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Revision Date: March 2, 2021


These Terms of Service (the “Terms”) are an agreement between you (“you,” “your,” or “user”) and Committi Inc., a corporation governed by the laws of Ontario, Canada (“Committi,” ”we," “our,” or “us”). We own and operate the website www.committi.com (“Platform”).

By accessing or using any part of the Platform, you agree to be bound by these Terms. If you do not accept these Terms and all the policies and documents incorporated herein by reference in their entirety, you may not use any part of the Platform.

To the extent permitted by applicable law, we may, at any time, amend these Terms, including any features or functionality of the Platform, without prior notice to you, by posting a revised version of the Terms and/or a notification about changes made to features or functionality of the Platform. Any revisions to these Terms or changes to the Platform will take effect on the specified date (“Revision Date”) unless otherwise stated. Your continued use of the Platform after the Revision Date constitutes (a) your acceptance of revised Terms and/or changes in Platform and (b) agreement to be bound by any such revised terms and conditions.


About Platform and Plans. The Platform offers online financial services, namely, peer-to-peer lending/investment schemes (“Plan(s)”). From time to time, the Platform will introduce Plans with various duration periods and terms. A user may compare the Plans before applying for the desired one(s). Each Plan lets users invest or borrow from other users of the Platform who are part of the same Plan. Each Plan will specify the installment amounts, the number of bidding cycles, duration of each bidding cycle, minimum and maximum bidding limits, and other conditions. A detailed explanation of how the Platform works can be found on the homepage of the Platform www.committi.com.

Who is Eligible to Apply. Only individuals who reached the age of majority in their province of residence may sign up for an Account (as defined below) on the Platform. Only Canadian citizens and residents may apply.

How to Become Member of Plan. In order to become a member of a Plan (or Plans), a user must go through an enrollment application process. Each user’s credit history will be checked. Upon review of each application, Committi will make a decision of whether to deny or accept any such application with or without conditions. If an application is approved by Committi, an offer will be sent to the user with the terms and conditions of the Plan (“Offer”). The user will have the option to accept or reject any such Offer. If the user accepts the Offer, such user will become a member of the Plan detailed in the Offer.

If there are too many users, who applied for and qualify for the same Plan, such users will be split into multiple groups as each Plan may have only a certain number of members. If this is your case, we may offer you a Plan with the same terms and conditions, however, with a different start date.

Note: One user may not apply for multiple member slots in one Plan, however, one user may apply for multiple Plans at the same time.

Conditional Offers. If a user’s credit history is not ideal, we may choose to make a conditional Offer to such user. A conditional Offer could mean, for example, that such user would not be able to bid until the Plan has reached a certain number of bidding cycles.

Plan Start Date. The initial Plan start date may change if we have not enrolled the needed number of members. If a Plan has not enrolled the right number of member by the estimated date, the Platform will automatically extend the enrollment period for additional 48 hours and thus the schedule of biddings and bidding cycle dates will change accordingly.

Installment Payments. Once a user becomes a member of a Plan, such user has to make timely installment payments before each due date or alternatively sign up for automatic payments.

Bidding and Bidding Cycles. ALL BIDDING HAPPENS ONLINE. There are as many bidding cycles as there are members in a Plan. A bidding cycle has a set duration as specified in your Plan (it can be set weekly, bi-weekly, semi-monthly, monthly, quarterly, etc.). In the beginning of each bidding cycle members will be making their bids as to how much they would like to “borrow”. Committi will set minimum and maximum bidding amounts for each Plan. The lowest bids win. If you win a bid, you will not be allowed to participate in bidding process later on, because each member can win a bid only once during the term of one Plan. If your participation in the Plan was conditional upon you not bidding until your Plan reached a certain number of bidding cycles, then you would need to wait till the Plan reached that certain number of bidding cycles before bidding. If no one participates in any given bidding cycle and there is no winner, the Platform will randomly pick a winner from those members who can participate in the bidding process.

If there is any system glitch or failure during a bidding session, Committee will reschedule the date of that bidding only. The remaining bidding cycles and their set dates will not be affected. Any delays or rescheduling of a bidding will be notified about in an email and a notification sent through the Platform.

Committi Fee. Every bidding cycle Committi will charge a fee of 5% on the Base Amount (as defined below).

Currency. All amounts are denominated in Canadian Dollars ($) unless otherwise noted.

Distribution of funds. If, your Plan is for $2,000 (“Base Amount”) and there are 20 members in the plan, there will be 20 bidding cycles and your installments will equal to $100 per bidding cycle.

Let’s say that the lowest bid during the first bidding cycle was $1,600. These $1,600 will be paid out to the winner; Committi will get it’s 5% fee from $2,000, the Base Amount, which is $100; the rest (“Surplus”), which is $300 ($2000-$1600-$100 = $300), will be distributed among all 20 members ($15) in the Plan.

During the following bidding cycles, the winner of the first bidding cycle will be ineligible to participate in bidding process and only unrestricted members will be able to participate. All winners will still be responsible for making installment payments till the expiration of the Plan.

This process will repeat itself until the end of the Plan.

Committi Guarantee If Member Cancels Plan. If any member decides to stop participating in a Plan, Committi will take over any such member’s commitment for the rest of the term of that Plan.

Disclaimers. Committi reserves the right to check any user’s credit history and credit score at any given time. Committi reserves the right to report any default in payments to credit reporting agencies and collection companies. Committi and any of its affiliates is not a bank, trust account, or a stock trading platform. Installment payments are not insured and thus this investment may carry some risks.


Payment Terms. Committi will handle all payments on behalf of Platform users. Acceptable forms of payment: Pre-Authorized Debits also referred to as PAD’s or Pre-Authorized Debit Payments. No credit cards, cheques, money orders, cash will be accepted.

Payment Default. If a user fails to make an installment payment by the due date, such user will be charged $45 plus 29.99% (APR) on the outstanding amount or $5 (whichever is higher). On top of imposing a late fee on any late payment, Committee may, at its election, proceed against any such user in any manner allowed by law (including sending the bill for the late payment to a collection agency and reporting the default to a credit reporting agency). The user shall pay reasonable collection charges and attorney's fees incurred by Committi in enforcing these Terms.

Denial of Transactions by Your Bank. Denial (including due to non-sufficient funds) by your bank of any transaction initiated by us (i.e., withdrawal of funds through a pre-authorized debit transaction, deposit/transfer of funds to your account by us) will incur $50 fee per each occurrence.

Plan Cancellation Policy. There are three scenarios in this Plan cancellation policy.

Cancellation Scenario 1: Before First Bidding Cycle

If you accepted the terms of our offer, but the first bidding cycle hasn’t started yet, you have an option to cancel the Plan by paying:

  • either $100 OR 5% of the Base Amount, whichever is higher.

Cancellation Scenario 2: Before Winning a Bid

Any time after the first bidding cycle, but before your win, you have an option to cancel the Plan by paying:

  • either $100 OR 5% of the Base Amount, whichever is higher; AND

  • Surplus you received while being a member of the Plan.

Cancellation Scenario 3: After Winning a Bid

Any time after your win, you have an option to cancel the Plan by paying:

  • either $100 OR 5% of the Base Amount, whichever is higher; AND

  • The difference between the Base Amount and the actual amount paid by you to date.

Actual amount shall be equal to the sum of all installment payments minus the Surplus. Actual amount paid shall not include any interest, late fees and penalties.

If you would like to cancel your Plan, please contact Committi by email (info@committi.com) or phone (1-866-266-6480).


Committi reserves the right to check any user’s credit score at any time when the user is a member of any Plan. In addition to any other right or remedy provided by applicable law of these Terms, Committi shall have the right to terminate these Terms immediately by providing notice thereof to a user if: (i) the user becomes insolvent or files a voluntary petition in bankruptcy or if a third party petitions to have such user involuntarily declared insolvent or bankrupt and such petition for involuntary insolvency or bankruptcy is not dismissed within fifteen (15) days after being filed; (ii) the user’s credit score drops significantly after such user joined any Plan, or (iii) materially breaches its obligations under these Terms or any Offer.

Should we terminate these Terms and any Offer with a user, we reserve the right to propose such user a different Offer, which may contain stricter conditions. The user will then have the option to accept or reject any such Offer.


Registering for Account. You may get access to all features of the Platform by signing up for an account (“Account”). When you register for an Account, you will be asked to provide certain information about yourself. By registering for an Account, you represent and warrant that: (a) all required information you submit is truthful and accurate, (b) you will maintain the accuracy of such information, (c) you do not impersonate any person, including any Committi’s employees or representatives, and (d) you have reached the age of majority in your province of residence.

Confidentiality and Security of Your Login Information. You shall be responsible for (i) maintaining and ensuring the confidentiality and security of your Account’s login information, and (ii) all activities that are conducted under your Account. By using your Account, you acknowledge and agree that our account security procedures are commercially reasonable. You agree to immediately notify us in the event of any unauthorized use, or suspected unauthorized use, of your Account or any other breach of security. We cannot and will not be liable for any loss or damage arising from your failure to keep your login information in confidence.

Termination of Account. You may request to terminate your Account by contacting Committi. Your request will be processed within 72 hours. We reserve the right to terminate any user’s Account and revoke the right to participate in any Plan if we believe that any such user violated these Terms or any policy incorporated herein by reference.


License. Subject to the terms and conditions of these Terms, Committi grants you a worldwide, non-transferable, non-exclusive, and revocable license of the right to use the Platform.

Restricted Uses. The right granted to you in the present Terms is subject to the following restrictions:

  1. you shall not sublicense, sell, rent, lease, transfer, or assign your Account to any third party;

  2. you shall not permit anyone else, whose Account was terminated, or who is not a registered user, to use the Platform through your Account;

  3. you shall not create more than one Account;

  4. you shall not apply for one Plan more than once;

  5. you shall not copy, modify, translate, adapt, merge, make derivative works of, disassemble, decompile, reverse compile or reverse engineer any part of the Platform;

  6. you shall not access the Platform in order to build a similar or competitive service/platform/website/application;

  7. you shall not impersonate other individuals or provide inaccurate information about yourself;

  8. you shall not engage in anything unlawful, misleading, or fraudulent or for illegal or unauthorized purpose;

  9. you shall not violate or encourage others to violate laws, third party rights, these Terms and policies incorporated herein by reference;

  10. you shall not solicit any user to use another online platform/website for obtaining similar services;

  11. you shall not express or imply that any statements you make are endorsed by us, without our prior written consent;

  12. you shall not upload, distribute, or transmit any computer viruses, worms, Trojan horses, malicious code, or any software intended to damage or alter a computer system or a mobile device or data;

  13. you shall not retrieve, index, "data mine," or collect information or data of other users, including their email addresses, (e.g., using any harvesting bots, robots, spiders, or scrapers, site search/retrieval applications, or other manual or automatic devices);

  14. you shall not disable, overburden, impair, or otherwise interfere with servers or networks connected to the Platform (e.g., a denial of service attack);

  15. you shall not attempt to gain unauthorized access to the Platform or servers or networks connected to the Platform (e.g., through password mining);

  16. you shall not "frame" or "mirror" any part of the Platform; and

  17. you shall not restrict or inhibit any other user’s use and enjoyment of the Platform, including, without limitation, by means of "hacking" or "cracking" or defacing any portion of the Platform;

Violation of any of the above may be subject to termination of your Account, suspension of your access to the Platform, and/or legal action, if applicable.

Ownership. We and our licensors (if any and where applicable) own all right, title and interest, including all related intellectual property rights, in and to the Platform. The Platform is licensed to you; this means that the Platform is under no circumstances sold/transferred to you. Indeed, the present Terms do not convey to you any rights of ownership in or related to the Platform. Our name, logo, and other names associated with the Platform belong to us (and/or our licensors, if any and where applicable), and no license of the right to use them by implication, estoppel or otherwise is granted to you hereunder. We (and our licensors, if any and where applicable) reserve all rights not granted in these Terms.


Privacy and security of your personal information is very important to us. The Terms include and hereby incorporate by reference our Privacy Policy. To find out more on what type of information we collect and how we safeguard it please review our Privacy Policy at https://committi.com/privacy.


Nothing in these Terms shall is intended to, or shall be construed to create a partnership, agency, joint venture, employment or similar relationship between (i) you and Committi; or (ii) you and other users of the Platform. You agree to adhere to any applicable policies and procedures as may be required by these Terms and any applicable law. Committi shall not be responsible for withholding any taxes with respect to monies and interest received (if any) through the Platform.


Any delay or failure of a Platform user or Committi to perform its obligations under these Terms will be excused if and to the extent that it was caused by an event or occurrence beyond any such user’s or Committi’s reasonable control and without its fault or negligence (“Force Majeure”). Force Majeure includes, but is not limited to, acts of God, actions by any government authority (whether valid or invalid), fires, floods, windstorms, explosions, riots, natural disasters, wars, sabotage, acts of terrorism, court injunction, or court order. If a user or Committi is claiming Force Majeure, any such user or Committi must provide the other users of the Platform with written notice of such delay (including the

anticipated duration of the delay) within ten days of the occurrence of Force Majeure.


We cannot guarantee and do not promise any specific results from use of the Platform. The Platform is provided on ‘as is’ and ‘as available’ basis, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement. We do not warrant that your use of the Platform will be uninterrupted, timely, secure or error-free. We do not warrant that the quality of any service available on the Platform will meet your expectations. Occasionally some information on the Platform may contain typographical errors, inaccuracies or omissions that may relate to Plan descriptions, promotions, or offers.

We reserve the right, at any time, to modify, suspend, or discontinue the operation of the Platform or any part thereof with or without notice. You agree that we will not be liable to you or to any third party for any modification, suspension, or discontinuance of operation of the Platform or any part thereof. Any future release, update, or other addition to any of functionalities of the Platform shall be subject to the terms and conditions of these Terms.

Under no circumstances will we or any of our employees, officers, agents, advertisers or affiliates be responsible for any loss or damage, including personal injury, emotional distress, death and/or any other damages resulting from your use of the Platform, any services available through the Platform, or any interactions between you and other users of the Platform.


You agree to indemnify and hold harmless Committi (including its subsidiaries and affiliates, and each of their directors, officers, agents, contractors, partners and employees) from and against any and all claims, losses, expenses, demands or liabilities, including attorneys' fees and costs, incurred by Committi in connection with any claim by a third party (including any intellectual property claim) arising out of your use of the Platfrom in violation of these Terms or in violation of any applicable law. You further agree that you will cooperate fully in the defense of any such claims. Committi reserve the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, and you shall not in any event settle any such claim or matter without the written consent of Committi.


Disputes Among Users. You agree to use your best efforts to settle any dispute you may have with any other users of the Platform in an amicable way by mutual negotiations. However, should an amicable settlement between you and another user be impossible, you may pursue the issue independently. You acknowledge and agree that Committi will not and is not obligated to provide any dispute assistance under these Terms.

Disputes Between User and Committi. Please read this section (hereinafter referred to as the “Agreement to Arbitrate”) carefully as it affects your rights and will have a substantial impact on how disputes between you and Committi will be resolved.

You agree that any claim or dispute at law or equity that may arise between you and Committi relating in any way to or arising out of these or previous versions of the Terms, any policies incorporated herein by reference, your use of or access to the Platform will be resolved exclusively through final and binding arbitration, rather than in court. Alternatively, you may assert your claims in small claims court, if your claims qualify and so long as the matter remains in such court and advances only on an individual (non-class, non-representative) basis. The Arbitration Act of Ontario province governs the interpretation and enforcement of this Agreement to Arbitrate. You and Committi further agree as follows:

  1. Applicable Law

You and Committi agree that the laws of Ontario, Canada, without regard to principles of conflict of laws, will govern this Agreement to Arbitrate and any claim or dispute that has arisen or may arise between you and Committi, except as otherwise stated in these Terms.


  2. Arbitration Procedures. An arbitration process is more informal than a lawsuit in court. Arbitration uses a neutral arbitrator instead of a judge or jury. However, an arbitrator can award the same damages and relief on an individual basis that a court can award to an individual. An arbitrator should apply the terms of this Agreement to Arbitrate as a court would. All issues are for the arbitrator to decide, except as prohibited by law.

The use of the word "arbitrator" in this provision shall not be construed to prohibit more than one arbitrator from presiding over an arbitration.

A party who intends to seek arbitration must first send to the other, by certified mail, written Notice of Dispute ("Notice"). The Notice must include a description of the nature and basis of the claims the party is asserting and the relief sought. The Notice to Committi should be sent to 500 - 1450 Meyerside Drive, Mississauga, ON L5T 2N5, Canada. Committi will send any Notice to you to the physical address we have on file associated with your Account; it is your responsibility to keep your physical address up to date.

If you and Committi are unable to resolve the claims described in the Notice amicably within 30 days after the Notice is received, you or Committi may initiate arbitration proceedings.

The arbitration hearing shall be held in mutually agreed location. If the value of the relief sought is

$10,000 or less, you or Committi may elect to have the arbitration conducted by telephone or based solely on written submissions, which election shall be binding on you and Committi subject to the arbitrator’s discretion to require an in-person hearing, if the circumstances warrant. In cases where an in-person hearing is held, you and/or Committi may attend by telephone, unless the arbitrator requires otherwise.

The arbitrator will decide the substance of all claims in accordance with applicable law, including recognized principles of equity, and will honor all claims of privilege recognized by law. The

arbitrator’s award shall be final and binding and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

  1. Severability. With the exception of any of the provisions in Section "Prohibition of Class and Representative Actions and Non-Individualized Relief" of this Agreement to Arbitrate, if an arbitrator decides that any part of this Agreement to Arbitrate is invalid or unenforceable, the other parts of this Agreement to Arbitrate shall still apply. If an arbitrator decides that any of the provisions in Section "Prohibition of Class and Representative Actions and Non-Individualized Relief" of this Agreement to Arbitrate is invalid or unenforceable, then the entirety of this Agreement to Arbitrate shall be null and void.

  2. Opt-Out Procedure. If you are a new Platform user, you can choose to reject this Agreement to Arbitrate by mailing us a written opt-out notice ("Arbitration Opt-Out Notice"). The Arbitration Opt-Out Notice must be postmarked no later than thirty (30) days after the date you accept these Terms for the first time. You must mail the Arbitration Opt-Out Notice to 500 - 1450 Meyerside Drive, Mississauga, ON L5T 2N5, Canada. You must complete the Arbitration Opt-Out Notice by providing your full name, address (including street address, city, state and zip code), and email address associated with the Platform’s Account and explicitly state that you wish to opt out of this Agreement to Arbitrate. You have to sign the Arbitration Opt-Out Notice for it to be effective. This procedure is the only way you can opt out of the Agreement to Arbitrate. If you opt out of the Agreement to Arbitrate, all other parts of the Terms will continue to apply to you. Opting out of this Agreement to Arbitrate has no effect on any previous, other, or future arbitration agreements that you may have with us.

  3. Future Amendments to the Agreement to Arbitrate. Notwithstanding any provision in this Agreement to Arbitrate to the contrary, you and Committi agree that if Committi makes any amendment to this Agreement to Arbitrate (other than an amendment to any notice address provided herein) in the future, that amendment shall not apply to any claim that was filed in a legal proceeding against Committi prior to the effective date of the amendment. The amendment shall apply to all other disputes or claims governed by the Agreement to Arbitrate that have arisen or may arise between you and Committi. Any amendments to this Agreement to Arbitrate will take effect when a revised version or a notification is posted on the Platform unless otherwise stated. Your continued use of the Platform after the revision date constitutes (a) your acceptance of the revised Agreement to Arbitrate and (b) agreement to be bound by any such revised terms and conditions.

  4. Judicial Forum for Legal Disputes. Unless you and we agree otherwise, in the event that the Agreement to Arbitrate above is found not to apply to you or to a particular claim or dispute, either as a result of your decision to opt out of the Agreement to Arbitrate or as a result of a decision by an arbitrator order, you agree that any claim or dispute that has arisen or may arise between you and Committi must be resolved exclusively by a provincial or federal court located in the province of Ontario, Canada. You and Committi agree to submit to the personal jurisdiction of the courts located within Ontario, Canada for the purpose of litigating all such claims or disputes.


Term & Termination. These Terms will remain in full force and effect while you use the Platform and/or are a registered user. You may deactivate your Account and thus terminate these Terms at any time and for any reason, by contacting Committi. We may terminate your Account if we find that you have breached these Terms. After your Account is terminated, all provisions that by their nature may survive termination of these Terms shall be deemed to survive such termination.

No Waiver. Our failure to exercise or enforce any right or provision of these Terms shall not operate as a waiver of such right or provision.

Assignment. We may assign, transfer or otherwise dispose of these Terms in whole or in part or any of our rights hereunder in connection with a merger, acquisition, reorganization or sale of all or substantially all of our assets, or other operation of law, without your consent. The terms and conditions of these Terms shall be binding upon assignees.

Severability. If any provision of these Terms is, for any reason, held to be invalid, illegal, void or unenforceable, the remainder of the Terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.

Consent to Electronic Notices. You consent to the use of (a) electronic means to execute these Terms and to deliver any notices (including complaints) pursuant to these Terms, and (b) electronic records to store information related to these Terms or your use of the Platform. Notices (including complaints) hereunder shall be invalid unless made in writing and given (a) by Committi via email (to the email address that you provide), (b) a posting on the Platform or (c) by you via email to info@committi.com or to such other email addresses as Committi may specify in writing. The date of receipt will be deemed the date on which such notice is transmitted.

Contact Us.

Email: info@committi.com

Mailing Address: Committee Inc., 500 - 1450 Meyerside Drive, Mississauga, ON L5T 2N5, Canada Phone: 1-866-266-6480

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