal tender is a means to settle public or private debts or meet financials obligations including tax payments, contracts and legal fines or damages. An example of legal tender is a national currency. A national currency means the legal tender recognised by the nation’s law as legal tenser, that is issued by the nation’s legally authorised monetary authority, circulated within the boundaries of the nation’s jurisdiction, and is the predominant medium of exchange for transactional and payment purposes.

Throughout history, some legal tender(s) have gained widespread use and circulation outside of their jurisdiction and have played an instrumental role in these other jurisdictions of the world. For example, commodity prices are quoted in U.S. dollars despite trading in countries outside of the United States. Some countries have adopted other nation's legal tender as their own, examples of countries that make use of another country's legal tender are parts of Latin America, regions like Ecuador and El Salvador, which recognize and accept the U.S. dollar for the exchange of goods and services. On the other hand, some countries have pegged their national currency to another country's legal tender, for example the United Arab Emirates has pegged its national currency to the U.S. dollar to keep inflation aligned with expectations and maintain a stable monetary policy regime.

Rarely has a single nation’s legal tender been the exclusive medium of world trade, but a few have come close such as the U.S. dollar, the Euro, and the Japanese Yen which today, are recognized as the world's most widely accepted medium of world trade. This is because they are the most liquid, issued by a monetary authority with the biggest economy and the largest import-export markets., and have a global status as a reliable reserve currency with minimal risk of collapsing. As a result, most foreign transactions are conducted in one of the three currencies.

Today, Ura is not Legal Tender in any jurisdiction. Efforts are being undertaken currently to have Ura accepted and recognized as legal tender by governments of the world.

5 Monetary System

A Monetary System is a densely interconnected network of money, currency, monetary authority, socio-economic environment, monetary policy, fiscal policy, and financial system. Monetary Systems evolved over the past 150 years to today’s modern monetary systems. The following are types of monetary systems.

5.1 Silver Standard Monetary System.

The silver standard or/and silver exchange standard was a monetary system, based on the precious metal silver. Silver (coins of standard weight and fineness) was both the money and currency. In this system, the value of a currency (coins and notes) is fixed to, and expressed in terms of, an amount of silver. Currency holders would either have the exact weight in silver or could, in theory, exchange their money for its equivalent value in silver. As one of the oldest and most commonly used metals in currency, silver was an obvious choice for the standard, used by many nations.

With the slide in value of the silver metal, silver coins around the world became token currencies linked to a gold standard; they were no longer worth their value in silver but came to represent a value in gold. The silver standard is not currently being used by any country. China and Hong Kong were the last nations to use a silver standard, abandoning it in 1935. By this time, the silver standard was superseded by the Gold standard as most nations had already moved to a gold standard.

5.2 Bimetal Monetary System.

The bimetal standard was a monetary system, based on the two precious metals silver and gold. The currency value was fixed to values in both silver and gold. For example, the United States abandoned the silver standard in 1861, and by 1893 had effectively moved to a gold standard. In the intervening years, the United States was on a de facto bimetal-specie standard (legally bimetallic but de facto silver, then gold); that is U.S. dollar was fixed to values in both silver and gold. The bimetal standard was superseded by the Gold standard.

5.3 Gold Standard Monetary System.

The gold standard or/and gold exchange standard is a monetary system, based on the precious metal gold. Under the gold-specie standard, gold (coins of standard weight and fineness) was both the money and currency.

Under the gold standard, nations defined their respective domestic units of account in terms of so much gold (by weight and fineness or purity) and allowed gold and international checks (known as bills of exchange) to flow between nations unfettered. This system was therefore self-equilibrating, functioning without government intervention (after their initial definition of the domestic unit of account).

Domestic and international liquidity were satisfied in principle from new gold production. If this proved inadequate, as it did for prolonged periods, most notably from the 1870s to the mid-1890s, the increased liquidity was supplemented domestically by a rapid expansion of new forms of payment, notably banknotes and demand deposits in banks and by a prolonged decline in the price level, which raised the real value (in commodities) of a given volume of gold money.

The adjustment mechanism under this system was simple, a transfer (for example, reparations, or a capital investment) from country A to country B raised the money stock in B and lowered it in A. As a result, prices would fall in A and rise in B, and A would in consequence enlarge its trade surplus (or reduce its deficit), make the real transfer in goods, and earn the gold back until monetary and payments equilibrium was restored. Any downward pressure on prices in the sending country is mediated by the banking system, which operates on fractional gold reserves. These adjustments were accomplished partly through changes in spending, or absorption, and partly through changes in prices, especially the prices of non-tradable.

The novelty of this system was the conservation of gold by removing it from circulation and concentrating it in the hands of the leading banks, even going beyond that by encouraging banks, smaller central banks, to hold short-term claims on other countries, mostly in currency. As a result, national currencies began to play a role as international means of payment.

The gold standard in different guises continued until 1973 when the United States, under Richard Nixon, abandoned the gold standard and pure fiat currencies became the global norm.

5.4 Floating Exchange Rates Monetary System.

Floating exchange rates monetary systems that rose and existed during the interwar period were not thought of as a “system” at all, but rather as an unavoidable but temporary means that monetary authorities allowed world markets (through interest rates, and expectations about relative price, productivity, and trade levels) to determine the prices of different currencies in terms of one another. Under this system, free capital flows are allowed, as is domestic discretionary monetary policy, but at the expense of the security and stability of fixed exchange rates.

The “adjustment process” worked by a market price (“the exchange rate”) clearing the market for foreign exchange, much as the price of strawberries clears the market for strawberries. If for any reason home demand for a foreign currency rose, the exchange rate of that currency would appreciate to ration the demand to what was available at the new price. International liquidity in the sense of an internationally accepted means of payment was not necessary under this system, since entities bought the foreign currencies, they needed in the foreign exchange markets, and the banks did not need to hold international foreign currency reserves.

This system was characterized by tremendous exchange rate volatility and unfettered international capital mobility, which strongly influenced the re-establishment of fixed exchange rates under the Bretton Woods system.

5.5 Bretton Woods Monetary System.

Between World War II and the early 1970s, much of the world was on a managed, fixed-Foreign Exchange regime called the Bretton Woods System (“BWS”). The Bretton Woods System adopted by the first world countries in the final stages of World War II was designed to overcome the flaws of the GS while maintaining the stability of fixed exchange rates. By making the dollar the free world’s reserve currency (basically substituting USD for gold), it ensured a more elastic supply of international reserves and also allowed the United States to earn seigniorage to help offset the costs it incurred fighting World War II, the Korean War, and the Cold War. The U.S. government promised to convert USD into gold at a fixed rate ($35 per oz.), essentially rendering the United States the banker to more than half of the world’s economy. The other countries in the system maintained fixed exchange rates with the dollar and allowed for domestic monetary policy discretion, so the BWS had to restrict international capital flows, which it did via taxes and restrictions on international financial instrument transactions.

This period under BWS after World War II witnessed a massive shrinkage of the international financial system. This is because under the BWS, if a country could no longer defend its fixed rate with the dollar, it could devalue its currency, or in other words, to set a newer, weaker exchange rate. Great Britain devalued several times, as did other members of the BWS. Adjustment were only achieved by differential liberalization of trade and payments. Many countries were in a suppressed disequilibrium following World War II and maintained tight restrictions over trade and payments. These restrictions were gradually relaxed, country by country, as conditions permitted. For example, it was not until the end of 1958 that Western European countries abandon controls on current account transactions, and many maintained restrictions on outward capital movements.

This BWS ultimately failed largely because the banker, being the United States, kept issuing more USD without increasing its reserve of gold. The international equivalent of a bank run ensued because major countries, led by France, exchanged their USD for gold.

5.6 Managed Floating Monetary System.

In 1976, countries met to formalize a floating exchange rate system as the new monetary system, they established a managed float system of exchange rates. Under a managed float, the central bank allows market forces to determine second-to-second (day-to-day) fluctuations in exchange rates but intervenes if the currency grows too weak or too strong. In other words, it tries to keep the exchange rate range bound, ostensibly to protect domestic economic interests (exporters, consumers) who would be hurt by rapid exchange rate movements. Those ranges or bands can vary in size from very wide to very narrow and can change levels over time.

Central banks intervene in the foreign exchange markets by exchanging international reserves, assets denominated in foreign currencies, gold, and special drawing rights (SDRs), for domestic currency. This contrasts with a completely free-floating exchange rate system, which has no government intervention; currencies float freely against one another. The degree of float management can range from a hard peg, where a country tries to keep its currency fixed to another, so-called anchor currency, to such wide bands that intervention is rarely undertaken.

Ura is distributed, exchanged, and transferred within the Ura monetary system.

6 Concluding Remarks

Fiat has delivered sustained economic growth since its introduction, but it is obvious that the work of better life for all is not completed, there is room for compliment. Ura seeks to be that compliment to Fiat. Ura unlike fiat is privately owned, issued based on private money. Ura shall not have the pressures of fiat and therefore holds the potential to be a much better stable money for global development. The expectation is Ura shall be utilized alongside fiat and all other forms of money for the common good. It shall have all the safeguards of fiat but with the sole purpose of being a reliable money.

​URA on Blockchain Overview

04/26/2021
by Joseph R K Eshun

URA on Blockchain Overview

This Overview may be altered or updated at any time.

This Overview has been prepared to advance a general understanding about Ura. Ura begun as commodity money introduced by Resource Mobilization Inc (“RMI”). Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transformed Ura into a monetary system. RMI includes Resource Mobilization Inc, its successors, and assigns. The term Ura is an acronym derived from Universal Receivables Assignment which term was adopted on 11/14/14 by board resolution to be the name of the money drawn on RMI reserves.

NOTICE

The information set forth in this Overview may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Overview. The sole purpose of this Overview is to provide relevant and reasonable information on Receivables Assignment.

This Overview includes information from several sources (all sources are recognized). It has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Overview without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Overview, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Overview or for any decision based on it.

The information contained in this Overview may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Overview may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Overview, the information contained in this English language original Overview shall prevail.

1. Introduction

Ura is Money, deriving its value and authority from United States (U.S.) dollar-based Receivables (“Reference Assets”) owned and held by Resource Mobilization Inc, its successors, and assigns (“RMI”). Ura originates largely from the claims prepared at the instance of RMI by professional appraisers who traced, verified, quantified, and recorded in the appraisal report the total amounts due and payable to the creditor by the debtors in the Receivables. Receivables are defined in the United Nations Convention on Assignment of Receivables in International Trade (“Convention”) as “all or part of or an undivided interest in the assignor’s contractual right to payment of monetary sum”.

Tokenization of RMI Receivables into Ura became necessary following several failed efforts to convert RMI Receivables into other forms of money either by original account debtor paying or selling Receivables in the Receivables Assignment Market as envisaged by the Convention. Ura is therefore a response to (i) persistent unmet demand for receivables financing, (ii) shortage of capital in international trade as envisaged by the UN Convention, and (iii) falling trust in fiat stability in many jurisdictions, as indicated by the history of fiat and the 2007/8 financial crisis in the United States.

Ura is privately controlled money that (i) has intrinsic value because as at 11/14/2014 when RMI existing Receivables (“Receivables”) were tokenized into Ura, its value equals the same units in Receivables (ii) has a stable store of value derived from the Reference Assets, (iii) worth equal or more than a U.S. dollar, and easy to exchange. Ura empowers its core functions of medium of exchange, unit of account, store of value, and standard of deferred payment making it good for (i) payment of goods and services, and (ii) settlement of financial transactions and debt including taxes. Ura is the solution to the shortcomings of fiat and other forms of money. Ura powers the transfer of value from on entity to another without legal, technical, or operational complications associated with traditional receivables assignment methods. It does this by implementing the objectives of the Convention in a simplified form, extending the Convention benefits to all, providing society with another source of money and credit for projects complementing other forms of money.

Ura is money, digital Ura is a form of Ura, it is not a cryptocurrency, a security or collective investment scheme and does not grant its holders any voting or ownership rights, any return on investment, and any profit or passive income from its holding.

2. Ura on Blockchain

Blockchain distributes Ura digitally (“Digitized Ura” or “Digital Ura”). Digital Ura on Blockchain harnesses blockchain technology married with auditable records to ensure that digital Ura distributed and/or exchanged on Blockchain is derived from Ura, is counterfeit free and duplicate free.

Receivables Assignment Overview

04/26/2021
by Joseph R K Eshun

RECEIVABLES ASSIGNMENT OVERVIEW

This Overview may be altered or updated at any time.

This Overview spots the light on the centuries old Receivables Assignment industry. Receivables Assignment is a time-proven concept that has delivered success as discussed in the United Nations Convention on Receivables Assignment in International Trade (“the Receivables Convention” or “Convention”). Receivables Assignment has historically been done by everybody: - (i) natural persons (i.e., all human beings) and (ii) juridical persons (i.e., all non-human legal entities), [who for purposes of this Overview are together referred to as “Entities”] which is still the case today.

NOTICE

The information set forth in this Overview may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Overview. The sole purpose of this Overview is to provide relevant and reasonable information on Receivables Assignment.

This Overview includes information from several sources (all sources are recognized). It has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Overview without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Overview, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Overview or for any decision based on it.

The information contained in this Overview may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Overview may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Overview, the information contained in this English language original Overview shall prevail.


1.0 Receivables Assignment – A Brief Description

The Convention has defined “Receivable” “Assignment” and “Subsequent Assignment” as: -

(a) Receivable means of all or part of or an undivided interest in the assignor’s contractual right to payment of a monetary sum.

(b) Assignment means the transfer by agreement from one entity (“assignor”) to another entity (“assignee”) of all or part of or an undivided interest in the assignor’s contractual right to payment of a monetary sum (“Receivable”) from a third entity (“debtor”).

(c) Subsequent Assignment means the assignment by the initial or any other assignee whereby the entity that makes that assignment is the assignor and the entity to whom that assignment is made is the assignee.

Receivables originate from any human activity resulting in a contractual right to a payment of monetary sum and may be (i) an existing, or future Receivable, (ii) collectible or uncollectible Receivable, or (iii) liquid or illiquid Receivable, irrespective of the transaction.

Receivables Assignment throughout history has been open to natural persons (that is all human beings from all walks of life, wherever they are located around the world) and juridical persons (that is all non-human legal entities of all sizes, wherever they are located around the world), together referred to as “Entities” or “Entity”.

2.0 Receivables Assignment – A Historical Background.

Receivables Assignment predates the Convention. Receivables Assignment has been established as centuries old economic activity that entities have engaged in since the early days of civilization. The Convention’s net impact on Receivables Assignment has been to formally harmonize the activity and provide clarity. This Overview section provides the background of Receivables Assignment emergence and evolution to what it is today.

Initially, entities were only able to acquire and exchange goods and services through barter (which still exists today), being the exchange of one monetary good or service for another. However, these arrangements take time mainly due to barter’s main pre-requisite for exchange, the fulfilment of the double coincidence of wants. Commodity money which begun as bartering made Receivables Assignment easier. The first examples of commodities used as money include, pearls, precious stones, gold, silver, copper, iron, bronze, peppercorns, salt, tea, coffee, shells, alcohol, tobacco, wine, cloth, silk, nails, cocoa beans, cowrie shells, barley, cows, goats, animal skins, weapons, leather, etc.

1750 BC – Hammurabi Code

The Hammurabi Code (“Code”) promulgated in 1759 BC, although predated by other written Mesopotamian laws, including Lipit-Ishtar of Isin Codex, Ur-Nammu Code, and Eshnunna Laws; was undeniably one of the most extensive system of laws of antiquity. The Code was developed Hammurabi, the sixth king in the 1st Babylonian dynasty of the Amorite tribe, which ruled in central Mesopotamia from c. 1894 to 1595 B.C. It was a compilation of laws, judgements, and decrees incorporated into the 282 laws that make up the Hammurabi Code. The Hammurabi Code unified, consolidated, and secured the empire by (i) setting standards for moral values, religion, class structure, trade, and gender relationships, and (ii) recognizing the king’s Right to Rule as one powerful leader and enforcer of the Code. The high level of organization created by the Hammurabi Code was successfully adapted by multiple civilizations to fit their empires.

For purposes of this Overview, we will look at how the Code dealt with economic concepts (prices, tariffs, money, debt, trade, and commerce), that set the environment conducive to economic activity. The Code was used by Hammurabi to establish a command economy (a precursor to the market economy) where he retained the authority to regulate goods and services to be produced as well as the quantity and prices to be paid for the produced goods and services. The Code recognized: -

(i) The Concept of Economic Actors: The predominant activity in Hammurabi’s empire was agriculture. The most important figure in the Code is the Merchant who was categorised into two as follows: -

a. The merchant who directly engaged in international trade, and

b. The agent through whom the Merchant indirectly engaged in international trade. Law 102, 103, 104 and 150 state as follows: If a merchant entrust money to an agent (broker) for some investment, and the broker suffer a loss in the place to which he goes, he shall make good the capital to the merchant. If, while on the journey, an enemy take away from him anything that he had, the broker shall swear by God and be free of obligation. If a merchant gives an agent grain, wool, oil, or any other goods to transport, the agent shall give a receipt for the amount, and compensate the merchant therefor. Then he shall obtain a receipt form the merchant for the money that he gives the merchant. If the agent is careless and does not take a receipt for the money which he gave the merchant, he cannot consider the unreceipted money as his own.

(ii) The Concept of Deposit Taking and Trusteeship: The Code refers to the practice of grain storage in another person’s house for safe-keeping and stipulates the terms of the contract in strict terms. This activity resembles the safety deposit box provided by modern bankers. Law 120 states as follows: If a man has stored his corn for storage in a bin in a man’s house and a loss occurs in the granary, whether the owner of the house has opened the bin and taken the corn, or whether he wholly contests (the storage of) the grain which has been stored in his house, the owner of the corn shall formally declare his corn before a god and the owner of the house must double the corn which has disappeared and give (it) to the owner of the corn.

With regards to precious commodities being left in deposit, such as gold and silver, the Code stipulates that a contract must be drawn up in the presence of witnesses. Law 122 states as follows: If a man wishes to give silver (or) gold or anything whatsoever to a man for safe custody, he shall show anything whatsoever that he gives to witnesses, he shall draw up a contract and (thus) give (them) for safe custody. Law 123 makes it clear that without a contract or witness, there is no legitimate claim.

(iii) The Concept of Moneylending: The Code points to the role of the merchant as a money lender. The merchant is seen as lending money to farmers to finance agricultural operations. Law 49 and 50 state as follows: If a man has taken money from a merchant and has given a field prepared for corn or sesame to the merchant and has stated to him, “cultivate the field, and heap up take and keep the corn or sesame which may be raised”, if a cultivator raises corn or sesame on that field, at the harvest it is the owner of the field who shall take the corn or the sesame which may be raised on the field and shall give corn for his money, which he has received from the merchant, and the interest on it and the costs of the cultivation to the merchant. If he has let a cultivated field (of corn) or a field of sesame, it is the owner of the field who shall take the corn or the sesame which may be raised on the field and shall repay the money and the interest thereon to the merchant. If the cultivator did not have money, according to Law 51, he could pay in kind according to the royal tariff.

(iv) The Concept of Contractual Inviolability: The Code and numerous clay tablets from the Hammurabi era show that no transaction was considered valid without a written contract. Once the contract was in place, all parties to the contract were duty-bound to follow its terms. See examples below that show that The Code took the sanctity of contract for granted. Any violation was met with punishment in the form either of compensation for losses suffered or harsh retributions.

a. The field, garden and house of a chieftain, a man or one subject to rent payment cannot be sold. These are like feudal estates and are conferred by the king in return for royal service and as such were inalienable in the sense they cannot be sold. If someone buys these properties, that person will lose his financial investment. Law 37 states as follows: If a man buys the field the plantation or the house of a runner a fisher or a rent-payer, his tablet shall be broken, and he forfeits his money; field plantation or house shall revert to its owner.

b. The relationship between landowner and tenant is governed by strict contractual terms. If someone agrees to make waste land into farming land, he must deliver. Otherwise, fines would follow. Law 44 states as follows: If a man has taken up a waste field for three years to open it up and has been slack and does not open up the field, in the fourth year he shall plough the field, hoe (and) harrow (it), and he shall restore (it) to the owner of the field; he shall pay 10 GUR of corn for every BUR (of land).

c. Violation of trust in the delivery of a consigned property received punitive fines. Law 112 state as follows: If a man is engaged on a trading journey and has delivered silver (or) gold or (precious) stone(s) or any chattels in his possession to a man and has consigned them (to him) for consignment (to their destination), (if) that man has not delivered whatever was consigned (to him) where it was to be consigned but takes and keeps (it), the owner of the consignment shall convict that man of not having delivered what was consigned (to him) and that man shall give 5-fold anything that was delivered to him to the owner of the consignment.

d. Cheating was not tolerated. Law 113 states as follows: If a man has (a claim to) corn or silver against a man and then takes corn without (the knowledge of) the owner of the corn from a bin or from a warehouse, they shall convict that man of taking the corn without (the knowledge of) the owner of the corn from the bin or from the warehouse, and he shall render so much corn as he has taken and forfeits anything whatsoever that he has lent.

e. If one agrees to cultivate the field for another, he must deliver the crop as promised. Otherwise, harsh punishment would follow. Law 253 states as follows: If a man has hired a man to look after his field and has entrusted him with meal (and) given cattle into his charge and has engaged him by contract [to] cultivate his field, if that man has stolen seed or fodder and it is seized in his hand(s), they shall cut off his before-hand.

(v) The Concept of Money and Banking: Babylon had flourishing trading activity utilizing commodity money, termed shekels. The Code refers to the role played by merchants in advancing capital to the landowners and to other merchants or agents. It also refers to landowners advancing land, seeds, labour, and equipment to cultivators with a contract to share the crop. These are forms of the banking function. There is some evidence in The Code about the rate of interest charged for loans. Law 88 states as follows: If a merchant has given corn on loan, he may take 100 SILA of corn as interest on 1 GUR; if he has given silver on loan, he may take 1/6 shekel 6 grains as interest on 1 shekel of silver. Law 89 punishes the merchant who charges more than 20% with the punishment being that he forfeits the principal amount.

(vi) The Concept of Efficiency and Tort: The Code looks unfavourably on the non-fulfilment of contractual terms, thereby promoting efficiency. The Code looked down upon damages caused by negligent behaviour. Law 55 states as follows: If a man has opened his trench for irrigation (and) has been slack and so has let the waters carry away (the soil on) his neighbour’s field, he shall pay corn corresponding to (the amount of the crop which) his neighbour (has raised). One can recognize in these laws not only the concept of efficiency, but also a rudimentary understanding of the concept of tort. If one’s action caused harm to another, the victim has the right for compensation. The Code specifies the rate of compensation for the harmful actions.

(vii) The Concept of Equity: The Code pays attention to equity by emphasizing fairness in pricing. Law 108, as example of the principle of equity, states as follows: If an ale-wife does not accept grain for the price of liquor (but) accepts silver by the heavy weight or (if) she reduces the value of beer (given) against the value of corn (received), they shall convict that ale-wife and cast her into the water. The Code recognizes that farmers were going to be short on cash between planting and harvesting but enjoy considerable leisure time which could be spent at the tavern. Farmers who drank on credit between ploughing and harvest had the assurance of a controlled price. Law 11, therefore, states as follows: If an ale-wife has given 60 SILA of coarse liquor on credit, at the harvest she shall take 50 SILA of corn.

(viii) The Concept of Property Rights: The Code unequivocally acknowledges private property in the form of land and goods. The Babylonian economy with its merchants, agents and landowner-cultivators could not function without private property rights and enforcement of these rights. The Code took violations of property rights very seriously and meted out capital punishment in most cases. Law 6 states as follows: If a man has stolen property belonging to a god or a palace, that man shall be put to death, and he who has received the stolen property from his hand shall be put to death.

(ix) The Concept of Taxes: The oldest examples of Ancient Mesopotamia writings are documents concerned with goods and trade and include records of taxes, tithes, and tributes. The earliest tax records known were from the ancient Mesopotamian city-state of Lagash in modern day Iraq and were made in soft clay. The clay was then baked and served as a receipt, or account. The tax rates in were typically low, but in times of crisis or wars, the rate would be 10% of all goods. The primary focus of early property taxation was land and its production value, and the taxes were often paid with a portion of the crop yield, or some other food. These taxes were used to supply the defence of the state, and for trade with other states.

The foregoing concepts as embodied in the Code together with the King’s Taxing and Spending Authority derived from his right to rule resulted in the emergence of Receivables Assignment industry, although it more closely resembled advance payment for goods than what we know Receivables Assignment to be today.

1300s – 1400s

The practice of Receivables Assignment to facilitate international trade through a form of Factoring method begins to take shape in England in the 1300s to 1400s. The first proponents were clothing merchants whereby the clothing items transporters to England, whom would have had to wait to get paid after delivery was made, could now get paid a portion of the journey’s pay immediately to cover costs for equipment and supplies.

The Templars – Basic Banking

The Knights Templar formed a basic banking system which provided the framework for Receivables Assignment in Trade. The Templars issued Letters of Credit against valuables and the bearer could then draw on Letter of Credit at any templars of any city.

1600s

In the 1600s Assignment of Receivable in Trade is starting to become very useful, especially in the American colonies through use of factoring. The pilgrims turned to 3rd parties, known as factors to help finance their journey to the New World. Once in the New World they would send their goods to England to make money. They were able to get advances on the payments for these goods in cash, depending on how strong their Receivable was. The American colonists worked with factors to finance the cotton, fur, tobacco, and timber industries.

1800s - The Industrial Revolution

The Industrial Revolution sweeps across Europe and the United States and entrenches the use of Receivables Assignment even further. It was during this period that if a client was considered a good credit risk, then the entity’s own credit risk would not come into play as much.

1900s

Textiles, garment, and transportation industries embrace fully the Receivables Assignment for their trading purposes through use of invoice factoring which allowed them to continue buying their raw materials as they dealt with long sales cycles because transportation and distribution of goods was not yet reliable.

1940s – 1980s

Receivables Assignment became more established and developed with entry of major banks, financial giants like GE Capital and GMAC, Fortune 500 entities, Servicing entities, Collection entities into the space. They enter the space through provision of Invoice Factoring options including servicing and collection options, to Textiles, garment, and transportation industries, as opposed to a business-to-business model. Small to mid-sized (SMEs) business also begin to use factors to benefit from having immediate cash available to manage business operations more efficiently because of use of Receivables Assignment to underpin their trading activities.

However due to the fierce competition amongst new entrants that resulted in exceedingly high interest and tightened and notably different regulations among nations created a series of commercial, finance and legal problems that adversely affected international trade. There was a global outcry for a solution to provide uniform rules for Receivables Assignment.

1990s - United Nations Convention on Receivables Assignment in International Trade.

The United Nations Commission on International Trade Law (“UNCITRAL”) together with the United Nations General Assembly provided a global solution by formulating and adopting a uniform law to govern Receivables Assignment in December 2001 the United Nations Convention on Receivables Assignment in International Trade (“the Receivables Convention” or “Convention”). The Convention set forth modern uniform rules governing the Receivables Assignment for use in international financing transactions. In particular, the Convention facilitates the use of cross-border Receivables financing by: (a) recognizing the legal effectiveness of a wide variety of modern Receivables financing practices; (b) overriding certain contractual obstacles to Receivables financing; and (c) providing clear, uniform conflict-of-laws rules to determine which country's domestic law governs priority as between the assignee of a Receivable and competing claimants.

The Convention has also resolved the commercial problem of high interest rates not only through the restoration of a harmonized by not only providing uniform rules for Receivables Assignment but also established the meaning of a Receivable as all or part of or an undivided interest in the assignor’s contractual right to payment of a monetary sum, that can be transferred in various ways to unlock capital or credit. These in combination allowed entities to access to capital and credit at more affordable rates.

2000s - Technological Breakthroughs and Advances

The Convention although is a technical solution that simplifies the global landscape through improved consistency of Receivables Assignment across borders, it is sadly not a registration system and therefore cannot provide any record public of information for Receivables Assignment.

The U.S. Article 9 of the Uniform Commercial Code ("UCC") attempts to fill the gap left by the Convention as it is a registration system that provides a public record of information for Receivables Assignment. However, tracking each Receivable from origination stage, distribution stage, assignment stage, reassignment stage, and settlement stage is quite difficult on the UCC system. Further it is difficult to check if at each stage if the Receivable registered on the UCC system is counterfeit free and duplicate free.

The gap left by the Convention and the inadequacies inherent in the UCC registration system did spur a technological breakthrough around Automation Systems to manage Receivables such as ERP systems and business software. These Automation systems allowed for automation of some of the processes involved in the management of Receivables by eliminating manual processes such as highlighters and aging reports, and prioritized workflows, automated email, and accounts Receivable analytic tools. The drawback with these Automated systems is that they are not registration systems as envisaged by the Convention and do not provide public record of information for Receivables Assignment.

Developments around Automation systems together with other technological breakthroughs such as increased internet access and cloud technology spurned interest from financial institutions (“FIs”) and fin-techs alike who increased their activities in Receivables-based financing. This includes both the origination of new lending deals and Receivables sales transactions, the net effect of has been a significant increase in trade financing capacity.

Receivables Assignment has been financed through a wide range of traditional techniques and products from documentary credits, factoring, forfaiting, asset-based lending, refinancing, securitization, supply-chain financing, project finance and even credit card debt, with the requirement of observance of all legal regulations on the rights and obligations of the assignor, assignee, and debtor. It therefore means that transfer of value is hampered by legal, technical, and operational complications associated with traditional Receivable Assignment methods. Technological breakthrough such as tokenization, blockchains and smart contracts has simplified and modernized Receivable assignment methods such that transfer of value is done without legal, technical, or operational complications associated with traditional Receivable assignment methods.

This has been achieved by Platforms developed using tokenization, blockchains and smart contracts. These technological advances are because of the progressive development of policies that require electronic invoicing, as well as the implementation of best practices, policies, technologies, and mechanisms in the field which continue to evolve around legal, structural, and due diligence issues regarding cross-border Receivables finance.

The Platforms serve both roles of a decentralized registry system for Receivables Assignment and online marketplaces for Receivables-Financing Transaction. On the platform every Receivable registered is trackable through the entire system from origination stage, distribution stage, assignment stage, reassignment stage, and settlement stage ensuring registered Receivable is counterfeit free and duplicate free.

The net effect has been the platforms allow users continuous access to capital through a dynamic marketplace at the low cost and a permanent record of each transaction is traceable, visible, and verifiable by users globally and from any device including mobile phone Apps.

2019 – Recent Legal Advances

Ratification by the United States of the Convention in October 2019 marked an important and long-overdue step in advancing global adoption of the Convention. Adoption would mean the full implementation of the Convention objectives in a simplified form that allows all to participate in Receivables Assignment resulting in access to capital and credit for projects in an ecosystem system that not only integrates smoothly with existing monetary and macroprudential policies but also one that guarantees mechanisms protocols policies that ensure that parties to the Receivables Assignment are identifiable and verifiable, the Receivables are trackable, transparent and immutably recorded, ensuring all registered Receivables from origination, distribution, assignment, reassignment, and settlement is done counterfeit free and duplicate free giving credibility for every Receivable Assignment.

Global adoption could have global, game-changing implications for entities to access more financing in support of international trade particularly considering the existing challenge of lack of liquidity to convert existing Receivables to cash caused directly by the low Government and Public participation in Receivables Assignment Market. Today Government buys (“Absorb”) Receivables gradually from the Receivables Assignment Market through the write-off accounting practice. Government allow entities to write-off and deduct from their income any uncollectible Receivable partially or fully in the year that the Receivable becomes uncollectible. This translates to lower taxes paid to Government by the entity in that fiscal year by an amount equal to the Uncollectible debt. This means that Government not only loses tax revenue but is also out of pocket as it has fully reimbursed the entity the total uncollected Receivable out of its own resources. It is this current practice ineffective absorption of Receivables by Government that has exacerbated the current Receivables Assignment Market.

Global adoption and full implementation of the Convention by Government is the solution. Government should absorb all Existing Receivables at full value each financial year whether uncollectible or not. The net effect, when Government moves away from the current in-effective method of absorbing Receivables through the write-off method and rather absorb Receivables through Receivables Assignment, is Double Income to the Government as follows: - (i) when Government pays Assignor full value of the absorbed Receivable, there is Government income in form of taxes paid by the Assignor to Government in full in the fiscal year of absorption. The benefit to the Assignor in this stage is that after absorption at full value, there is now capital to generate even higher/more income which is taxable and payable to the Government; and (ii) After Receivables Assignment to Government by Assignor, the proceeds of assigned Receivables is collected by the Assignor form the Debtor and handed over to Government as its income. The Debtor benefits in terms of the opportunity for Debtor to continue trading to generate more income and pay higher taxes to the Government.

Limited participation in Receivables Assignment by the Public is because majority of the entities do not know where to go to participate in the Receivables Assignment Market. The advent of new technologies like tokenization and blockchain has seen the opening of this industry with a proliferation of platforms that allow anyone anywhere to participate in Receivables Assignment Market.

3.0 The Problem Statements

Throughout history the following problems have plagued the Receivables Assignment industry, (i) Poor Literacy, (ii) Uncertainties as to applicable legal regime, (iii) Inadequate public information on Receivables Assignment, (iv) Lack of clarify on Place of Settlement of Receivables, (v) Persistent unmet demand of Receivables Financing, (vi) Due diligence uncertainties, (vii) Lack of consistent supply of Receivables in the market, and (viii) Trust in the Receivables Assignment Market. Each problem has a solution as discussed below.

(i) Poor Literacy

Receivables Assignment has historically been open to and practised by everybody (meaning all entities) since the dawn of human civilisation, but there has been high degree of ignorance among the population about Receivables and Receivables Assignment at every stage as it is today. There has been lack of knowledge amongst vast majority of the systems and structures that exists in the Receivables and Receivables Assignment industry. Also although Receivable’s education is a part of several courses of study in schools there is still extraordinarily little application of the acquired knowledge in practice leading to loss of capital for trade and development. The Convention and other various literature now available as formal source of information on Receivables and Receivables Assignment have come a long way to provide clarity, but there still exist insufficient awareness of the industry. There is need for on-going sensitization efforts towards educating everyone on Receivables Assignments and its benefits.

Throughout history there has been various classes and definitions of Receivables, further exacerbating the complications that exists in the industry. The Convention provides the solution to this problem by simplifying the definitions of “Receivable”, “Assignment”, and “Secondary Assignment” as follows:

(a) Receivable means of all or part of or an undivided interest in the assignor’s contractual right to payment of a monetary sum

(b) Assignment means the transfer by agreement from one entity (“assignor”) to another entity (“assignee”) of all or part of or an undivided interest in the assignor’s contractual right to payment of a monetary sum (“Receivable”) from a third entity (“debtor”).

(c) Subsequent Assignment means the assignment by the initial or any other assignee whereby the entity that makes that assignment is the assignor and the entity to whom that assignment is made is the assignee.

(ii) Uncertainties on choice of the applicable legal regime.

Choice of applicable legal regime is critical to the maintenance of value throughout the Receivable life cycle. The transfer of value through Receivable Assignment by Assignor to Assignee requires that all legal regulations on the rights and obligations of the assignor, assignee, and debtor are adhered to as they significantly affect Receivables Assignment. However there existed and still exists considerable and notable differences among national and inter-state legal regulations that creates problems for Receivables transactions within and across national borders, adversely affecting domestic and international trade. The Convention provides the solution to this problem by changing some of the fundamental aspects of the legal mechanics underpinning the Receivables Assignment by setting forth modern uniform rules governing Receivables Assignment for use in Receivable financing transactions. In particular, the Convention facilitates the use of cross-border Receivables financing by: (a) recognizing the legal effectiveness of a wide variety of modern Receivables financing practices; (b) overriding certain contractual obstacles to Receivables financing; and (c) providing clear, uniform conflict-of-laws rules to determine which country's domestic law governs priority as between the assignee of a Receivable and competing claimants.

(iii) Inadequate public information on Receivables Assignment.

There was and still is inadequate access to public information on Receivables Assignment. This is because the traditional registration system for Receivables Assignment, for example the UCC, although providing being public record of registered Receivables and their assignment, tracking each registered Receivable across the various stages of origination, distribution, assignment, reassignment, and settlement is very difficult. Further it is difficult to check if the registered Receivable is counterfeit free and duplicate free at each stage. Technological breakthroughs such as increased Internet access, cloud technology, blockchain technology, tokenization, smart contracts, etc solves this problem through use of platforms harnessing these technologies. These Platforms serve as decentralized registry system for Receivables Assignment and online marketplaces for Receivables-Financing Transaction. On the platform every registered Receivable is trackable through the entire system from origination, distribution, assignment, reassignment, through to settlement ensuring that (i) each registered Receivable is counterfeit free and duplicate free, and (ii) each Receivable Assignment is traceable, visible, and verifiable by users globally from any device including mobile phone Apps.

(iv) Lack of clarity on Place of Settlement of Receivables.

Receivables Assignment has throughout history been and remain the most effective method of financing development, the evidence being very obvious- Nations with higher developed Receivables Assignment industry are said to be developed and those with lesser developed Receivables Assignment industry are simply poor. For Receivables Assignment to be an effective method of financing development, the Places of Settlement of Receivables is crucial. However, Receivables Assignment has throughout history been hampered by lack of clarity on Places of Settlement of Receivables leading to creditors in some instances taking the law into their hands and demanding payment from debtors with all sorts of tactics.

Traditionally the Places of Settlement has been the (i) debtor’s residence or office, (ii) creditor’s residence or office, (iii) the police stations, (iv) courts, and (v) banks after their entry into the Receivables Assignment industry as originators. These traditional Places of Settlement have been inadequate hampering the Receivables Assignment Market. The world today is in a better place due to the technological advances that have resulted in the emergence of platforms that provide modern and convenient Places of Settlement as part of its suit of offerings leading to a transparent source of information for regulatory decision making and ensuring society can have the full benefit of the natural human instincts to assign Receivables as a way of enabling development is all fields of human existence.

(v) Persistent unmet demand for Receivables Financing.

Receivables Assignment has been and is still the financing method for sustainable development, cash, and forward financing as it is in insurance does little to lift people out of poverty. Receivables Assignment remains the method for lifting populations out of poverty and therefore demands the full attention of authorities to enable development. The road out of poverty for populations remains the effective management of Receivables Assignment, but there has been gaps in management leading to chronically unmet demand for Receivable’s financing; a situation which should not exist because Receivables inherently have a buyer of last resort via the current write off system.

This Overview suggest that the uneven application of the current tax write-off system favours only the strong and create poverty among the poor. Protecting the weak should be the ultimate duty of government but the current-buyer-of-last-resort-system favours only those who can make a comeback on their own at the expense the population. There is urgent need to revise the current system to allow all persons to report their contractual right to payment of a monetary sum and development of a system to absorb when the debt becomes uncollectible in a fair and equitable manner that benefits the weak and the strong, the poor as well as the rich. The selective purchasing of Receivables where buyers pick and choose which Receivables and from which industry the insufficient available cash can be applied is most likely to continue until there is clarity that allows write-offs and debt forgiveness extension to all in a fair manner. The solution is improving awareness, harmonizing legal regimes, clearly defining Receivables, and improving registration.

(vi) Due Diligence Uncertainties

The Receivables Assignment should not be susceptible to fraud as there has to be a named debtor to arrive at a Receivable, but the current ineffective management environment makes room for double selling though a situation that can be addressed by increased government (buyer of last resort) participation. Receivables is traditionally paper based and arises from Assignor’s right to payment of a monetary sum, it is still possible for disputable Receivables to make its way to the market, as a result the principle of caveat emptor or “buyer beware” applies equally to the purchase of Receivables in the same way as it would with the purchase of any other asset. Given the risk of fraud and the resulting serious consequences that could arise, proper due diligence on the Receivables, entities identification, document/transaction authenticity is essential to any Receivable Assignment.

In the past due diligence on Receivables could be cumbersome but solutions exist today in the use of a combination of proper controls and protocols to procure information or evidence that the Receivables exist and have not been previously financed; together with the technological advances in the sector such as blockchain to mitigate the risk of fraud on the Platform the Receivable is registered. The Platform (a) transforms invoices into digital assets with unique identities on a distributed, decentralized ledger, (b) timely approves Receivables Assignment due to increasing time pressures from customers who now expect their financing requests to be approved within a shorter time frame given the technological advances in the sector, (c) easily finance such digitized invoices on the platform reducing fraud risk as the recorded transaction between the ledger’s participants is immutable and cannot be easily erased from the system, and (d) revolutionizes Receivables Assignment processes by reducing the need for on-site Receivables audits and buyer diligence.

VII Lack of consistent supply of Receivables in the Market

Lack of publicly available records on available Receivables creates what seems like a lack of consistent supply but the opposite has always been true. There is persistent lack of liquidity to finance available Receivables, as a result Institutional buyers pick and choose the industry they want to participate in, and the type of Receivables they want to buy, but a more open Receivables market is the solution to this problem.

(vii) Trust

The inability to perform as agreed or as expected regardless of the reason (voluntary or involuntary) results in existing Receivables. That is the breach of trust results in most available Receivables, any other uncertainty in Receivables Assignment processes compounds the challenge to the industry. Receivables like any other forms of money requires that its Receivables Assignment Institutional Support System (“RAISS”) be clearly defined with each participant’s role clearly defined to engender trust, market confidence, and provide additional comfort to Ura users.

Receivables Assignment is made possible via a means of exchange issued by the monetary authority. Faith in the monetary authority to maintain the value of each Receivables unit is critical to the Receivables Assignment Market. The origination process needs to be free of counterfeits and duplicates, the registration and record keeping of Receivables needs to free of faults, Assignors needs to be extra careful not to assign non-existing Receivables unless clearly disclosed that the Receivables being assigned are non-existing and the conditions to the Receivables becoming existing contractual right to payment clearly defined. Management platforms must ensure counterfeit and duplicate free assignment. All participants must be able to count on the Receivables and the assignment processes. The public should be able to count on availed Receivables as being free of faults, counterfeits, and duplicates. All the above trust issues are addressed by a sound absorption regime that has no ifs and buts. Sound Receivables Assignment Institutional Support System (RAISS) requires participation at every level by role players who understand their role, responsibilities and duties fully and offering sound services or products needed for Receivables management, distribution, exchange and transfer.

4.0 Receivables Assignment Institutional Support System (“RAISS”)

Receivable Assignment means a sale of Receivable as an asset. The role of the Receivables Assignment Institutional Support System (RAISS) is to provide a well-supported transacting environment for all to participate in Receivables Assignment resulting in all gaining access to non-centralized source of Receivables in an ecosystem system that integrates smoothly with existing macroprudential policies. The Receivable ecosystem is one that should guarantee mechanisms protocols policies that ensure that parties to the Receivables Assignment are identifiable and verifiable, the Receivables are trackable, transparent, and immutably recorded, ensuring all registered Receivables from origination, distribution, assignment, reassignment, and settlement is done counterfeit free and duplicate free giving credibility for every Receivable Assignment.

The Receivable ecosystem has core features of (i) ease of exchange, (ii) convertibility, (iii) instant settlement, (iv) continuous availability and (v) high degree of safety. Thus, RAISS ensures an expectation of successful completion of Receivables Assignment by providing services and capabilities that ensure and allow: -

(i) transferability and exchangeability of Receivables without recourse negatives,

(ii) ability to secure, hold and store Receivables into the future without devaluation and safe from loss.

(iii) ability to identify Receivables as unique (counterfeit protection),

(iv) ability to rectify problems to safeguard rights of users,

(v) removal of uncertainty on Receivables future value, and

(vi) reversal of transactions to rectify problems such as mistakes, fraud, or deceptive conduct.

(a) RAISS1 - Primary Receivables Originators & Holders of Last Resort (RAISS1)

This category comprises of entities that enable Receivables Assignment either as authorities over the currency of the Receivables or as net assets holders whose primary role is enabling the Receivables Assignment ecosystem. These entities participate in the Receivables Assignment Market as Primary Receivables Sellers to enable and sustain a particular Receivables Assignment ecosystem/economy.

RAISS1 is a global institution in the Receivables ecosystem and includes Governments and institutions with vast resources capable of maintain a Receivables ecosystem, not for gain but as a duty. Entities in RAISS1 category are guided by their internal policies designed to sustain the ecosystem. The role, function, and responsibility of RAISS1: -

(i) maintain Receivables value.

(ii) hold and store Receivables into the future without devaluation and safe from loss.

(iii) transferability and exchangeability of Receivables without the recourse negatives,

(iv) ability to identify Receivables as unique (counterfeit protection),

(v) ability to rectify problems to safeguard rights of users,

(vi) removal of uncertainty on Receivables future value.

(b) RAISS2 – Originators of Receivables (“RAISS2”)

This category comprises of entities that participate in the Receivables Assignment Market as institutional or private originators of Receivables. RAISS2 category includes any entity that by design or default originate Receivables. From the moment any party file taxes that includes Receivables originated by the entity, the entity is an RAISS2 and must be subject to observing the necessary Receivables record keeping protocols. RAISS2 category participation is open to any capable participants subject to Receivable’s ecosystem participation rules. Entities in RAISS2 category may be local, national, or global to the extent that the currency of the Receivable and therefore the ecosystem supports it. The role, function, and responsibility of RAISS2: -

(i) supply Receivables Assignment Market with counterfeit free Receivables.

(ii) maintain the Receivables value.

(iii) develop and implement internal policies for flow of Receivables into the market.

(iv) hold and maintain up to date records for the Receivables offered to the market.

(v) provide counterfeit protection to ensure that all Receivables have unique identity.

(c) RAISS3 – Receivable Bankers or Authorities (“RAISS3”)

This category comprises of entities that may or may not originate Receivables but offer banking (safe keeping), record keeping, and servicing. This RAISS3 category also includes registration authorities such as courts, UCC, Secretaries of State, and providers of Receivables registration services. RAISS3 may offer online services but must have physical place of registration and safe record keeping. Entities in RAISS3 category may be local, national, or global institutions in the Receivables ecosystem. This level is open to any participant subject to Receivable’s ecosystem participation rules. Examples of such platform providers are the UCC registration offices, etc. The role, function, and responsibility of RAISS3: -

(i) offer sound counterfeit free record keeping to the Receivables Assignment Market

(ii) maintain sound record of settlements and ensure settled Receivables are removed from the market RAISS3 may offer the service as the place of settlement bring clarity to the settlement processes.

(iii) safely keep registry records of Receivables registered with them into the future or at least for as long as the Receivables exist and complying with all other applicable record keeping rules.

(iv) ensure that all Receivables have unique identity (counterfeit protection).

(d) RAISS4 - Receivables Exchanges (“RAISS4”)

This category comprises of entities that participate in the Receivables Assignment Market as platform providers whose main role is to provide the platform to seamlessly acquire and resell Receivables on until the debtor pays. It includes all kinds of Receivables Exchanges where Receivables Assignment occurs. RAISS4 category participation is open to participation by all who can afford it given that Blockchain and other technological advances has reduced the entry barrier to this category.

Entities in RAISS4 category functions like traditional exchange service. RAISS4 may be a physical facility with online presence, online only, or physical office only. Entities in RAISS4 category have the legal and fiduciary responsibility to meet, comply and maintain all the equivalent structures, services, support, adhere to all the guidelines outlined in the Convention and any other applicable rules and regulative requirements for the Information management. An example of an entity in this level is k1malls.com, Receivables vendors on the k1malls.com, Decentralized Receivables Exchange on Blockchain, etc. The role, function, and responsibility of RAISS4: -

(i) maintain sound records on all Receivables exchanged via the platform.

(ii) carry out proper due diligence that establishes that the Receivable offered for exchange are valid and is supported by verifiable and proper documentation.

(iii) ensure that all Receivables have unique identity (counterfeit protection).

(iv) secure Receivables they hold on behalf of third parties including the responsibility to hold and store Receivables into the future without devaluation and safe from loss.

(v) immediately settle Assignors (vendors) and transfer assigned Receivables to Assignees.

(vi) remove non existing Receivables being Receivables that the debtor has paid from the platform.

(vii) provide the mechanisms to rectify problems and reversal of transactions such as mistakes, fraud, or deceptive conduct.

(e) RAISS5 – Institutional/Corporate Buyers and Sellers of Receivables (“RAISS5”)

This category comprises of entities participating in Receivables Assignment Market as institutional buyers. This includes all underwriters, insurers, forfeiters, factors of Receivables. This level is open to any participant who can afford it.

(f) RAISS6 – Individual Buyers and Sellers of Receivables (“RAISS6”)

This category includes the public. Most entities engage in Receivables transaction regularly but without adequate knowledge of the industry, doing so on word of mouth and with little documentation, disregarding the implications and the benefits of trading in Receivables. Widespread availability of RAISS4 shall help streamline the practice and make formal participation in Receivables Assignment accessible to all.

(g) RAISS7 – Absorption Agencies as Last Resort Buyers of Receivables (“RAISS7”)

The current accounting system drawn from the practice that has existed since the advent of Receivables Assignment allows for write-offs of uncollectible Receivables. Various write off policies and guidelines make the Government in each Receivables Assignment ecosystem the buyer of last resort. The current practice favours the strong and robs the weak, it allows for those with sustaining power to write off uncollectible Receivables with public money, being taxes that could be paid to government for public good. Those without sustaining power are forced to liquidate due to the same uncollectible Receivables.

All governments should take the step that the United States of America (“US”) has taken to ratify the Convention and fully implement the Convention objectives. This will result in the streamlining of the absorption processes, making it accessible to all will go a long way in ensuring that the Receivables market function well for the benefit of all. It shall persuade all originators to maintain proper documentation, leading to maintenance of proper records throughout the Receivables institutional support system. Clarity of the role of government as buyer of last resort will address the trust issue in the Receivables industry and allow for widespread participation and enable the economy to develop better to the benefit of all. Trust in the Receivable assignment industry depends largely on the transparency of the role of RAISS7.

RAISS7 level comprises of government as authorities of currencies of each Receivables ecosystem. Their role is that of official buyers of last resort in their Receivable ecosystem. Instead of the current write-off method of dealing with uncollectible Receivables which benefits only few rich entities, they should implement the Convention fully and absorb all Receivables in a fiscal year by way of Receivables Assignment to the authorized agencies which will result to benefit all.

5.0 The role of Resource Mobilization Inc.

Resource Mobilization Inc, its successors, and assigns (“RMI”) was incorporated as company with the understanding that the company was only going to be an administrative holding entity and all real asset or capital will be held in its subsidiary companies trading in several nations, but the termination of the Katota program in 2011 moved all held assets in the various companies to RMI. RMI became a very substantial net asset holder of the assets in the form of Receivables. On November 14th 2014 RMI resolved to tokenize the Receivables it held into Ura and soon after the tokenization the Ura took on a life of its own leaving the Receivables as reserves to be managed by RMI.

Ura is privately controlled money with full exchangeability, that (i) has intrinsic value because as at 11/14/2014, the date that the existing Receivables belonging to RMI was tokenized into Ura, it had value equal to the same units in existing Receivables (“Reference Assets”) at Ura/US$ initial 1:1 exchange rate, (ii) has a stable store of value derived from the Reference Assets, (iii) worth equal or more than a US dollar. Ura is therefore a medium of exchange, store of value, and unit of account; therefore, Ura is good for (i) payment of goods and services, and (ii) settlement of financial transactions and debt including taxes.

RMI in its capacity as the Authority over Ura and as holder of substantial reserves in the form of Receivable is in the position to enable a Receivables Assignment ecosystem with Ura as its money as well as trade in any other monetary ecosystem.

URA on k1malls OVERVIEW

07/17/2020
by Joseph R K Eshun

URA on K1malls Overview

This Overview may be altered or updated at any time.

This Overview has been prepared to advance a general understanding about Ura. Ura begun as commodity money introduced by Resource Mobilization Inc (“RMI”). Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transformed Ura into a monetary system. RMI includes Resource Mobilization Inc, its successors, and assigns. The term Ura is an acronym derived from Universal Receivables Assignment which term was adopted on 11/14/14 by board resolution to be the name of the money drawn on RMI reserves.

NOTICE

The information set forth in this Overview may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Overview. The sole purpose of this Overview is to provide relevant and reasonable information on Receivables Assignment.

This Overview includes information from several sources (all sources are recognized). It has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Overview without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Overview, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Overview or for any decision based on it.

The information contained in this Overview may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Overview may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Overview, the information contained in this English language original Overview shall prevail.

1. Introduction

Ura is Money, deriving its value and authority from United States (U.S.) dollar-based Receivables (“Reference Assets”) owned and held by Resource Mobilization Inc, its successors, and assigns (“RMI”). Ura originates largely from the claims prepared at the instance of RMI by professional appraisers who traced, verified, quantified, and recorded in the appraisal report the total amounts due and payable to the creditor by the debtors in the Receivables. Receivables are defined in the United Nations Convention on Assignment of Receivables in International Trade (“Convention”) as “all or part of or an undivided interest in the assignor’s contractual right to payment of monetary sum”.

Tokenization of RMI Receivables into Ura became necessary following several failed efforts to convert RMI Receivables into other forms of money either by original account debtor paying or selling Receivables in the Receivables Assignment Market as envisaged by the Convention. Ura is therefore a response to (i) persistent unmet demand for receivables financing, (ii) shortage of capital in international trade as envisaged by the UN Convention, and (iii) falling trust in fiat stability in many jurisdictions, as indicated by the history of fiat and the 2007/8 financial crisis in the United States.

Ura is privately controlled money that (i) has intrinsic value because as at 11/14/2014 when RMI existing Receivables (“Receivables”) were tokenized into Ura, its value equals the same units in Receivables (ii) has a stable store of value derived from the Reference Assets, (iii) worth equal or more than a U.S. dollar, and easy to exchange. Ura empowers its core functions of medium of exchange, unit of account, store of value, and standard of deferred payment making it good for (i) payment of goods and services, and (ii) settlement of financial transactions and debt including taxes. Ura is the solution to the shortcomings of fiat and other forms of money. Ura powers the transfer of value from on entity to another without legal, technical, or operational complications associated with traditional receivables assignment methods. It does this by implementing the objectives of the Convention in a simplified form, extending the Convention benefits to all, providing society with another source of money and credit for projects complementing other forms of money.

Ura is money, digital Ura is a form of Ura, it is not a cryptocurrency, a security or collective investment scheme and does not grant its holders any voting or ownership rights, any return on investment, and any profit or passive income from its holding.

2. Ura on K1malls Platform

K1Malls platforms (“K1malls”) distributes Ura digitally (“Digitized Ura” or “Digital Ura”). Digital Ura distributed and/or exchanged on K1Malls is derived from Ura, is counterfeit free and duplicate free.

URA WHITEPAPER

07/17/2020
by Joseph R K Eshun

URA Whitepaper

This Whitepaper may be altered or updated at any time.

This whitepaper has been prepared to advance a general understanding about Ura. Ura begun as a commodity money introduced by Resource Mobilization Inc (“RMI”). Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transformed Ura into a monetary system. RMI includes Resource Mobilization Inc, its successors, and assigns. The term Ura is an acronym derived from Universal Receivables Assignment which term was adopted on 11/14/14 by board resolution to be the name of the money drawn on RMI reserves.

NOTICE

The information set forth in this Whitepaper may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Whitepaper. The purpose of this Whitepaper is to provide relevant and reasonable information on Ura.

This Whitepaper includes information from several sources (all sources are recognized). it has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Whitepaper without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Whitepaper, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Whitepaper or for any decision based on it.

The information contained in this Whitepaper may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Whitepaper may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Whitepaper, the information contained in this English language original Whitepaper shall prevail.


1 What is Money?

Money is value. It is intangible in nature (i.e., it cannot be felt, touched, or smelled). It has intrinsic value (i.e., has value in and of itself). Money is money, irrespective of its recognition or acceptance. Money fully vests with its owner(s) granting the owner(s) the authority to provide the means of money transmission (i.e., “Currency”) from one entity to another in a socio-economic environment. Money empowers four key functions, being medium of exchange function, unit of account function, store of value function, and standard of deferred payment function as discussed below.

1.1 Medium of Exchange Function.

Money is the authority that powers exchange. It is a pre-requisite for all exchanges and payments in a money economy (money economy means a system or stage of economic life in which money augment barter in exchanges). In any money economy, the value of any good or service can be derived in form of money, quoted in terms of a currency.

Money empowers the medium of exchange function in its form as currency. Money facilitates trade by making it easier to (i) buy and sell goods and services and (ii) pay and settle financial transactions and debts including taxes in a socio-economic environment compared to barter (barter system still exists today), being the exchange of one monetary good or service for another. Money makes it easier to trade compared to barter because it eliminates one of the major difficulties of barter of fulfilling the mutual or double coincidence of wants.

1.2 Unit of Account Function.

Money is the common denominator (i.e., Unit of Account) that people use to present prices, record debts, and make calculations and comparisons. Money by empowering its unit of account function (i.e., money as a measuring rod of economic value), makes price determination easier. To be an effective force multiplier, money must eliminate barter’s biggest deficiencies, that is it must end the double coincidence of wants problem and reduce the number of prices, ideally to one per good. It does the former by empowering its medium of exchange function, something that people acquire not for its own sake but to trade away to another person for something of use. The latter it does by empowering its unit of account function, as a way of reckoning value. In order to reckon value, money allows comparisons of the economic value of unlike things easily and quickly, for example to compare apples and oranges, both literally and figuratively.

For money to empower its unit of account function it must have the following characteristics: divisible, fungible, and countable.

a. Divisible: Unit of Account can be divided so that its component parts will equal the original value. Illustration: If you cut a bar of gold in half, the two pieces together will equal the same value as the original bar.

b. Fungible: One Unit it viewed as the same as any other with no change in value. Illustration: 12 ounces of 24-carat gold is no different than another 12 ounces of 24-carat gold.

c. Countable: A Unit of Account is also countable and subject to mathematical operations. You can easily add, subtract, divide, and multiply units of account. This allows entities to account for profit, losses, income, expenses, debts, and wealth. For purposes of this Whitepaper entity means natural persons being all human beings from all walks of life, wherever they are located around the world and juridical persons being all non-human legal entities of all sizes, wherever they are located around the world, (hereinafter referred to as “Entities” or “Entity”).

1.3 Store of Value Function.

Money once acquired should over time prove and maintain its value. That is, money empowers the store of value function by its ability to be saved, retrieved, and exchanged in the future ideally without devaluation. This means that money can be used to purchase the same quantity of goods and services, that provide the same consumption value, in the future as it can purchase today. Illustration: U.S. dollar deriving its authority from money owned by the United States of America is stored by many nations as reserve money. Arguable, but U.S. dollar is leading store of value in the world today.

1.4 Standard of Deferred Payment Function.

Money is used as a standard benchmark for specifying future payments for current purchases (i.e., buy now, pay later). This function is a direct result of the store of value and unit of account functions empowered by money. If money is the standard for current prices, then money to function as a deferred payment standard, it must retain value, and it must also store value.

Ura is Money.

Ura derives value and authority from United States (U.S.) dollar-based receivables (“the Commodity”) owned and held by Resource Mobilization Inc, its successors, and assigns (“RMI”).

Ura originates largely from the claims prepared at the instance of RMI by professional appraisers who traced, verified, quantified, and recorded in the appraisal report the total amounts due and payable to the creditor by the debtors in the Receivables.

Receivables are defined in the United Nations Convention on Assignment of Receivables in International Trade (“Convention”) as “all or part of or an undivided interest in the assignor’s contractual right to payment of monetary sum”.


2 Forms of Money.

There are three types of money: commodity money, commodity-based money, and fiduciary money.

2.1 Commodity Money.

Commodity money begun as bartering. The commodity itself is the money that people exchange for goods and services. Its value is also directly perceived by its users who recognize its utility (use-value) as goods in themselves. The first examples of commodities used as money include, pearls, precious stones, gold, silver, copper, iron, bronze, peppercorns, salt, tea, coffee, shells, alcohol, tobacco, wine, cloth, silk, nails, cocoa beans, cowrie shells, barley, cows, goats, animal skins, weapons, leather, etc. However, commodity money generally lacks uniformity, it is not useable in all societies, it is a poor store of value, it is not easily portable, and its value is negotiated for every transaction. Because of these inadequacies, money being the value of the commodity instead of the commodity itself was derived and used alongside commodity money.

Metals were initially only used as currency before they became commodity money. For example, gold and silver were predominantly used as currency for 4,500 years before they became commodity money itself. Early coins first appeared in Lydia in about 680 B.C., and the techniques were quickly copied and further refined by the Greek, Persian, Macedonian, and later the Roman empires. Unlike Chinese coins which depended on base metals, these coins were made from precious metals like silver, bronze, and gold, that had more inherent value. It is at this point that precious metals became commodity money, whose value came from the precious metal it was made of. However, metallic commodity is plagued by debasement negatives, scarcity of precious metals to mint large coin quantities, and risk of loss or theft when porting large quantities, which led to the introduction of commodity-based money.

Ura is Commodity money, deriving value from the U.S. dollar-based receivables owned and held by RMI; the exchange rate of Ura to the U.S. dollar Receivables is 1 Ura:1Unit of Receivables.

2.2 Commodity-Based Money.

Commodity-based money came into being when commodity owners started using representative claims on units (tokens) of the same commodity. For example, the ancient empires of Egypt, Babylon, India and China, temples and palaces often had commodity warehouses which made use of clay tokens and other materials as evidence of a claim upon a portion of commodities stored in the warehouses. Because these tokens could be redeemed at the warehouse for the commodity they represented, they were traded in the markets as the commodity itself or as money for payments. Commodity-based money draws its value from the commodity it is representing and does not involve handling the commodity itself. Commodity-based money is exchanged for the value of the commodity (i.e., it is redeemable for a set amount of the commodity backing it). Commodity-based monies circulate in socio-economic environments alongside other forms of money.

Fiat money is a form of commodity-based money, deriving its value from the physical reserves (i.e., the commodity) of a nation. Fiat money is convertible to the commodity backing it at a fixed exchange rate. For example, U.S. dollar when it was linked to gold reserves drew its value from the gold reserve. The United States delinked its U.S. dollar from gold in a vault being the commodity, replacing it with the entire United States monetary authority. Fiat money is national commodity-based money. It derives its value from the entire resources (“Money”) of the issuing monetary authority (“issuer”) which also guarantees its value in a socio-economic environment to which the issuer has authority over.

Ura is commodity-based money; deriving value and authority from the U.S. dollar because the receivables (“the commodity”) are U.S. dollar denominated and exchanged without transferring the commodity itself. The initial exchange rate of Ura to the U.S. dollar is 1Ura:1US$ as at 11/14/2014.

2.3 Fiduciary Money.

Fiduciary Money derives from the commodity of the issuing authority of the money and commodity held by the fiduciary entity (bank). Fiduciary money begun when banks and similar institution (bank) circulated money from one entity to another during economic transactions by reassigning it from one entity to another for accounting purposes while such money was physically held on deposit at the same bank. Fiduciary Money is conveyed via the deposited money substitutes which represent the deposited money. These money substitutes are passed from one entity to another in daily transactions and settled later by financial institutions, for example checks. Use of money substitutes increased portability and durability of fiduciary money and reduced other risks and allowed people to simultaneously enjoy the use of their money in day-to-day transactions while also keeping the money secure from theft or physical damage.

Ura is fiduciary money. The banks distributing Ura shall as part of their fiduciary duties add to the Receivables (“the commodity”) and subsequently issue additional Ura as per market demand.

3 What is Currency?

Currency is a product of Money. It does not have value in and of itself. It is used as a means of conveying money from one entity to another. Currency is tangible, issued by an entity with authority to guarantee its value (the “monetary authority”), empowered by money to be used as a medium of exchange for transactional and payment purposes. Currency derives its value from money owned and held by the issuing monetary authority (“issuer”).

There have been many forms of currency in history. Currency invention begun with the early societies which used an available commodity that had the best combination of durability, portability, divisibility, uniformity, limited supply, and acceptability. The first examples of currencies were commodities used currency such as pearls, precious stones, gold, silver, copper, iron, bronze, peppercorns, salt, tea, coffee, shells, alcohol, tobacco, wine, cloth, silk, nails, cocoa beans, cowrie shells, barley, cows, goats, animal skins, weapons, leather, and so on. However, some currency forms have worked better than others because they were more useful as currency (i.e., have a better combination of currency characteristics). For example, Hay (grassy livestock feed) rarely emerges as money because it is too easy to adulterate with weeds; its low value-to-bulk renders its portability very low due to the trouble and expense of transporting it; and until it is properly baled and stored, a rainstorm can ruin it. Tobacco, by contrast, has served as a currency because it is more uniform, durable, portable, and easily authenticated than hay. In colonial Virginia, tobacco was turned into a form of currency as well as commodity money when trustworthy and knowledgeable inspectors attested to its quality, stored it in safe warehouses, and issued paper receipts for it. The receipts, rather than the tobacco itself, served as an extremely uniform, durable, divisible, portable, and acceptable currency.

The characteristics of a good currency are durability, portability, divisibility, uniformity, limited supply, and acceptability. Below are examples of some the most powerful currencies in history:

a. Persian daric: The daric was a gold coin used in Persia between 522BC and 330BC.

b. Roman currency: Currencies such as the aureus (gold), the denarius (silver), the sestertius (bronze), the dupondius (bronze), and the as (copper) were used during the Roman Empire from around 250 BC to AD 250.

c. Thaler. From about 1486 to 1908, the thaler and its variations were used in Europe as the standard against which the various states’ currencies could be valued.

d. Spanish American pesos. Around 1500 to the early nineteenth century, this contemporary of the thaler was widely used in Europe, the Americas, and the Far East; it became the first world currency by the late eighteenth century.

e. British pound. The pound’s origins date as early as around AD 800, but its influence grew in the 1600s as the unofficial gold standard; from 1816 to around 1939 the pound was the global reserve currency until the collapse of the gold standard.

f. Euro. Officially in circulation on January 1, 1999, the euro continues to serve as currency in many European countries today.

g. U.S. dollar. The Coinage Act of 1792 established the dollar as the basis for a monetary account, and it went into circulation two years later as a silver coin. Its strength as a global reserve currency expanded in the 1800s and continues today.

The modern forms of currency include: -

a. Cash being the physical paper notes and coins, for example the U.S. Dollar which is used as money (reserve money), currency and legal tender in the United States of America.

b. Check which refers to a paper order that makes a bank to transfer money from one entity’s bank account to another.

c. Debit which refers to an electronic order for a transfer from a bank account or a prepaid declining balance debit card.

d. Credit which entails the prearranged transfer of funds from the customer’s creditor, a bank or other lender, in exchange for a small service fee.

Today the form of Ura currency available is Digital Ura, on K1Malls platform. Other forms of Ura currency are currently under development.

4 What is Legal Tender?

Legal tender is the means of conveying money (“Currency”), that is specified and recognized by law (i.e., statute) to be used as a medium of exchange by market participants within the socio-economic territory (i.e., jurisdiction) that the issuer has authority over. The monetary authority issues legal tender to the public through the legally authorised institution.

Legal tender is a means to settle public or private debts or meet financials obligations including tax payments, contracts and legal fines or damages. An example of legal tender is a national currency. A national currency means the legal tender recognised by the nation’s law as legal tenser, that is issued by the nation’s legally authorised monetary authority, circulated within the boundaries of the nation’s jurisdiction, and is the predominant medium of exchange for transactional and payment purposes.

Throughout history, some legal tender(s) have gained widespread use and circulation outside of their jurisdiction and have played an instrumental role in these other jurisdictions of the world. For example, commodity prices are quoted in U.S. dollars despite trading in countries outside of the United States. Some countries have adopted other nation's legal tender as their own, examples of countries that make use of another country's legal tender are parts of Latin America, regions like Ecuador and El Salvador, which recognize and accept the U.S. dollar for the exchange of goods and services. On the other hand, some countries have pegged their national currency to another country's legal tender, for example the United Arab Emirates has pegged its national currency to the U.S. dollar to keep inflation aligned with expectations and maintain a stable monetary policy regime.

Rarely has a single nation’s legal tender been the exclusive medium of world trade, but a few have come close such as the U.S. dollar, the Euro, and the Japanese Yen which today, are recognized as the world's most widely accepted medium of world trade. This is because they are the most liquid, issued by a monetary authority with the biggest economy and the largest import-export markets., and have a global status as a reliable reserve currency with minimal risk of collapsing. As a result, most foreign transactions are conducted in one of the three currencies.

Today, Ura is not Legal Tender in any jurisdiction. Efforts are being undertaken currently to have Ura accepted and recognized as legal tender by governments of the world.

5 Monetary System

A Monetary System is a densely interconnected network of money, currency, monetary authority, socio-economic environment, monetary policy, fiscal policy, and financial system. Monetary Systems evolved over the past 150 years to today’s modern monetary systems. The following are types of monetary systems.

5.1 Silver Standard Monetary System.

The silver standard or/and silver exchange standard was a monetary system, based on the precious metal silver. Silver (coins of standard weight and fineness) was both the money and currency. In this system, the value of a currency (coins and notes) is fixed to, and expressed in terms of, an amount of silver. Currency holders would either have the exact weight in silver or could, in theory, exchange their money for its equivalent value in silver. As one of the oldest and most commonly used metals in currency, silver was an obvious choice for the standard, used by many nations.

With the slide in value of the silver metal, silver coins around the world became token currencies linked to a gold standard; they were no longer worth their value in silver but came to represent a value in gold. The silver standard is not currently being used by any country. China and Hong Kong were the last nations to use a silver standard, abandoning it in 1935. By this time, the silver standard was superseded by the Gold standard as most nations had already moved to a gold standard.

5.2 Bimetal Monetary System.

The bimetal standard was a monetary system, based on the two precious metals silver and gold. The currency value was fixed to values in both silver and gold. For example, the United States abandoned the silver standard in 1861, and by 1893 had effectively moved to a gold standard. In the intervening years, the United States was on a de facto bimetal-specie standard (legally bimetallic but de facto silver, then gold); that is U.S. dollar was fixed to values in both silver and gold. The bimetal standard was superseded by the Gold standard.

5.3 Gold Standard Monetary System.

The gold standard or/and gold exchange standard is a monetary system, based on the precious metal gold. Under the gold-specie standard, gold (coins of standard weight and fineness) was both the money and currency.

Under the gold standard, nations defined their respective domestic units of account in terms of so much gold (by weight and fineness or purity) and allowed gold and international checks (known as bills of exchange) to flow between nations unfettered. This system was therefore self-equilibrating, functioning without government intervention (after their initial definition of the domestic unit of account).

Domestic and international liquidity were satisfied in principle from new gold production. If this proved inadequate, as it did for prolonged periods, most notably from the 1870s to the mid-1890s, the increased liquidity was supplemented domestically by a rapid expansion of new forms of payment, notably banknotes and demand deposits in banks and by a prolonged decline in the price level, which raised the real value (in commodities) of a given volume of gold money.

The adjustment mechanism under this system was simple, a transfer (for example, reparations, or a capital investment) from country A to country B raised the money stock in B and lowered it in A. As a result, prices would fall in A and rise in B, and A would in consequence enlarge its trade surplus (or reduce its deficit), make the real transfer in goods, and earn the gold back until monetary and payments equilibrium was restored. Any downward pressure on prices in the sending country is mediated by the banking system, which operates on fractional gold reserves. These adjustments were accomplished partly through changes in spending, or absorption, and partly through changes in prices, especially the prices of non-tradable.

The novelty of this system was the conservation of gold by removing it from circulation and concentrating it in the hands of the leading banks, even going beyond that by encouraging banks, smaller central banks, to hold short-term claims on other countries, mostly in currency. As a result, national currencies began to play a role as international means of payment.

The gold standard in different guises continued until 1973 when the United States, under Richard Nixon, abandoned the gold standard and pure fiat currencies became the global norm.

5.4 Floating Exchange Rates Monetary System.

Floating exchange rates monetary systems that rose and existed during the interwar period were not thought of as a “system” at all, but rather as an unavoidable but temporary means that monetary authorities allowed world markets (through interest rates, and expectations about relative price, productivity, and trade levels) to determine the prices of different currencies in terms of one another. Under this system, free capital flows are allowed, as is domestic discretionary monetary policy, but at the expense of the security and stability of fixed exchange rates.

The “adjustment process” worked by a market price (“the exchange rate”) clearing the market for foreign exchange, much as the price of strawberries clears the market for strawberries. If for any reason home demand for a foreign currency rose, the exchange rate of that currency would appreciate to ration the demand to what was available at the new price. International liquidity in the sense of an internationally accepted means of payment was not necessary under this system, since entities bought the foreign currencies, they needed in the foreign exchange markets, and the banks did not need to hold international foreign currency reserves.

This system was characterized by tremendous exchange rate volatility and unfettered international capital mobility, which strongly influenced the re-establishment of fixed exchange rates under the Bretton Woods system.

5.5 Bretton Woods Monetary System.

Between World War II and the early 1970s, much of the world was on a managed, fixed-Foreign Exchange regime called the Bretton Woods System (“BWS”). The Bretton Woods System adopted by the first world countries in the final stages of World War II was designed to overcome the flaws of the GS while maintaining the stability of fixed exchange rates. By making the dollar the free world’s reserve currency (basically substituting USD for gold), it ensured a more elastic supply of international reserves and also allowed the United States to earn seigniorage to help offset the costs it incurred fighting World War II, the Korean War, and the Cold War. The U.S. government promised to convert USD into gold at a fixed rate ($35 per oz.), essentially rendering the United States the banker to more than half of the world’s economy. The other countries in the system maintained fixed exchange rates with the dollar and allowed for domestic monetary policy discretion, so the BWS had to restrict international capital flows, which it did via taxes and restrictions on international financial instrument transactions.

This period under BWS after World War II witnessed a massive shrinkage of the international financial system. This is because under the BWS, if a country could no longer defend its fixed rate with the dollar, it could devalue its currency, or in other words, to set a newer, weaker exchange rate. Great Britain devalued several times, as did other members of the BWS. Adjustment were only achieved by differential liberalization of trade and payments. Many countries were in a suppressed disequilibrium following World War II and maintained tight restrictions over trade and payments. These restrictions were gradually relaxed, country by country, as conditions permitted. For example, it was not until the end of 1958 that Western European countries abandon controls on current account transactions, and many maintained restrictions on outward capital movements.

This BWS ultimately failed largely because the banker, being the United States, kept issuing more USD without increasing its reserve of gold. The international equivalent of a bank run ensued because major countries, led by France, exchanged their USD for gold.

5.6 Managed Floating Monetary System.

In 1976, countries met to formalize a floating exchange rate system as the new monetary system, they established a managed float system of exchange rates. Under a managed float, the central bank allows market forces to determine second-to-second (day-to-day) fluctuations in exchange rates but intervenes if the currency grows too weak or too strong. In other words, it tries to keep the exchange rate range bound, ostensibly to protect domestic economic interests (exporters, consumers) who would be hurt by rapid exchange rate movements. Those ranges or bands can vary in size from very wide to very narrow and can change levels over time.

Central banks intervene in the foreign exchange markets by exchanging international reserves, assets denominated in foreign currencies, gold, and special drawing rights (SDRs), for domestic currency. This contrasts with a completely free-floating exchange rate system, which has no government intervention; currencies float freely against one another. The degree of float management can range from a hard peg, where a country tries to keep its currency fixed to another, so-called anchor currency, to such wide bands that intervention is rarely undertaken.

Ura is distributed, exchanged, and transferred within the Ura monetary system.

6 Concluding Remarks

Fiat has delivered sustained economic growth since its introduction, but it is obvious that the work of better life for all is not completed, there is room for compliment. Ura seeks to be that compliment to Fiat. Ura unlike fiat is privately owned, issued based on private money. Ura shall not have the pressures of fiat and therefore holds the potential to be a much better stable money for global development. The expectation is Ura shall be utilized alongside fiat and all other forms of money for the common good. It shall have all the safeguards of fiat but with the sole purpose of being a reliable money.

K1MALLS WEBSITE TERMS OF USE

03/14/2019
by Joseph R K Eshun

K1MALLS

WEBSITE TERMS OF USE

Legal Information & Notices

Ownership of Site; Agreement to Terms of Use

These Terms and Conditions of Use (the "Terms of Use") apply to the K1malls web site located at www.K1malls.com, and all associated sites linked to www.K1malls.com by K1malls, its subsidiaries and affiliates, including K1malls sites around the world (collectively, the "Site"). The Site is the property of K1malls. ("K1malls") and its licensors. BY USING THE SITE, YOU AGREE TO THESE TERMS OF USE; IF YOU DO NOT AGREE, DO NOT USE THE SITE.

K1malls reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time. It is your responsibility to check these Terms of Use periodically for changes. Your continued use of the Site following the posting of changes will mean that you accept and agree to the changes. As long as you comply with these Terms of Use, K1malls grants you a personal, non-exclusive, non-transferable, limited privilege to enter and use the Site.

Content

All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork and computer code (collectively, "Content"), including but not limited to the design, structure, selection, coordination, expression, "look and feel" and arrangement of such Content, contained on the Site is owned, controlled or licensed by or to K1malls, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws.

Except as expressly provided in these Terms of Use, no part of the Site and no Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including "mirroring") to any other computer, server, Web site or other medium for publication or distribution or for any commercial enterprise, without K1malls’s express prior written consent.

You may use information on K1malls products and services (such as data sheets, knowledge base articles, and similar materials) purposely made available by K1malls for downloading from the Site, provided that you (1) not remove any proprietary notice language in all copies of such documents, (2) use such information only for your personal, non-commercial informational purpose and do not copy or post such information on any networked computer or broadcast it in any media, (3) make no modifications to any such information, and (4) not make any additional representations or warranties relating to such documents.

Your Use of the Site

You may not use any "deep-link", "page-scrape", "robot", "spider" or other automatic device, program, algorithm or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of the Site or any Content, or in any way reproduce or circumvent the navigational structure or presentation of the Site or any Content, to obtain or attempt to obtain any materials, documents or information through any means not purposely made available through the Site. K1malls reserves the right to bar any such activity.

You may not attempt to gain unauthorized access to any portion or feature of the Site, or any other systems or networks connected to the Site or to any K1malls server, or to any of the services offered on or through the Site, by hacking, password "mining" or any other illegitimate means.

You may not probe, scan or test the vulnerability of the Site or any network connected to the Site, nor breach the security or authentication measures on the Site or any network connected to the Site. You may not reverse look-up, trace or seek to trace any information on any other user of or visitor to the Site, or any other customer of K1malls, including any K1malls account not owned by you, to its source, or exploit the Site or any service or information made available or offered by or through the Site, in any way where the purpose is to reveal any information, including but not limited to personal identification or information, other than your own information, as provided for by the Site.

You agree that you will not take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Site or K1malls’s systems or networks, or any systems or networks connected to the Site or to K1malls.

You agree not to use any device, software or routine to interfere or attempt to interfere with the proper working of the Site or any transaction being conducted on the Site, or with any other person’s use of the Site.

You may not forge headers or otherwise manipulate identifiers in order to disguise the origin of any message or transmittal you send to K1malls on or through the Site or any service offered on or through the Site. You may not pretend that you are, or that you represent, someone else, or impersonate any other individual or entity.

You may not use the Site or any Content for any purpose that is unlawful or prohibited by these Terms of Use, or to solicit the performance of any illegal activity or other activity which infringes the rights of K1malls or others.

Purchases; Other Terms and Conditions

Additional terms and conditions may apply to purchases of goods or services and to specific portions or features of the Site, including contests, promotions or other similar features, all of which terms are made a part of these Terms of Use by this reference. You agree to abide by such other terms and conditions, including where applicable representing that you are of sufficient legal age to use or participate in such service or feature. If there is a conflict between these Terms of Use and the terms posted for or applicable to a specific portion of the Site or for any service offered on or through the Site, the latter terms shall control with respect to your use of that portion of the Site or the specific service.

K1malls’s obligations, if any, with regard to its products and services are governed solely by the agreements pursuant to which they are provided, and nothing on this Site should be construed to alter such agreements.

K1malls may make changes to any products or services offered on the Site, or to the applicable prices for any such products or services, at any time, without notice. The materials on the Site with respect to products and services may be out of date, and K1malls makes no commitment to update the materials on the Site with respect to such products and services.

The following terms also govern and apply to your use of the Site, and they are incorporated herein by this reference:

o Guidelines for Using K1malls Trademarks & Copyrights

o Rights & Permissions

o K1malls’s Unsolicited Idea Submission Policy

Each of these policies may be changed from time to time and are effective immediately upon posting such changes on the Site.

Accounts, Passwords and Security

Certain features or services offered on or through the Site may require you to open an account (including setting up an K1malls ID and password). You are entirely responsible for maintaining the confidentiality of the information you hold for your account, including your password, and for any and all activity that occurs under your account as a result of your failing to keep this information secure and confidential. You agree to notify K1malls immediately of any unauthorized use of your account or password, or any other breach of security. You may be held liable for losses incurred by K1malls or any other user of or visitor to the Site due to someone else using your K1malls ID, password or account as a result of your failing to keep your account information secure and confidential.

You may not use anyone else’s K1malls ID, password or account at any time without the express permission and consent of the holder of that K1malls ID, password or account. K1malls cannot and will not be liable for any loss or damage arising from your failure to comply with these obligations.

Privacy

K1malls’s Privacy Policy applies to use of this Site, and its terms are made a part of these Terms of Use by this reference. Additionally, by using the Site, you acknowledge and agree that Internet transmissions are never completely private or secure. You understand that any message or information you send to the Site may be read or intercepted by others, even if there is a special notice that a particular transmission (for example, credit card information) is encrypted.

Links to Other Sites and to the K1malls Site

This Site may contain links to other independent third-party Web sites ("Linked Sites"). These Linked Sites are provided solely as a convenience to our visitors. Such Linked Sites are not under K1malls’s control, and K1malls is not responsible for and does not endorse the content of such Linked Sites, including any information or materials contained on such Linked Sites. You will need to make your own independent judgment regarding your interaction with these Linked Sites.

Disclaimers

K1MALLS DOES NOT PROMISE THAT THE SITE OR ANY CONTENT, SERVICE OR FEATURE OF THE SITE WILL BE ERROR-FREE OR UNINTERRUPTED, OR THAT ANY DEFECTS WILL BE CORRECTED, OR THAT YOUR USE OF THE SITE WILL PROVIDE SPECIFIC RESULTS. THE SITE AND ITS CONTENT ARE DELIVERED ON AN "AS-IS" AND "AS-AVAILABLE" BASIS. ALL INFORMATION PROVIDED ON THE SITE IS SUBJECT TO CHANGE WITHOUT NOTICE. K1MALLS CANNOT ENSURE THAT ANY FILES OR OTHER DATA YOU DOWNLOAD FROM THE SITE WILL BE FREE OF VIRUSES OR CONTAMINATION OR DESTRUCTIVE FEATURES. K1MALLS DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF ACCURACY, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. K1MALLS DISCLAIMS ANY AND ALL LIABILITY FOR THE ACTS, OMISSIONS AND CONDUCT OF ANY THIRD PARTIES IN CONNECTION WITH OR RELATED TO YOUR USE OF THE SITE AND/OR ANY K1MALLS SERVICES. YOU ASSUME TOTAL RESPONSIBILITY FOR YOUR USE OF THE SITE AND ANY LINKED SITES. YOUR SOLE REMEDY AGAINST K1MALLS FOR DISSATISFACTION WITH THE SITE OR ANY CONTENT IS TO STOP USING THE SITE OR ANY SUCH CONTENT. THIS LIMITATION OF RELIEF IS A PART OF THE BARGAIN BETWEEN THE PARTIES.

The above disclaimer applies to any damages, liability or injuries caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction of or unauthorized access to, alteration of, or use, whether for breach of contract, tort, negligence or any other cause of action.

K1malls reserves the right to do any of the following, at any time, without notice: (1) to modify, suspend or terminate operation of or access to the Site, or any portion of the Site, for any reason; (2) to modify or change the Site, or any portion of the Site, and any applicable policies or terms; and (3) to interrupt the operation of the Site, or any portion of the Site, as necessary to perform routine or non-routine maintenance, error correction, or other changes.

Limitation of Liability

Except where prohibited by law, in no event will K1malls be liable to you for any indirect, consequential, exemplary, incidental or punitive damages, including lost profits, even if K1malls has been advised of the possibility of such damages.

If, notwithstanding the other provisions of these Terms of Use, K1malls is found to be liable to you for any damage or loss which arises out of or is in any way connected with your use of the Site or any Content, K1malls’s liability shall in no event exceed the greater of (1) the total of any subscription or similar fees with respect to any service or feature of or on the Site paid in the six months prior to the date of the initial claim made against K1malls (but not including the purchase price for any K1malls hardware or software products or any similar support program), or (2) US$100.00. Some jurisdictions do not allow limitations of liability, so the foregoing limitation may not apply to you.

Indemnity

You agree to indemnify and hold K1malls, its officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses (including attorneys’ fees), made against K1malls by any third party due to or arising out of or in connection with your use of the Site.

Violation of These Terms of Use

K1malls may disclose any information we have about you (including your identity) if we determine that such disclosure is necessary in connection with any investigation or complaint regarding your use of the Site, or to identify, contact or bring legal action against someone who may be causing injury to or interference with (either intentionally or unintentionally) K1malls’s rights or property, or the rights or property of visitors to or users of the Site, including K1malls’s customers. K1malls reserves the right at all times to disclose any information that K1malls deems necessary to comply with any applicable law, regulation, legal process or governmental request. K1malls also may disclose your information when K1malls determines that applicable law requires or permits such disclosure, including exchanging information with other companies and organizations for fraud protection purposes.

You acknowledge and agree that K1malls may preserve any transmittal or communication by you with K1malls through the Site or any service offered on or through the Site, and may also disclose such data if required to do so by law or K1malls determines that such preservation or disclosure is reasonably necessary to (1) comply with legal process, (2) enforce these Terms of Use, (3) respond to claims that any such data violates the rights of others, or (4) protect the rights, property or personal safety of K1malls, its employees, users of or visitors to the Site, and the public.

You agree that K1malls may, in its sole discretion and without prior notice, terminate your access to the Site and/or block your future access to the Site if we determine that you have violated these Terms of Use or other agreements or guidelines which may be associated with your use of the Site. You also agree that any violation by you of these Terms of Use will constitute an unlawful and unfair business practice, and will cause irreparable harm to K1malls, for which monetary damages would be inadequate, and you consent to K1malls obtaining any injunctive or equitable relief that K1malls deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies K1malls may have at law or in equity.

You agree that K1malls may, in its sole discretion and without prior notice, terminate your access to the Site, for cause, which includes (but is not limited to) (1) requests by law enforcement or other government agencies, (2) a request by you (self-initiated account deletions), (3) discontinuance or material modification of the Site or any service offered on or through the Site, or (4) unexpected technical issues or problems.

If K1malls does take any legal action against you as a result of your violation of these Terms of Use, K1malls will be entitled to recover from you, and you agree to pay, all reasonable attorneys’ fees and costs of such action, in addition to any other relief granted to K1malls. You agree that K1malls will not be liable to you or to any third party for termination of your access to the Site as a result of any violation of these Terms of Use.

Governing Law; Dispute Resolution

You agree that all matters relating to your access to or use of the Site, including all disputes, will be governed by the laws of the relevant state that a K1malls site is managed from around the world without regard to that particular relevant state’s conflicts of laws provisions. You agree to the personal jurisdiction by and venue in the state and courts in the relevant state, and waive any objection to such jurisdiction or venue. Any claim under these Terms of Use must be brought within one (1) year after the cause of action arises, or such claim or cause of action is barred. Claims made under the separate terms and conditions of purchase for goods and services are not subject to this limitation. No recovery may be sought or received for damages other than out-of-pocket expenses, except that the prevailing party will be entitled to costs and attorneys’ fees. In the event of any controversy or dispute between K1malls and you arising out of or in connection with your use of the Site, the parties shall attempt, promptly and in good faith, to resolve any such dispute. If we are unable to resolve any such dispute within a reasonable time (not to exceed thirty (30) days), then either party may submit such controversy or dispute to mediation. If the dispute cannot be resolved through mediation, then the parties shall be free to pursue any right or remedy available to them under applicable law.

Void Where Prohibited

K1malls administers and operates the www.K1malls.com Site from its location in Ohio, USA; other K1malls sites may be administered and operated from various locations outside the United States. Although the Site is accessible worldwide, not all features, products or services discussed, referenced, provided or offered through or on the Site are available to all persons or in all geographic locations, or appropriate or available for use outside the United States. K1malls reserves the right to limit, in its sole discretion, the provision and quantity of any feature, product or service to any person or geographic area. Any offer for any feature, product or service made on the Site is void where prohibited. If you choose to access the Site from outside the United States, you do so on your own initiative and you are solely responsible for complying with applicable local laws.

Miscellaneous

You may not use or export or re-export any Content or any copy or adaptation of such Content, or any product or service offered on the Site, in violation of any applicable laws or regulations.

If any of the provisions of these Terms of Use are held by a court or other tribunal of competent jurisdiction to be void or unenforceable, such provisions shall be limited or eliminated to the minimum extent necessary and replaced with a valid provision that best embodies the intent of these Terms of Use, so that these Terms of Use shall remain in full force and effect. These Terms of Use constitute the entire agreement between you and K1malls with regard to your use of the Site, and any and all other written or oral agreements or understandings previously existing between you and K1malls with respect to such use are hereby superseded and cancelled. Other than as provided in a purchase agreement you enter into with K1malls, K1malls will not accept any counter-offers to these Terms of Use, and all such offers are hereby categorically rejected. K1malls’s failure to insist on or enforce strict performance of these Terms of Use shall not be construed as a waiver by K1malls of any provision or any right it has to enforce these Terms of Use, nor shall any course of conduct between K1malls and you or any other party be deemed to modify any provision of these Terms of Use. These Terms of Use shall not be interpreted or construed to confer any rights or remedies on any third parties.

K1malls provides access to K1malls international data and, therefore, may contain references or cross references to K1malls products, programs and services that are not announced in your country. Such reference does not imply that K1malls in your country intends to announce such products, programs or services.

Feedback and Information

Any feedback you provide at this site shall be deemed to be non-confidential. K1malls shall be free to use such information on an unrestricted basis.

The information contained in this web site is subject to change without notice.
Copyright © 1997-2018 K1malls Inc. All rights reserved.

TRANSACTION SERVICES AGREEMENT

07/20/2018
by Joseph Eshun

Transaction Services Agreement

Updated May 01, 2018

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY! PLEASE PAY ATTENTION TO PROVISIONS THAT EXCLUDE OR LIMIT LIABILITY AND TERMS OF DISPUTE RESOLUTION, GOVERNING LAW AND JURISDICTION, WHICH MAY APPEAR IN CAPITAL LETTERS.

Thank you for trading on K1Malls’s web-based transaction platforms. This K1Malls Transaction Services Agreement (this “Agreement”) describes the terms and conditions on which you conclude online transactions for products and services by using the online transaction Site in relation to the K1malls web site located at www.K1malls.com, and all associated Site linked to www.K1malls.com by K1malls, its subsidiaries and affiliates, including K1malls Site around the world (collectively, the “Site”). This Agreement contains various limitations on K1Malls’s transaction services as well as gives various powers and authority to K1Malls with respect to online transactions using K1Malls’s transaction services. This includes without limitation the power and authority to reject or cancel an online transaction, to refund the funds to a buyer or to release the funds to a seller. You should read this Agreement and to the extent as applicable, the relevant transactional terms, K1Mall’s Terms of Use Agreement, other rules and policies such as Product Listing Policy and Privacy Policy of K1Malls, and K1Malls Supplemental Services Agreement between you as a User and K1Malls (as defined below)(the “K1Malls Supplemental Services Agreement”) which are hereby incorporated into this Agreement by reference.

Your use of the K1Malls’s web-based transaction platforms and the transactional services thereon (the “Transaction Services”) indicates that you accept the terms and conditions set forth below. If you do not accept all of the terms and conditions, please do not use the transaction services. BY COMPLETING THE REGISTRATION PROCESS AND CLICKING THE "I AGREE" BUTTON, YOU ARE INDICATING YOUR CONSENT TO BE BOUND BY THIS AGREEMENT. This Agreement will not take effect unless and until you have activated your Account. Terms not defined in this Agreement shall bear the same meaning as that contained in the Terms of Use.

1. Application and Acceptance of Terms

1.1 Contracting Party. This Agreement is entered into between you (also referred to as “Member” hereinafter) and K1Malls and all of its subsidiaries and joint ventures worldwide (“K1Malls” or “we”) for use of K1Malls’s certain transaction services as described below.

1.2 Transactional Terms. K1Malls provides an online transaction platform and ancillary services (“Transaction Services”) on K1Malls which allow registered members of K1Malls to conclude online transactions for products or services within K1Malls subject to the terms of this Agreement. K1Malls may publish transaction rules, dispute rules and other rules and policies for any type of online transactions and any subsequent amendments or modifications (“Transactional Terms”) as may be made from time to time. Such Transactional Terms are expressly incorporated into this Agreement by reference and you agree to be bound by such rules and policies.

As some or part of the Transaction Services may be supported and provided by affiliates of K1Malls, K1Malls may delegate some of the Transaction Services to its affiliates, who you agree may invoice you for their part of the Transaction Services.

1.3 General Terms. You agree that you shall also comply with relevant rules and policies published on K1Malls which are also incorporated into this Agreement by reference (“General Terms”). The General Terms include without limitation: (a) Terms of Use; (b) Product Listing Policy; (c) Privacy Policy; and (d) Intellectual Property Right (IPR) Protection Policy.

1.4 Binding Agreement. This Agreement, including the Transactional Terms and the General Terms, and, to the extent as applicable, K1Malls Supplemental Services Agreement, form a legally binding agreement between you and K1Malls in relation to your use of the Transaction Services. By accessing and using the Transaction Services, you agree to accept and be bound by this Agreement. Please do not use the Transaction Services if you do not accept all of the terms of this Agreement.

1.5 Amendments. You acknowledge and agree that K1Malls may amend any terms of this Agreement including the Transactional Terms and the General Terms at any time by posting the relevant amended and restated version on the Site. The amended terms shall be effective immediately upon posting. By continuing to use the Transaction Services, you agree that the amended terms will apply to you. This Agreement may not otherwise be amended except in writing by an authorized officer of K1Malls.

1.6 Language Version. Unless otherwise K1Malls has posted or provided a translation of the English version of any terms of this Agreement including the Transactional Terms and the General Terms, you agree that the translation is provided for convenience only and that the English language version will govern your use of the Transaction Services.

1.7 K1Malls Affiliates. Some of the Transaction Services may be supported by our affiliates.

1.8 Additional Terms. In some cases, you may be required to additionally enter into a separate agreement with K1Malls or our affiliates in connection with the Transaction Services (“Additional Terms”). If there is any contradiction between the provisions of this Agreement and the provisions of the Additional Terms, the Additional Terms shall govern the relevant types of Transaction Services or Online Transactions, as appropriate.

1.9 Membership Services. This Agreement does not affect your agreement with us or any of our affiliates concerning your subscription and use of the membership services of the Site, unless otherwise stipulated in this Agreement or the relevant service agreement.

2. Transaction Services

2.1 Transaction Services. K1Malls’s Transaction Services are designed to facilitate registered members of K1Malls to place, accept, conclude, manage and fulfill orders for the provision of products and services online within the Site (“Online Transactions”), which may include certain services which will be either supported by (i) K1Mall affiliates, or (ii) K1Malls. K1Malls reserves the right to change, upgrade, modify, limit or suspend the Transaction Services or any of its related functionalities or applications at any time temporarily or permanently without prior notice. K1Malls further reserves the right to introduce new features, functionalities or applications to the Transaction Services or to future versions of the Transaction Services. All new features, functionalities, applications, modifications, upgrades and alterations shall be governed by this Agreement, unless otherwise expressly stated by K1Malls.

2.2 Members Only. K1Malls’s Transaction Services are only available to registered members of K1Malls. If your subscription to the membership of K1Malls expires or is early terminated for any reason, you are not eligible to use the Transaction Services. In the event that you have a valid Online Transaction under this Agreement whilst your membership registration on K1Malls is terminated, K1Malls shall have the full discretion and authority to refund to Buyer and/or release to Seller (both Buyer and Seller as defined below) all or part of the funds under the Online Transactions as K1Malls considers appropriate. If you are a Seller, you are required to a valid bank account subject to verification and confirmation by K1Malls and our affiliates.

2.3 Types of Transactions. K1Malls’s Transaction Services are available to types of Online Transactions permitted by K1Malls only. For any type of Online Transactions, K1Malls may limit any or all of the Transaction Services to a specified group of members in accordance with the relevant Transactional Terms. The types of Online Transactions and other benefits, features and functions of the Transaction Services available to a registered member may vary for different countries and regions. No warranty or representation is given that the same type and extent of transactions, benefits, features and functions will be available to all members.

2.4 Lawful Items. The products or services of an Online Transaction using the Transaction Services must be lawful items and must not be otherwise prohibited or restricted by this clause 2.4. You shall not use the Transaction Services in connection with any Online Transaction that:

(a) may infringe K1Malls’s or any third party’s legitimate rights including but not limited to copyright, trademark right, patent or other intellectual property rights.

(b) may be in breach of the Product Listing Policy or the Intellectual Property Right Protection Policy;

(c) may be in breach of other terms of this Agreement including the Transactional Terms and the General Terms.

K1Malls shall have the right to refuse or cancel any Online Transaction in breach of this clause 2.4.

2.5 Refuse or Cancel Transactions. Apart from clause 2.4, K1Malls reserves the right, at our sole discretion, to refuse or cancel any Online Transaction for any reason. Some situations that may result in an Online Transaction being rejected or canceled include where problems are identified by our credit and fraud control department, where K1Malls has reason to believe the Online Transaction is unauthorized, violates any law, rule or regulations or may otherwise subject K1Malls or any of our affiliates to liability. K1Malls may also require additional verifications or information for any Online Transaction.

2.6 K1Malls Supplemental Services.

(a) K1Malls may, through its affiliates, provide certain services for certain Online Transactions (“Supplemental Services”). Supplemental Services are provided by K1Malls and its affiliates to receive payment of funds in support of K1Malls Site for the Online Transactions. The Supplemental Services are provided in accordance with the terms and conditions set out in the Supplemental Services Agreement .

(b) Buyer Protection Plan. K1Malls may also provide buyer protection plan for certain Online Transactions. In case of Seller who has been offered to subscribe to the buyer protection plan, upon entering into a separate agreement with K1Malls, Seller may be required to provide deposits using the methods as designated by K1Malls on K1Malls to secure Seller’s due performance of obligations under the relevant buyer protection plan. Seller agrees to permit and hereby authorize K1Malls to deduct, withhold and dispose any deposits provided in accordance with the terms under the relevant buyer protection plan. Buyer acknowledges and agrees that the protection afforded to you under a buyer protection plan applies to those Online Transactions where the Seller subscribed to such plan and the purchase falls within the buyer protection plan’s scope and (i) Supplemental Services under clause 3.4 of the Supplemental Services Agreement and (ii) K1Malls Supplemental Services under clause 3.4 of the K1Malls Supplemental Services Agreement will not be applicable to you for such Online Transactions if Seller subscribed to buyer protection plan and such plan already covers your purchase. Buyer acknowledges and agrees K1Malls will add guarantees for the seller on such Online Transactions within the scope of buyer protection plan. The guarantee service will be performed according to the agreement reached between the guarantee service provider and the Seller.

2.8 Transactional Terms. For any type of Online Transactions, K1Malls may impose additional restrictions, limitations and prohibitions as well as penalties for any violations in the relevant Transactional Terms.

2.9 Disputes between Buyers and Sellers. You agree that any Dispute arising between you and the other party to an Online Transaction will be handled in accordance with clause 10, and that K1Malls shall have the full right and power to make a determination for such Dispute. Upon receipt of a Dispute, K1Malls shall have the right to request either or both of Buyer and Seller to provide supporting documents. You agree that K1Malls shall have the absolute discretion to reject or receive any supporting document. You also acknowledge that K1Malls is not a judicial or arbitration institution and will make the determinations only as an ordinary non-professional person. Further, we do not warrant that the supporting documents that the parties to the Dispute submit will be true, complete or accurate. You agree not to hold K1Malls and our affiliates liable for any material which is untrue or misleading.

2.10 Powers of K1Malls. You expressly acknowledge and agree that K1Malls shall have the full power, authority and discretion to reject or cancel an Online Transaction and to make a determination on any dispute between buyer and seller including the remittance of the funds under an online transaction that are held by K1malls or its affiliates as instructed by K1Malls in accordance with this Agreement, the Supplemental Services Agreement, and the relevant transactional terms. You also acknowledge that this Agreement, the K1Malls Supplemental Services Agreement and the relevant Transactional Terms may not cover all issues that may arise in connection with an Online Transaction. You agree and accept that K1Malls shall have the right to modify or supplement the Transaction Terms. You further agree and accept that K1Malls shall have the right to make determinations wherever K1Malls considers appropriate having regard to the evidence received by us, commonly accepted principles and practices in the relevant industries and interests of both Buyer and Seller regardless whether the issue in question has been expressly addressed in the Transactional Terms or this Agreement.

2.11 K1Malls’s Records. In case of any dispute in connection with any Online Transaction, the records of K1Malls shall take precedence and be conclusive.

2.12 Transactions involving a third party finance provider.

You agree that:

(a) K1Malls does not guarantee any third party finance provider (the “Lender”) will provide financing to Buyer in connection with the Online Transaction and shall not be held liable to Buyer or Seller in connection with any third party financing in connection with the Online Transaction;

(b) each of Buyer and Seller hereby authorizes K1Malls to disclose information related to Buyer, Seller and/or the Online Transaction to the Lender in connection with the Lender’s provision of financing for the Online Transaction; and

(c) any dispute with the Lender in connection with the Online Transaction shall be resolved between the Lender and the Buyer. Notwithstanding the power given to K1Malls under this Agreement, it is not K1Malls’s obligation to resolve or assist in the resolution of such dispute.

3. Transactions between Sellers and Buyers

3.1 Seller and Buyer. For the purpose of this Agreement, the term “Seller” means the registered member who supplies the product(s) or service(s) under an Online Transaction, and the term “Buyer” means the registered member who purchases or acquires the product(s) or service(s) under an Online Transaction.

3.2 Online Order. Seller and Buyer shall enter into an Online Transaction for products or services by completing, submitting and accepting an order online using the applicable standard order form on K1Malls. Seller and Buyer yourselves shall be responsible for ensuring that you have agreed to, and specified, all the relevant terms and conditions for the products or services in the relevant online order form, including but not limited to the pricing, quantity, specifications, quality standards, inspection, shipping etc. K1Malls may refuse to process or cancel any Online Transaction which in K1Malls’s reasonable opinion, has insufficient information to constitute a binding contract.

3.3 Online Transactions Subject to This Agreement. An Online Transaction is additionally subject to the applicable terms and conditions set forth in this Agreement and the Transactional Terms. Seller and Buyer shall complete the Online Transaction according to the terms of the online order, the relevant Transactional Terms and this Agreement. Seller or Buyer may only cancel any Online Transaction according to the relevant Transactional Terms.

3.4 Transaction between Seller and Buyer Only. Each Online Transaction is made by and between a Seller and a Buyer only. Despite that K1Malls provides the Transaction Services and, if applicable, may conduct formality review of an Online Transaction, K1Malls shall not be considered as a party to the Online Transaction. K1Malls does not represent Seller or Buyer in any Online Transaction. K1Malls will not be responsible for the quality, safety, lawfulness or availability of the products or services offered under any Online Transaction or the ability of either Seller or Buyer to complete any Online Transaction. You agree that you will not hold K1Malls and our affiliates and agents liable for any losses, damages, claims, liabilities, costs or expenses arising from any Online Transactions, including any breach, partial performance or non-performance of the Online Transaction by the other party to the transaction.

3.5 Payment of Contract Price. For any Online Transaction, Buyer agrees to pay the full transaction price listed for Online Transaction to the Seller through K1Malls affiliates or services of K1Malls unless another option is made available directly by K1Malls on K1Malls. When using K1Malls to submit payment for an K1Malls Online Transaction, payments are (in the case of Online Transaction through K1malls or its affiliates) processed through accounts owned by K1Malls or one of its affiliates and/or a registered third party service provider acting on K1Mall’s behalf, and (in the case of Online Transaction through K1Malls) processed through accounts owned by K1Malls or one of its affiliates and/or a registered third party service provider acting on K1Malls’s behalf. The funds are received for the Seller in accordance with the K1Malls Transaction Services Agreement. Seller agrees that the Buyer’s full payment of the transaction price listed for the Online Transaction to K1Malls (as the case may be) constitutes final payment to Seller and Buyer’s payment obligation for the Online Transaction is fully satisfied upon receipt of funds by K1Malls Affiliates’ account or K1Malls’s account.

In the case the Online Transaction adopts K1Malls Supplemental Services; the payment in connection with the Online Transactions concluded will be facilitated by K1Mall’s affiliate. The K1Mall’s affiliate shall not dispose of any such fund except in accordance with K1Malls’s terms as agreed by Seller and Buyer which are set out in the terms and conditions of this Agreement and the K1Malls Supplemental Services Agreement. Seller has requested and agreed that the settlement of funds to Seller be delayed as provided in the K1Malls Supplemental Services Agreement.

By using the K1Malls Supplemental Services, you acknowledge and agree that K1Mall’s affiliate is not a bank and the K1Mall Supplemental Services should in no way be construed as the provision of banking services. K1Mall’s affiliate is not acting as a trustee, fiduciary or escrow with respect to User’s funds and it does not have control of, nor liability for, the products or services that are paid for with the K1Mall Supplemental Services. K1Mall’s affiliate does not guarantee the identity of any User or ensure that a Buyer or a Seller will complete a transaction on K1Malls Site. You further agree that neither Buyer nor Seller will receive interest or other profits in relation to the Supplemental Services.

In the case the Online Transaction adopts K1Malls Supplemental Services, the payment in connection with the Online Transactions concluded will be facilitated by K1Malls. K1Malls shall not dispose of any such fund except in accordance with K1Malls’s terms as agreed by Seller and Buyer which are set out in the terms and conditions of this Agreement and the K1Malls Supplemental Services Agreement . Seller has requested and agreed that the settlement of funds to Seller be delayed as provided in the K1Malls Supplemental Services Agreement.

By using the K1Malls Supplemental Services, you acknowledge and agree that K1Malls is not a bank and the K1Malls Supplemental Services should in no way be construed as the provision of banking services. K1Malls is not acting as a trustee, fiduciary or escrow with respect to User’s funds and it does not have control of, nor liability for, the products or services that are paid for with the K1Malls Supplemental Services. K1Malls does not guarantee the identity of any User or ensure that a Buyer or a Seller will complete a transaction on K1Malls Site. You further agree that neither Buyer nor Seller will receive interest or other profits in relation to the K1Malls Supplemental Services.

In the case of e-Credit Line services, you agree that the full payment of the contract price of the Online Transaction without any deductions must be made in US dollar in clear funds by one of the payment methods designated by K1Malls only. In the case that the Online Transaction adopts a payment method involving a third-party finance provider, the relevant funds may be paid directly to the Seller on behalf of the Buyer by such finance provider.

3.6 Payment Methods. Please note that the payment methods available on K1Malls may be provided by K1Malls’s partners. If there is any chargeback or reversal of any payment requested by a payment service partner, Seller agrees that K1Malls has the right to refund the money so requested by the payment service partner without liability to Seller. K1Malls will use reasonable efforts to assist you in participating in the dispute resolution process of the relevant payment service partners. However, if the participation in the dispute resolution process is subject to additional fees, this will be at your own cost only.

3.7 Third Party Vendors. You may engage one or more third party vendors for the purpose of completing and fulfilling an Online Transaction such as the warehousing and logistic service companies, shipping agents, inspection agents, insurance companies, etc. Some of such third party vendors may be partners of K1Malls and thus designated by K1Malls to you. Among such designated partners, you may be required to agree and accept the terms and conditions of their services online within the K1Malls.co Site. Notwithstanding the foregoing circumstances, for all third party vendors, you acknowledge and agree that such third party vendors are engaged at your own discretion and cost and that you will not hold K1Malls and our affiliates and agents liable for any losses, damages, claims, liabilities, costs or expenses arising from the services of such third party vendors.

3.8 Your Agent. If you are required to conclude and complete an Online Transaction through an agent e.g. a Seller may be required to engage a qualified import and export agent as its export agent, such agent is merely an agent of you. If any obligations are required to be performed by the agent, you shall remain solely liable to the other party of the Online Transaction for the non-performance or default by your agent.

4. K1Malls Service Fees

4.1 Service Fees. K1Malls charges service fees for Online Transactions according to the fee schedules announced by K1Malls on K1Malls. K1Malls reserves the right to charge any service fees for other types of Online Transactions upon reasonable prior notification published on the Site. In the case the Online Transaction adopts K1Mall Supplemental Services, you hereby authorize K1Malls to instruct K1Mall’s affiliate to deduct any service fees that are due and payable to K1Malls under an Online Transaction and to pay the same to K1Malls when K1Mall’s affiliate releases any amount held by it under the Online Transaction. Neither K1Malls nor K1Mall’s affiliate has any control over, and are not responsible or liable for, the products or services that are paid for with our service. We cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction.

4.2 Third Party Fees Not Included. The service fees charged by K1Malls do not include any fees for any service or product that you may acquire or purchase in connection with the Online Transaction. It shall be your responsibility to settle the fees with such third party vendors.

4.3 Taxes, Financial Charges Not Included. All fees charged by K1Malls are exclusive of any taxes, duties or other governmental levies or any financial charges. You agree to pay and be responsible for any taxes, duties, levies or charges for the use of the Transaction Services in addition to our service fees. In the event K1Malls is required by any applicable law to collect or withhold any taxes or duties, you agree to pay such taxes or duties to K1Malls. You will also be liable for any financial charges for remission of funds to you, and K1Malls shall have the right to pay such charges from such funds. K1Malls and K1Mall’s affiliate shall have the right to deduct any financial charges incurred as a result of providing the Transaction Services and the party receiving the funds will bear the costs of such bank charges.

5. Member’s Responsibilities

5.1 Provision of Information and Assistance. You agree to give all notices, provide all necessary information, materials and approval, and render all reasonable assistance and cooperation necessary for the completion of the Online Transactions and K1Malls’s provision of the Transaction Services. If your failure to do so results in delay in the provision of any Transaction Service, cancellation of any Online Transaction, or disposal of any funds, K1Malls shall not be liable for any loss or damages arising from such default.

5.2 Representations and Warranties. You represent and warrant that:

(a) you will use the Transaction Services in good faith and in compliance with all applicable laws and regulations including laws related to anti-money laundering and counter-terrorism financing;

(b) all information and material you provide in connection with the use of the Transaction Services is true, lawful and accurate, and is not false, misleading or deceptive;

(c) you will not use the Transaction Services to defraud K1Malls, our affiliates, or other members or users of K1Malls or engage in other unlawful activities (including without limitation dealing in products prohibited by law);

(d) in case that you are a Seller of products, you have the legitimate right and authorization to sell, distribute or export the products using the Transaction Services and such products do not infringe any third party’s rights;

(e) in case that you are a Seller of products, you have good title to the products ordered under the Online Transaction, and the products meet the agreed descriptions and requirements; and

(f) in case that you are a Seller of services, you will provide the services ordered with reasonable care and skills.

5.3 Breaches. If you are, in K1Malls’s opinion, not acting in good faith, abusing the Transaction Services, or otherwise in breach of this Agreement, K1Malls shall have the right to cancel the relevant Online Transaction(s). K1Malls also reserves the right to impose any penalty, or to temporarily or permanently suspend or terminate your use of the Transaction Services, temporarily or permanently suspend or terminate or procure the suspension or termination of your membership on K1Malls. K1Malls also reserves the right to (i) temporarily suspend the transaction functionalities of your account with K1Malls for a prescribed period determined by K1Malls, or permanently terminate the use of your K1Malls account and/or (ii) authorize K1Mall’s affiliate to temporarily suspend the transaction functionalities of your K1Mall’s affiliate account for a prescribed period determined by K1Malls, or permanently terminate the use of your K1Mall’s affiliate account. K1Malls may also publish the findings, penalties and other records regarding the breaches on K1Malls.

5.4 Obligations to Pay Taxes. You shall be solely responsible for payment of any taxes, duties or other governmental levies or any charges or fees that may be imposed on any products or services purchased or supplied under or in connection with the Online Transactions.

5.5 Feedback System. You shall not take any action which may undermine the integrity of K1Malls’s feedback system, such as providing positive feedback on oneself on K1Malls using secondary Member IDs or through third parties or by providing unsubstantiated negative feedback on another member on K1Malls.

5.6 Indemnification by Member. You agree to indemnify K1Malls and our affiliates, employees, directors, officers, agents and representatives and to hold them harmless, from any and all losses, damages, actions, claims and liabilities (including legal costs on a full indemnity basis) which may arise, directly or indirectly, from your use of the Transaction Services or from your breach of this Agreement. K1Malls reserves the right, at our own discretion, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you shall cooperate with K1Malls in asserting any available defenses.

5.7 Collection and Use of Information.

a. You acknowledge and agree that K1Malls may, through your use of the Transaction Services, collect information about you and your Online Transactions, including but not limited to your credit information, business information, personal information (such as applicant name and home address), and financial information (the “Collected Information”). K1Malls reserves the right to use the Collected Information for the purposes set forth in this Agreement and in the manner set out in the Website’s Privacy Policy. You further acknowledge and agree that K1Malls may use the Collected Information for use in the operation, marketing and promotion of the Website as well as the Website’s products and services.

b. If you have applied for and used the e-Credit Line services of K1Malls, you further acknowledge and agree that K1Malls shall have the right to use the Collected Information to facilitate the administration, processing, and operation of your use of the services and disclose the Collected Information to the relevant third party financial services institution designated by K1Malls solely for the purposes of facilitating your application and use of the e-Credit Line services. In connection with your use of the e-Credit Line services, K1Malls may use the Collected Information in the manner set out in the privacy policy and/or personal information collection statement relevant to the e-Credit Line services that you have agreed to prior to or during your application for and use of the e-Credit Line services.

6. Confidentiality

6.1 Confidential Obligations. You shall keep confidential all confidential information provided by other members of K1Malls or K1Malls in connection with any Online Transaction or the Transaction Services.

6.2 Confidential Information. All information and material provided by another member of K1Malls or K1Malls will be deemed to be confidential information unless such information or material is already in the public domain or has subsequently becomes public other than due to your breach of the confidential obligations.

7. Disclaimer and Limitation of Liability

7.1 No Warranty. You expressly agree that your use of the Transaction Services is at your sole risk. TO THE FULL EXTENT PERMITTED BY LAW THE TRANSACTION SERVICES ARE PROVIDED ON THE "AS IS", "AS AVAILABLE" AND “WITH ALL FAULTS” BASES, AND K1MALLS MAKES NO REPRESENTATION OR WARRANTY THAT THE TRANSACTION SERVICES WILL BE UNINTERRUPTED, TIMELY OR ERROR FREE. K1MALLS MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO THE ACCURACY, TRUTHFULNESS AND COMPLETENESS OF THE INFORMATION PROVIDED BY ANY MEMBER OF K1MALLS. YOU WILL BE SOLELY RESPONSIBLE FOR ALL CONSEQUENCES RESULTING FROM YOUR OWN JUDGEMENT AND DECISION TO USE OR OTHERWISE RELY ON SUCH INFORMATION. K1MALLS AND OUR AFFILIATES FURTHER EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF CONDITION, QUALITY, DURABILITY, PERFORMANCE, ACCURACY, RELIABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR IF SUCH POSSIBILITY WAS REASONABLY FORESEEABLE. ALL SUCH WARRANTIES, REPRESENTATIONS, CONDITIONS, UNDERTAKINGS AND TERMS ARE HEREBY DISCLAIMED AND EXCLUDED.

7.2 Exclusion and Limitation of Liabilities. TO THE FULL EXTENT PERMITTED BY LAW, K1MALLS SHALL NOT BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS OR REVENUES, BUSINESS INTERRUPTION, LOSS OF BUSINESS OPPORTUNITIES OR LOSS OF DATA, WHETHER IN CONTRACT, NEGLIGENCE, TORT, EQUITY OR OTHERWISE, ARISING FROM THE USE OF OR INABILITY TO USE THE TRANSACTION SERVICES. THE AGGREGATE LIABILITY OF K1MALLS AND OUR AFFILIATES AND AGENTS INCLUDING BUT NOT LIMITED TO K1MALLS (EUROPE) LIMITED AND ALIPAY ARISING FROM THE TRANSACTION SERVICES IN CONNECTION WITH ANY ONLINE TRANSACTION SHALL NOT EXCEED THE HIGHER OF THE SERVICE FEES CHARGED BY K1MALLS OR US$1,000.

7.3 SOME OR ALL OF THESE LIMITATIONS OR EXCLUSIONS MAY NOT APPLY TO YOU IF YOUR STATE, PROVINCE OR COUNTRY DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE FOREGOING EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. YOU MAY ALSO HAVE OTHER RIGHTS UNDER YOUR LOCAL LAW IN YOUR STATE, PROVINCE OR COUNTRY THAT VARY FROM STATE TO STATE. NOTHING IN THIS AGREEMENT IS INTENDED TO AFFECT THOSE RIGHTS IF THEY ARE APPLICABLE TO YOU.

8. Force Majeure

8.1 Force Majeure. Under no circumstances shall K1Malls and our affiliates and agents be held liable for any delay or failure or disruption of the Transaction Services resulting directly or indirectly from acts of nature, forces or causes beyond our reasonable control, including without limitation, acts of God, Internet failures, computer, telecommunications or any other equipment failures, electrical power failures, strikes, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, terrorism, war, governmental actions, orders of domestic or foreign courts or tribunals.

9. Notices

9.1 Notices. Except as explicitly stated otherwise, legal notices shall be served on you by sending notices to the email address in your latest membership profile on K1Malls. Notice shall be deemed given 24 hours after email is sent, unless we are notified that the email address is invalid. Alternatively, we may give you legal notices by mail to the address in your latest membership profile in which case the notice shall be deemed given five days after the date of mailing. Except as explicitly stated otherwise, legal notices shall be served on K1Malls by sending the notices to K1Malls management office physical address.

10. Governing Law; Jurisdiction

10.1 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE RELEVANT STATE THAT THE K1MALL SITE OR AFFILIATE IS MANAGED FROM WITHOUT REGARD TO THAT PARTICULAR STATE’S CONFLICT OF LAW’S PROVISIONS.

10.2 Amicable Negotiations. If any dispute or claim arises from or in connection with this Agreement, an Online Transaction or your use of the Transaction Services (“Dispute”), the relevant parties shall resolve the Dispute through amicable negotiations.

10.3 DISPUTE BETWEEN BUYER AND SELLER. IN CASE A DISPUTE ARISES BETWEEN BUYER AND SELLER FROM OR IN CONNECTION WITH AN ONLINE TRANSACTION, IF THE DISPUTE IS NOT RESOLVED THROUGH AMICABLE NEGOTIATION WITHIN THE PRESCRIBED TIME PERIOD ACCORDING TO THE RELEVANT TRANSACTIONAL TERMS, YOU AGREE TO SUBMIT THE DISPUTE TO K1MALLS FOR DETERMINATION. IF YOU ARE DISSATISFIED WITH K1MALLS’S DETERMINATION, YOU MUST APPLY TO THE RELEVANT STATE ARBITRATION CENTRE FOR ARBITRATION AND NOTIFY K1MALLS OF SUCH APPLICATION WITHIN 20 CALENDAR DAYS AFTER K1MALLS’S DETERMINATION. IF EACH OF BUYER AND SELLER IN THE DISPUTE DOES NOT APPLY FOR ARBITRATION WITHIN THE ABOVE 20 CALENDAR DAYS, EACH OF THE BUYER AND THE SELLER SHALL BE DEEMED TO HAVE AGREED THAT K1MALLS’S DETERMINATION SHALL BE FINAL AND BINDING ON YOU. WITH A FINAL DETERMINATION, IN THE CASE THE ONLINE TRANSACTION ADOPTS THE SUPPLEMENTAL SERVICES, K1MALLS MAY INSTRUCT K1MALLS AFFILIATE TO DISPOSE THE FUNDS ACCORDING TO SUCH DETERMINATION, AND IN THE CASE THE ONLINE TRANSACTION ADOPTS K1MALLS SUPPLEMENTAL SERVICES, K1MALLS MAY DISPOSE OF THE FUNDS HELD BY K1MALLS ACCORDING TO SUCH DETERMINATION. FURTHER, EACH OF BUYER AND SELLER SHALL BE DEEMED TO HAVE WAIVED ANY CLAIM AGAINST K1MALLS, ALIPAY AND OUR AFFILIATES AND AGENTS.

10.4 Other Disputes. In case a Dispute arises between you and K1Malls in any other circumstances, if the Dispute is not resolved between you and K1Malls, you and K1Malls agree that the Dispute shall be finally resolved by arbitration with the RELEVANT ARBITRATION CENTRE.

10.5 ARBITRATION. IF ANY DISPUTE IS SUBMITTED FOR ARBITRATION, THE ARBITRATION SHALL BE CONDUCTED IN ACCORDANCE WITH THE RULES OF THE RELEVANT ARBITRATION CENTRE IN FORCE AT THE TIME OF APPLYING FOR ARBITRATION AS AMENDED BY THIS CLAUSE. THE ARBITRATION PANEL SHALL CONSIST OF ONE SINGLE ARBITRATOR. UNLESS THE PARTIES AGREE OTHERWISE, THE ARBITRATION SHALL BE CONDUCTED IN ENGLISH AND IN RELEVANT STATE. THE ARBITRATION SHALL BE CONDUCTED BY TELEPHONE, ONLINE AND/OR SOLELY BASED ON WRITTEN SUBMISSIONS AS SPECIFIED BY THE PARTY INITIATING THE ARBITRATION, PROVIDED THAT THE ARBITRATION SHALL NOT INVOLVE ANY PERSONAL APPEARANCE BY THE PARTIES OR WITNESSES UNLESS OTHERWISE AGREED BY THE PARTIES. THE ARBITRATION AWARD RENDERED BY THE RELEVANT ARBITRATION CENTRE SHALL BE FINAL AND BINDING ON ALL THE RELEVANT PARTIES. THE ARBITRATION EXPENSES SHALL BE BORNE BY THE LOSING PARTY UNLESS OTHERWISE DETERMINED IN THE AWARD.

10.6 Indemnification. If you initiate any legal proceedings against K1Malls or our affiliates in breach of this clause 10, including any legal proceedings disputing K1Malls’s determination which has become binding on you according to this clause 10, you shall hold K1Malls and our affiliates, agents, employees, directors, officers harmless and indemnified against any claim, losses, damages that may be suffered by us.

10.7 Limitation Period. In any event, you may not make any claim against K1Malls or our affiliates under this Agreement after one year from the occurrence of the matter giving rise to the claim.

10.8 Injunctive Relief. Notwithstanding the foregoing provisions, either party may seek injunctive or other equitable relief against the other party in any court of competent jurisdiction prior to or during the arbitration.

11. General Provisions

11.1 Entire Agreement. This Agreement constitutes the entire agreement between you and K1Malls with respect to and governs the use of the Transaction Services, superseding any prior written or oral agreements in relation to the same subject matter herein.

11.2 Severance. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be deleted and the remaining provisions shall remain valid and be enforced.

11.3 Headings. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section.

11.4 Independent Contractor. No agency, partnership, joint venture, employee-employer or franchiser-franchisee relationship is intended or created by this Agreement.

11.5 No Waiver. Any failure by K1Malls and our affiliates to exercise any of our rights under this Agreement shall not constitute a waiver of such right or a waiver with respect to subsequent or similar breach. A waiver shall be effective only if made in writing.

11.6 Assignment. K1Malls shall have the right to assign this Agreement (including all of our rights, titles, benefits, interests, and obligations and duties in this Agreement) to any of our affiliates and to any successor in interest. K1Malls may delegate certain of K1Malls rights and responsibilities under this Agreement to independent contractors or other third parties. You may not assign, in whole or part, this Agreement to any person or entity.

KATOTA OVERVIEW

07/16/2018
by Joseph Eshun

KATOTA OVERVIEW

2018

This Overview has been prepared to advance an understanding about Katota, read it carefully.

Katota is a combination of two Tswana words that means “The Real”. Katota was initially the program name of the Africa focus collective development program that was carried out by Resource Mobilization Inc, following several visions after the closure of RMI’s programme been adopted to be the name for “emulation of creation” doctrine. The Katota idea was born in a village called Dompim situate in the western region of Ghana. The Katota Program was initiated with the view to contribute meaningfully from a different stand point towards assisting the global efforts being made by several Agencies towards poverty alleviation; focused on Africa.

The Program started with the Eshuns attempt to develop a cooperative development model that will have a buy-in of business persons and philanthropist starting with the Eshuns with the view of creating a collective of likeminded persons to concentrate on a development need of a community and do so profitably. During a visit by the Eshuns (a successful property business family) to their native village of Dompim in 2003, the Chief of Dompim Nana Nyiwa, presented the desperate need for development in Dompim to the Eshuns. The Eshuns developed the idea to use their wealth and resources to aid the Chieftaincy of Dompim (Mr Eshun is a member of the royal family) to develop the people of Dompim. The Eshun’s knowing that their wealth alone could not bring about the extent of development expected; they called on experts to develop a program, to pool resources of likeminded philanthropists and business people to undertake such developments in a profitable manner and for the development to be sustainable. The experts employed developed “Profitable Local Economic Development” (PLED).

PLED is the product of the formalization of the idea to develop Dompim into a formal and documented standalone program. Dr.Turundu and Prof Mukotong led a group of experts drawn from several parts of the world to document the process of operationalizing the Dompim idea into formal standalone implementable programs to develop deprived communities everywhere in the world. “PLED”; based on intra-industry trade and Reverse Factoring was produced. A development process, that starts by identifying the locality in need who places the orders to purchase the output of an industry to satisfy their need, fed into a collective of suppliers in the same industry chain and factored by the financier who will be prepared to stay in for the period of the Program. PLED leads to a development model based on identifying a local need and developing a sustainable programme by pooling a collective of likeminded businesses to address that local need.

PLED was launched to coincide with the August 2006 women’s day celebration in the Queen’s Garden Hotel (Queen’s Garden Hotel was one of several properties belonging to the Eshuns, named after their daughter who was named after the Founding Queen of Dompim, Nana Te Ayiwa-Mu) in Johannesburg, in the Republic of South Africa. The Launch of PLED was attended by various High Commissioners in RSA and Ghana was represented at the Launch by Hon. Anna Nyamekye, the then Deputy Minister of Agriculture.

The various companies of the Eshuns, mostly called Pssimeco companies, owning several properties formed the initial lot of collective in terms of PLED. Financials are available up to the 2007 when the Pssimecos formed the first PLED today’s Katota. The request from the African Union for assistance to the Coalition of Supporters Unions of Africa who had been mandated to at the AU International Year of Football (2007) & 2010 WC African Legacy Programme Conference to “Facilitate the establishment and recognition of supporters’ union/s” transmuted PLED into a global operation. The African Union request for assistance for COSUA and the signed COSUA lease agreements, made it possible for the initiators of PLED to accept to offer the needed help to COSUA.

The implementation of the subsequent lease and exclusive commercial services agreement that was signed with COSUA required that further collectives involving intra-industry trades be created, and the constant creation of collectives modelled on cooperatives and reverse factoring transformed PLED into application of Katota- a Global Economic Development Programme based on identifying good (not need) and making the identified good available to all in a sustainable manner by emulating creation; Katota as it was understood. Sequel to sound advice from several world class professional services providers among them KPMG, Delloitte, PWC, the seat of managing the Katota program as it was understood then is incorporated in the British Virgin Island as Resource Mobilization Incorporated (RMI) in 2008.

In a worldwide search for a suitable name for PLED; “Katota” meaning “the Real” in Tswana, a language spoken in few Southern Africa countries, was accepted as the name of the Program and the vision of the initiators being “a better life for all” was adopted as the slogan. Katota remained the name of the Africa Focused Collective Development Program initiated and implemented by RMI. During the application of Katota by RMI, several entities were incorporated with the name Katota or Katota as a part of the entities’ name, leading to some people misunderstanding Katota then to be real estate buying conglomerate, others called Katota a charity operation, others in the media called it a scam, but it is simply a way of life applicable to all activities. Series of catastrophes, among them the credit crunch of 2007 to 2008 and beyond, coupled with manufactured tragedies including the self-gratification detention of Elezabeth Aquino Samson and Dr. Eddie Conde Gill in Mauritius in 2010 lead to RMI claiming for loss of income and ending its application of Katota.

Subsequent to the termination of the application of Katota by RMI and with the understanding that the debtors have accepted their liability and are willing to pay, Mr Eshun and his family spent over 2 years in Dubai UAE in an effort to collect as much of the assessed claims as the debtors could pay. During the period of working with the debtors to ensure payment for the claims are received Mr. Eshun received, several visions, steering and input by many that led Mr. Eshun to conclude that Katota, based on emulation of creation is a doctrine that can lead to a better life for all. Katota encourages every person that identify political, social, or economic “good” to make it available to the world, following Creation Model. “Go ye into all the world ….

Retracing the history of how the Eshuns have conducted business, the evidence points and supports that the application of Katota has subsisting since 1994 when the first Pssimeco company was incorporated. The idea of a central company creating a platform for others to trade has always been present. The essence of the visions Mr. Eshun received is a better life for all people is attainable by structuring all human activities to emulate creation, not as a product of big bang or evolution but an intentional creation of God beginning each living entity by creating one seed bearing entity with the aptitude to reproduce after its kind and occupy its place in the world. Like creation, structure is required to apply Katota. In the past a Katota structure was recorded on paper and required several millions of US Dollars to structure and implement, with advancements in internet-based technology including carts, blockchain etc, the application of Katota is now as simple as signing up as a vendor on a portal such as k1malls.com.

Application of Katota is voluntary, and all are invited to participate.


GENERAL NOTICES

I. The information set forth herein may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations between you and the overview distributor(s). Its sole purpose is to provide relevant and reasonable information to the reader as a potential Katota applicant.

II. Distributor(s) of this Overview accept responsibility for the information contained herein. Reasonable care has been taken to ensure that, the information contained herein is in accordance with the facts available and contains no omission likely to affect the application of Katota.

III. This Overview is made publicly available for information purposes only and does not require any action to be taken by the public. You, as the recipient(s) of this Overview, should familiarize and inform yourself with all the information set out herein, all potential risks, applicable regulations that you should consider and observe. We recommend that you seek out independent professional advice to not only give you sound professional advice but also ensure that you are aware of all the would be risks before adopting any way of life.

IV. This Overview is the primary official source of information about Katota. The information contained herein may from time to time be translated into other languages or used during written or verbal communications with existing and prospective applicant. During such translation or communication some of the information contained herein may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Overview, the provisions of this English language original document shall prevail.

DISCLAIMERS

1. Not legal advice

The information contained in this Overview is not legal or religious advice as the content has been prepared without considering your circumstances, objectives, or needs. The distributors, employees, or contractors who wrote or modified the information herein are NOT providing legal or religious advice and are NOT creating or entering into Attorney-Client / Pastor-Congregant relationship.

2. Not investment advice

Nothing in this Overview shall be deemed to constitute a prospectus of or a solicitation for investment or an offer of any investments in any jurisdiction. Please seek out your own investment/doctrinal advice or information.

4. Not shares prospectus

This Overview does not constitute an offer or invitation to any person to apply Katota, subscribe for or purchase shares, stock or any other rights in distributors. Thus, no shares or other stock of distributors are being offered for subscription or sale in any jurisdiction pursuant to the Overview.

5. Forward looking statements

Some of the statements, estimates and information contained in this Overview are forward-looking statements and information which reflect distributors' current understanding of Katota. Statements which include the words ''expects'', ''intends'', ''plans'', ''believes'', ''projects'', ''anticipates'', ''will'', ''targets'', ''aims'', ''may'', ''would'', ''could'', ''continue'' and similar statements are of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties. The cautionary statements made in this Overview should be read as being applicable to all related forward-looking statements wherever they appear in this Overview. These forward-looking statements speak only as of the date of this Overview.

RISK STATEMENT

UNLESS OTHERWISE AUTHORIZED IN A PARTICULAR NATION AS EXPECTED, THE APPLICATION OF KATOTA REFERRED TO IN THIS OVERVIEW HAVE NOT BEEN REGISTERED, APPROVED, OR DISAPPROVED BY ANY GOVERNMENT AUTHORITY. APPLICANTS OF KATOTA REFERRED TO IN THIS OVERVIEW SHOULD BE AWARE THAT THEY BEAR ANY RISKS INVOLVED IN THE APPLICATION OF KATOTA, IF ANY, FOR AN INDEFINITE PERIOD OF TIME.

INFORMATION IN THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING AS TO LEGAL EFFECT AND COMPLETENESS. For the avoidance of doubt, distributors, attorneys, and employees involved in teaching and distribution of information about Katota expressly refuses any and all responsibility and liability for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in this Overview, (ii) any error, omission or inaccuracy in any such information, (iii) any action resulting therefrom, or (iv) usage or application of Katota.

Your application of Katota is deemed to be your acknowledgment and agreement to statements and the disclaimers of this entire document; all rights are reserved.

URA MONETARY SYSTEM AND POLICY - AN OVERVIEW

07/15/2018
by Joseph Eshun

URA Monetary System and Policy

An Overview

This Document may be altered or updated at any time.

This Document has been prepared to advance a general understanding about URA Monetary System and Policy. Ura is a commodity monetary system introduced by Resource Mobilization Inc (“RMI”). Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transformed Ura into a monetary system. RMI includes its successors and assigns. The term Ura is an acronym derived from Universal Receivables Assignment which term was adopted on 11/14/14 by board resolution to be the name of the money drawn on RMI reserves.

NOTICE

The information set forth in this Document may not be exhaustive and does not imply any elements of a contractual relationship or constitute any relations with readers and distributors (“Users”) of this Document. The purpose of this Document is to provide relevant and reasonable information on URA Monetary System and Policy.

This Document includes information from several sources (all sources are recognized). This Document has been prepared for general guidance only and does not constitute professional advice. Users should not act upon the information contained in this Document without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this Document, and, to the extent permitted by law, the Author does not accept or assume any liability, responsibility, or duty of care for any consequences of user or anyone else acting, or refraining to act, in reliance on the information contained in this Document or for any decision based on it.

The information contained in this Document may from time to time be translated into other languages or used during written or verbal communications with users. During such translation or communication some of the information contained in this Document may be lost, corrupted, or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and communications and this official English language Document, the information contained in this English language original Document shall prevail.


1 Introduction

Ura is Commodity-based Money; deriving value and authority from United States (U.S.) Dollar because the Receivables (“the Commodity” or “Reference Assets” or “Reserve”) are U.S. dollar denominated; owned and held by Resource Mobilization Inc, its successors, and assigns (“RMI”). Ura originates largely from the claims prepared at the instance of RMI by professional appraisers who traced, verified, quantified, and recorded in the appraisal report the total amounts due and payable to RMI as the creditor by the debtors in the Receivables. Receivables are defined in the United Nations Convention on Assignment of Receivables in International Trade (“Convention”) as “all or part of or an undivided interest in the assignor’s contractual right to payment of monetary sum”. Ura is exchanged for other forms of money without transferring the commodity itself. The exchange rate of Ura to the U.S. Dollar-based Receivables is 1 Ura:1Unit of Receivables and exchange rate of Ura to the U.S. dollar is 1Ura:1US$ as at 11/14/2014.

Fiat has delivered sustained economic growth since its introduction, but it is obvious that the work of better life for all is not completed, there is room for compliment. Ura seeks to be that compliment to Fiat. Ura unlike fiat is privately owned, issued based on private money. Ura shall not have the pressures of fiat and as a result holds the potential to be a better stable money for global development. The expectation is Ura shall be utilized alongside fiat and all other forms of money for the common good. It shall have all the safeguards of fiat but with the sole purpose of being reliable money.

Ura is money, it is not a cryptocurrency, security, or collective investment scheme and does not grant users voting or ownership rights, return on investment, and profit or passive income from its utilisation.

Monetary authorities are invited to recognize Ura as money and legal tender in their territories making it possible for Ura to be widely adopted and utilised.

2 URA Monetary System – Overview

Ura was originally intended to be a utility for assignment of RMI Receivables, but the sheer volume of the Receivables tokenized transforms Ura into a monetary system (the “Ura Monetary System”).

Ura Monetary System is methodical, ethical, hierarchical, flexible, and innovative offering convenience, resilience, accessibility, privacy, and ease of use. It guarantees (i) successful completion of Ura distribution, exchange, and transfer (“Ura Transactions”) in a well-supported transacting environment (the “Ura Monetary System Transacting Environment” or “Ura Ecosystem”), and (ii) conveyance of Ura from one entity to entity without devaluation and counterfeits free.

Ura Ecosystem has mechanisms, protocols, and policies that ensure that Ura Transactions parties are identifiable and verifiable, that Ura Transactions are trackable, transparent, and immutably recorded, and that all Ura Transactions are done counterfeit free. This ensures Ura is exchangeable for other forms of money, coexist with and complements existing forms of money, and retains value.

The Ura Ecosystem includes:

a. Competent institutions managing Ura equivalent to similar institutions in the fiat monetary system to govern the utilization and conveyance of Ura without devaluation and free of counterfeits.

b. Governance policies and values designed to maintain the Ura and the Reference Assets value.

c. Interactions with existing fiat monetary system regulatory frameworks and authorities.

Ura Monetary System (“UMS”) requires participation at every level by competent and qualified entities or institutions (“participants”) who understand their roles fully and offering services and products needed for safe and sound Ura management and distribution.

2.1 UMS1 – Global Institutions (“UMS1”)

Participants in UMS1 category are equivalent to global financial institutions like the world bank. UMS1 participants roles include but are not limited to (i) management of the Global Reserves being the initial reserves and subsequent reserves (“Reserves”) to maintain their value into the future without devaluation, (ii) provide global oversight over Ura, (iii) set the Ura Global Monetary Policy, and (iv) set the Ura Ecosystem participation rules.

2.2 UMS2 – National Institutions (“UMS2”)

Participants in UMS2 category are equivalent to national financial institutions like a central bank. For this level, participation is restricted to one qualified participant per nation or group of nations (“territory”). To qualify as a UMS2 participant in the Ura Ecosystem, a participant must:

a. receive approval and any required permits from UMS1 and other territory specific regulatory authorities (the “appropriate authorities”) to operate as a national financial institution.

b. provide extensive information about the participant’s organiser(s), the business plan, senior management team, corporate structure, finances, capital adequacy, risk management infrastructure, and other relevant factors to the appropriate authorities which support its risk profile, operations, and future growth even in the event of unexpected losses establishing that the participant has a reasonable chance for success and will operate in a safe and sound manner.

c. meet, comply, and maintain all legal and fiduciary responsibilities of a national financial institution and the Ura Ecosystem participation rules for UMS2 entities.

UMS2 participants roles include but are not limited to (i) management and control of the supply and distribution of Ura and forms of Ura in UMS2 territory, (ii) setting and implementing the UMS2 territory Ura Monetary Policy, and (iii) management of UMS2 territory reserves to maintain their value.

2.3 UMS3 - Large-scale Institutions (“UMS3”)

Participants in UMS3 category are equivalent to large-scale financial institutions like a commercial bank. For this level, participation is open to any qualified participant. To qualify as a UMS3 participant in the Ura Ecosystem, a participant must:

a. receive approval and any required permits from the territory’s appropriate authorities to operate as a large-scale financial institution.

b. provide extensive information about the participant’s organiser(s), the business plan, senior management team, corporate structure, finances, capital adequacy, risk management infrastructure, and other relevant factors to the appropriate authorities which support its risk profile, operations, and future growth even in the event of unexpected losses establishing that the participant has a reasonable chance for success and will operate in a safe and sound manner.

c. meet, comply, and maintain all legal and fiduciary responsibilities of a large-scale financial institution and the Ura Ecosystem participation rules for UMS3 entities.

UMS3 participants roles include but are not limited to (i) distribution of Ura and forms of Ura in their territory, (ii) securing, holding, and storing Ura without devaluation and counterfeit free, and (iii) management of reserves in their custody to maintain their value without devaluation.

2.4 UMS4 – Mid-scale Institutions (“UMS4”)

Participants in UMS4 category are equivalent to mid-scale financial institutions like a mid-scale commercial bank. For this level, participation is open to any qualified participant. To qualify as a UMS4 participant in the Ura Ecosystem, a participant must:

a. receive approval and any required permits from the territory’s appropriate authorities to operate as a mid-scale financial institution in the territory.

b. provide information about the participant’s organiser(s), the business plan, senior management team, corporate structure, finances, capital adequacy, risk management infrastructure, and other relevant factors to the appropriate authorities which support its risk profile, operations, and future growth even in the event of unexpected losses establishing that the participant has a reasonable chance for success and will operate in a safe and sound manner.

c. meet, comply, and maintain all legal and fiduciary responsibilities of a large-scale financial institution and the Ura Ecosystem participation rules for UMS4 entities.

UMS4 participants roles include but are not limited to (i) distribution of Ura and forms of Ura in their territory, (ii) securing, holding, and storing Ura without devaluation and counterfeit free, and (iii) management of reserves in their custody to maintain their value without devaluation.

2.5 UMS5 – Small-scale Institutions (“UMS5”)

Participants in UMS5 category are equivalent to small-scale financial institutions like a small-scale commercial bank. For this level, participation is open to any qualified participant. To qualify as a UMS5 participant in the Ura Ecosystem, a participant must:

a. receive approval and any required permits from the territory’s appropriate authorities to operate as a small-scale financial institution in the territory.

b. have a corporate structure that is established and maintained in accordance with the principles of safe and sound financial systems.

c. meet, comply, and maintain all legal and fiduciary responsibilities of a small-scale financial institution and the Ura Ecosystem participation rules for UMS5 entities.

UMS5 participants operate platforms and/or networks used to distribute Ura, hold Ura and settle Ura transactions. An example of an entity in this level is K1Malls platforms [www.k1malls.com] (“K1malls”) managed by Neshuns Corporation Inc (“Neshuns”) as a global online marketplace connecting buyers and sellers of goods and services in every economic activity industry as defined by the International Standard Industrial Classification of All Economic Activities (“ISIC”), a United Nations industry classification system (the “Platform”). K1malls distributes Ura digitally (“Digital Ura”). Digital Ura traded on K1Malls is derived from Ura and is counterfeit free.

3 URA Monetary Policy – Overview

At all times Ura in circulation is equal to market demand to the extent that the market demand can be satisfied without devaluing Ura.

3.1 Ura Global Monetary Policy

It is set by UMS1 in its capacity as the monetary authority over Ura and Ura Ecosystem. The three tools used by UMS1 to implement Ura Global Monetary Policy are open market operations, discount rate, and reserve requirement.

a. UMS1 uses open market operations to influence the supply of Ura in the Ura Global Ecosystem. To increase reserves, UMS1 buys financial instruments and pays for them by making a deposit to the account maintained at UMS1 by the primary dealer’s bank. To reduce reserves, UMS1 sells financial instruments and collects from those accounts. By trading financial instruments, UMS1 influences the amount of Ura in the Ura Global Ecosystem, which affects UMS1 funds rate at which financial institutions borrow Ura from each other. The UMS1 funds rate is sensitive to changes in the demand for and supply of Ura in the Ura Global Ecosystem.

b. The discount rate charged by UMS1 to eligible financial institutions on short-term loans.

c. Reserve requirements that eligible financial institutions must maintain either in their vaults or on deposit at UMS1.

3.2 Ura National Monetary Policy

It is formulated by UMS2 for the UMS2 Territory and is based on the Global Monetary Policy. The three tools used by UMS2 to implement Ura National Monetary Policy are open market operations, discount rate, and reserve requirement.

a. UMS2 uses open market operations to influence the supply of Ura in the UMS2 territory. To increase reserves, UMS2 buys financial instruments and pays for them by making a deposit to the account maintained at UMS2 by the primary dealer’s bank. To reduce reserves, UMS2 sells financial instruments and collects from those accounts. By trading financial instruments, UMS2 influences the amount of Ura in the UMS2 territory, which affects UMS2 funds rate at which UMS3 financial institutions borrow Ura from each other. The UMS2 funds rate is sensitive to changes in the demand for and supply of Ura in the UMS2 territory.

b. The discount rate charged by UMS2 to UMS3 financial institutions on short-term loans.

c. Reserve requirements that UMS3 financial institutions must maintain either in their vaults or on deposit at UMS2.

4 Distribution, Exchange, and Transfer of URA.

Ura is money distributed after the order of commodity monetary system like any other fiat. Ura Monetary System at a minimum meets all the equivalent structures, services, support, and regulative requirements of fiat monetary system within the context of current technological advances, making it possible for Ura to be widely adopted and utilised.

Ura is to be utilised as money, because (i) it is a Medium of Exchange used to intermediate the exchange of goods and services; (ii) it is a Unit of Account used as a standard numerical unit of measurement of market value of goods, services, and other transactions. It is divisible into smaller units without loss of value, fungible (one unit is equivalent to any other), and is verifiably countable; (iii) it is a Store of Value as it is reliably saved, stored, remains stable over time and retrieved as a usable medium of exchange; (iv) it is a standard of deferred payment used to denominate debts and settle them; and (v) it is a standard measure of value and common denomination of trade thus a basis for quoting and bargaining prices. Therefore, Ura need not be exchanged for other forms of money to utilize it, but for useability in monetary systems that are yet to adopt Ura as money, Ura can be exchanged for other forms of money in an amount equal to the Ura value. It is for exchange purposes that all Ura monetary system distributors hold other forms of money reserves to meet any exchange requests.

Ura Distribution and Exchange occurs when Ura is exchanged for other forms of money of equal value on the exchange date., while Transfer occurs when Ura is paid from entity to entity without converting to any other forms of money. All Ura transfers meet and comply with anti-money laundering and combating the financing of terrorism (“AML/CFT”) requirements as set by the Financial Action Task Force (“FATF”) to avoid abuse by criminals or those involved in laundering the proceeds of crime or the financing of terrorism.

INVOICE SALE

03/02/2018
by Joseph Eshun

ASSIGNMENT OF ACCOUNT RECEIVABLES ALSO KNOWN AS SALE OF INVOICE

To the extent that it is applicable, all invoices sold on this mall are sold in accordance with United Nations Convention on the Assignment of Receivables in International Trade

Comments

To pay in Ura, you need to first have Ura. You may obtain Ura by exchanging your local currency for Ura at the rate the Ura holder is willing to sell.
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