CHASM GRANT TERMS AND CONDITIONS
These Grant Terms and Conditions (these “Terms”) govern participation in the CHASM grant program (the “Program”) administered by CHASM (“CHASM” or the “Company”). By submitting an application to the Program, each applicant (“Applicant”) acknowledges and agrees to be bound by these Terms.
1. Eligibility
To be eligible for consideration under the Program, an Applicant must, as of the time of application submission:
Be at least eighteen (18) years of age;
Be based in the United States;
Be the founder or co-founder of a for-profit business in the early to mid-stages of development;
Not have previously received a grant from CHASM; and
Submit a complete application through the method specified by CHASM, including a statement of intended use of the funds.
By submitting an application, each Applicant represents and warrants that all information provided in connection with the Program is true, accurate, and complete to the best of their knowledge. CHASM reserves the right to verify eligibility and to disqualify any Applicant in the event of false or misleading statements or failure to comply with these Terms.
2. Selection Process
Recipients of any grant made under the Program (“Recipients”) will be selected by a panel of CHASM advisors, employees, or other designated representatives (collectively, the “Judging Panel”). Selections will be made in CHASM’s sole discretion based on various factors, which may include, without limitation:
The viability and potential impact of the business;
Demonstrated product-market fit or early traction;
Clarity and feasibility of the business plan;
Competitive differentiation;
Founder’s qualifications and alignment with CHASM’s mission; and
Proposed use of the funds.
CHASM is under no obligation to provide feedback to Applicants regarding selection decisions and expressly reserves the right not to award any grants in any given Program cycle.
3. Grant Terms
Any grant awarded pursuant to the Program shall be a one-time, discretionary, non-dilutive, and non-transferable distribution of funds. Such grant is not an equity investment, loan, or prize. CHASM shall have no obligation to award, renew, or continue support to any Applicant or Recipient beyond the one-time disbursement.
CHASM reserves the right to rescind any award in the event of ineligibility, misrepresentation, violation of these Terms, or conduct by the Recipient that CHASM deems, in its sole discretion, to be damaging to CHASM’s reputation or the integrity of the Program.
4. Use of Funds and Program Follow-Up
Funds awarded under the Program are intended to be used for the business purposes described in the application. CHASM may, from time to time and in its sole discretion, request updates from Recipients regarding business progress and use of funds. While Recipients are not contractually required to provide ongoing reports, they are expected to cooperate in good faith with reasonable follow-up requests from CHASM.
5. Publicity and Promotion
By accepting a grant, each Recipient grants to CHASM the right to use their name, likeness, business name, and any non-confidential business information submitted in the application, in connection with CHASM’s promotional, marketing, and communications materials, including but not limited to CHASM’s website, press releases, and social media platforms, in perpetuity and in all media now known or hereafter developed, without additional compensation, unless prohibited by applicable law.
6. Tax and Reporting Obligations
Recipients are solely responsible for any and all federal, state, and local taxes arising from or related to the receipt of funds under the Program. CHASM may require Recipients to submit a valid IRS Form W-9 or equivalent documentation as a condition of disbursement and may issue an IRS Form 1099 or similar tax reporting form as required by law.
7. Disbursement of Funds
Funds will be disbursed by electronic means or other commercially reasonable method following CHASM’s receipt of all required documentation, including confirmation of eligibility and execution of any required acknowledgments. Timing of disbursement is subject to CHASM’s internal review and processing procedures. CHASM makes no guarantee regarding timing of disbursement and shall not be liable for any delay in the transmission of funds.
8. Modifications and Termination
CHASM reserves the right to modify, suspend, or terminate the Program at any time for any reason, including but not limited to suspected fraud, technical malfunction, or other unforeseen circumstances. CHASM further reserves the right to revise these Terms at any time. Any material changes will be made available via the Program website or otherwise communicated to Applicants and Recipients.
9. Governing Law and Jurisdiction
These Terms shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles. Any dispute arising out of or related to the Program or these Terms shall be brought exclusively in the state or federal courts located in New York County, New York. Each Applicant and Recipient hereby consents to the personal jurisdiction of such courts and waives any objection based on forum non conveniens or other venue-related grounds.
10. Limitation of Liability and Release
To the maximum extent permitted by law, each Applicant and Recipient releases CHASM, its affiliates, officers, directors, employees, advisors, agents, and representatives (collectively, the “Released Parties”) from any and all liability, loss, claim, damage, or expense (including attorneys’ fees) arising from or related to: (i) participation in the Program; (ii) acceptance, use, or misuse of any grant; (iii) any reliance by the Applicant on the availability of the grant; or (iv) the outcome or results of the Recipient’s business activities.
CHASM makes no representations or warranties, express or implied, regarding the grant or any outcome associated therewith, and shall not be liable for any special, incidental, consequential, or punitive damages of any kind.
11. Miscellaneous
If any provision of these Terms is held to be invalid or unenforceable, the remainder of the Terms shall remain in full force and effect. These Terms constitute the entire agreement between CHASM and each Applicant or Recipient with respect to the Program and supersede all prior or contemporaneous communications, whether written or oral.
