Upon acceptance of the DARWIN Provider Program Terms & Conditions, the DARWIN Provider becomes eligible for DarwinIA, the Company’s trading challenge that awards those DARWIN Providers who achieve better results as per the Company’s criteria. The participation in DarwinIA is subject both to the terms contained herein, in the Trader Client Agreement and the DARWIN Provider Program, as well as to the terms (legal or otherwise) posted on the Company’s website(s), as may be amended by the Company from time to time.
Only DARWIN Providers are eligible for participation in the DarwinIA trading challenge (i.e. participants need to have a Darwinex real Trading Account, they must have expressly requested their DARWIN to be created and their DARWIN must have been listed by the Company during the relevant calendar month).
DarwinIA is a monthly contest. Each calendar month, at 20.59 GMT of the day before the first Business Day in a month, a new edition of DarwinIA starts. End date for each monthly edition is the last Business Day in the relevant calendar month at 20.59 GMT.
3. Prizes and determination of winners
Each calendar month, within the first five (5) Business Days, the Company will announce the prizes to be distributed over such calendar month as well as the number of DARWIN Providers that will be awarded on such month’s edition of DarwinIA.
Prizes may consist of cash prizes (the “Cash Prizes”) and / or a notional fund allocation in the winning DARWINS for a 6 month period (the “DarwinIA Funds”).
The Company will announce the winners on its website(s) and / or notify the winners within five (5) Business Days upon termination of each monthly edition of the DarwinIA trading challenge.
Winners will be chosen based on different attributes such as the performance of each DARWIN Provider’s DARWIN in terms of:
1. DarwinIA Level
3. Profitability of the DARWIN Provider’s DARWIN
4. Experience gained during the relevant calendar month
5. Correlation Test
Where two or more DARWINS present too high a correlation as per the Company’s correlation test, only one of the correlated DARWINS will be eligible for DarwinIA prizes. The Company shall determine which of the correlated DARWINS is eligible for DarwinIA’s prizes in a given month on the basis of their DarwinIA level & their Darwinex Score.
The Company shall not be liable for any technical error or cause beyond the Company’s control. If a given edition of DarwinIA cannot be executed as planned as a result of any such errors, the Company shall incur no liability.
4. Payment of Cash Prizes & Notional Fund Allocation
4.1 Cash Prizes
Cash Prizes shall be credited to the Darwinex Wallet of each edition’s winners no later than ten (10) Business Days after the announcement of the winners of the relevant DarwinIA monthly edition.
By accepting a prize, winners agree that they are responsible for all applicable taxes associated with such prize including but not limited to any income, profits and gains and any other tax, duty, contribution, levy or charge in the nature of tax of any nature, whether domestic or foreign.
4.2 DarwinIA Funds
DarwinIA Funds will be allocated in the winning DARWINS by the Company (or any company within the Company’s Group) no later than ten (10) Business Days after the announcement of the winners of the relevant DarwinIA monthly edition.
The notional fund allocation shall remain in force for a 6 month period since the allocation date. Each quarter, the relevant DARWIN Providers shall receive a performance fee equal to twenty per cent (20%) of the earnings generated on the DarwinIA Funds. The relevant performance fees shall be calculated quarterly on a high watermark basis.
Winners agree that they are responsible for all applicable taxes associated with such fund allocation, including but not limited to any income, profits and gains and any other tax, duty, contribution, levy or charge in the nature of tax of any nature, whether domestic or foreign.
5. Suspension and refusal to participate
Upon prior communication to the DARWIN Provider, the Company may suspend any DARWIN’s and / or DARWIN Provider’s participation in DarwinIA at its sole discretion. During any period of suspension, the DARWIN Provider will be entitled to continue to trade the Trading Account(s) but will not be eligible to compete on DarwinIA. The Company will monitor and evaluate the DARWIN Provider’s trading activity during the suspension period and will notify the DARWIN Provider in writing if the Company decides to lift the suspension and readmit the DARWIN Provider to compete in DarwinIA, as applicable.
The Company reserves the right, at its sole discretion, to amend the DarwinIA conditions, including extending the trading period, postponing the starting date, adding prizes, adding bonuses, and/or canceling or suspending part or the entire DarwinIA challenge at any time by posting such amendments on the Company’s website(s). If the DARWIN Provider does not wish to accept any such amendment, the DARWIN Provider’s sole remedy is to withdraw from participating in DarwinIA.
7. Entire Agreement
These Terms & Conditions do not override any other agreements, arrangements, express or implied statements made by the Company unless the Company, in its sole discretion, determines otherwise
For the avoidance of doubt, these Terms & Conditions shall be construed as complementary to the Client Agreement and the T&C ruling the DARWIN Provider Program. Any aspect not specifically regulated under these Terms & Conditions shall be deemed to be regulated by said agreements.