Law&Trust International sticks up for ICO projects

The technology boom has created new business opportunities. Thus, ICO, blockchain, cryptocurrencies turned from a bunch of words incomprehensible to the majority into an entire industry that allows you to get certain material benefits.

The development of the industry transforms the current services sector. Unfortunately, not all market players are conscientious of their role in it. Consulting companies, misleading or directly cheating their customers, appear in the market promising a quality product.

Lawyers rarely achieve justice in such matters, not to speak of people without legal education.

On October 29, the claim for 1,375,000 RUB filed by an individual entrepreneur, whose interests were represented by the lawyers of Law &Trust International, against OOO (LLC) «New Legal Technologies» was considered in the Moscow Arbitration Court. The defendant undertook the responsibility to develop and provide a business plan, a website, a marketing strategy, documentation accompanying ICO, etc. Indeed, he did not render the services provided for in the contract in full; the services provided were of poor quality and with a substantial delay.

The following services were observed in the list:

• Drawing up a business plan. The business plan was not developed, the client did not receive it;
• Market research. The client was to receive the summary of market research in English. The results of this marketing research were provided in Russian, and 99% were copied from the Internet, that constituted a substantial violation of the contract;
• Forming a marketing strategy in English. The contract provided for a marketing plan concept, with the necessary research, market analysis and sales forecasting for further promotion. As a result, 43 slides were provided in Russian. The time frames were violated, the information was borrowed from the Internet and did not contain a lot of significant elements.
• Developing a presentation for investors in English. This item has been ignored in full;
• White Paper. This item stipulted a description of the mission, goals, objectives of the project, the structure of the company. The section assumed the development of a brand, corporate identity, website design, publishing, software, personal cabinet of investors, smart-contract and many other related elements for creating a business. Each separate item was agreed and signed in separate attachments. As a result, this section was filed involving a gross violation of the term and did not contain all the agreed information.

The court satisfied the claimant’s demands in full, terminated the contract and ruled to return the money to the client.

Law&Trust International provides a full range of legal consulting services for ICO and Blockchain projects. The extensive experience of the company's lawyers and a professional comprehensive approach will save your costs and prevent from rash decisions!