SWEETEN FINANCIAL PROTECTION
TERMS AND CONDITIONS

As a Renovator, you may benefit from the terms and conditions set forth below (the “Sweeten Financial Protection Terms”). These Terms are subject to the terms and conditions of the Sweeten Terms of Use (the “Sweeten TOU”) and, except as expressly set forth in these Sweeten Financial Protection Terms, in the event of a conflict or inconsistency between the Sweeten TOU and these Sweeten Financial Protection Terms, the Sweeten TOU will govern and control. All capitalized terms used in these Financial Protection Terms that are not defined herein will have the meaning as set forth in the Sweeten TOU. In addition, “you” and “your” refer to an individual who is a Renovator, not a Contractor.

Key Terms

“Benefit Limit” means fifty thousand U.S. dollars (US $50,000).

“Covered Personal Property” means and is limited to items of tangible personal property that are either owned by you or for which you are legally responsible, excluding Covered Renovation Property.

“Covered Property” means, collectively, Covered Personal Property and Covered Renovation Property.

“Covered Renovation Property” means and is limited to the following items of tangible property within a Renovated Property that are either owned by you or for which you are legally responsible: (a) flooring (including carpets) and walls; (b) fixtures such as lighting, shelving, curtains and blinds; (c) appliances, audio/video equipment, cookware and audio/video equipment; and (d) furnishings such as sofas, chairs, tables and beds. Covered Renovation Property excludes electrical, plumbing, heating/cooling systems, swimming pools, hot tubs, trees, lawns and gardens.

“Fair Market Value” means the price at which an item of tangible property would be sold in a voluntary transaction between a knowledgeable buyer and a knowledgeable seller, neither of whom is under any obligation to buy or sell.

“Renovated Property” means the property to be renovated for which you entered into a contract with the Responsible GC.

“Responsible GC” means the General Contractor with whom you have entered into a contract through the use of Sweeten’s services.

“Sweeten Financial Protection Claim Form” means Sweeten’s standard claim form that a Renovator uses to claim payment from Sweeten pursuant to these Sweeten Financial Protection Terms.

Sweeten Financial Protection Benefits

Subject to the limitations, exclusions and conditions below, Sweeten, as guarantor, will guarantee payment to you for up to the Benefit Limit to:

  1. Reimburse you for any payment you made to the Responsible GC for a service or good you did not receive; or
  2. Compensate you for any damage to Covered Property resulting from the failure of the Responsible GC to complete the contracted project, including the deductible you may be required to pay under your own insurance.

For the avoidance of doubt, such loss or damage does not include loss of use of, or loss of profit from, the Renovated Property, nor does it include any increased premium you may incur on your own insurance.

Amount Payable

The amount payable by Sweeten will be the amount of the payment you made to the Responsible GC, and/or the Fair Market Value of the damage to Covered Property, without any deductible; provided that the amount payable by Sweeten to you during any consecutive twelve (12) month period will not exceed the Benefit Limit and will be payable only with respect to a single renovated property. This benefit is provided to you at no cost.

Limitations and Exclusions

The Sweeten Financial Protection benefits described above include reimbursement for payments made to a contractor hired through Sweeten for a service or good you did not receive or compensation for damage to Covered Property only, and do not cover any losses or damages related to any the following:

Conditions to the Sweeten Financial Protection

In order to obtain payment from Sweeten under these Sweeten Financial Protection Terms you must comply with each of the following conditions:

Subrogation

As an additional separate and distinct condition to this Sweeten Financial Protection, Sweeten, as guarantor, has the right to subrogate against any person or entity whatsoever who allegedly is responsible for causing the losses in question. Further, you hereby agree that, with respect to any payments made under this Sweeten Financial Protection by or on behalf of Sweeten, you will assist in and cooperate fully with Sweeten regarding any and all efforts at subrogation.

Disposition of Renovator Claims

Sweeten will complete its processing of any Sweeten Financial Protection Claim Form that you file within a reasonable period following the date you have both completed and filed a Sweeten Financial Protection Claim Form and provided Sweeten with all information and materials that you are required to provide to comply with the conditions set forth in “Conditions to the Sweeten Financial Protection” above. The duration of Sweeten’s processing period will depend on factors that include but are not limited to: (i) the amount of payment that you are claiming; (ii) the location of the Renovated Property; (iii) the nature of the Renovated Property; and (iv) the number of Sweeten Financial Protection Claim Forms that Sweeten is then currently processing for other Renovators.

If Sweeten approves a claim described in a Sweeten Financial Protection Claim Form that you have filed (any such approved claim, an “Approved Claim”), then as a condition of receiving payment from Sweeten, you must first execute Sweeten’s then-current standard Approved Claim Payment Agreement, which includes provisions: (i) that assign to Sweeten any rights you may have to recover the amount paid by Sweeten to you with respect to an Approved Claim from the Responsible GC or from any other party that is financially responsible for the Approved Claim; (ii) that require you to reasonably cooperate with Sweeten, including, at Sweeten’s request, appearing as a witness in any court or arbitral proceeding, at no cost to Sweeten, if Sweeten seeks to recover the amount paid by Sweeten to you with respect to an Approved Claim from the GC or from any other party that is financially responsible for the Approved Claim; (iii) pursuant to which you release Sweeten from any further liability or obligations under these Sweeten Financial Protection Terms with respect to the Approved Claim; (iv) that require you to treat as Sweeten confidential information the terms and conditions and existence of any such Approved Claim Payment Agreement; and (v) pursuant to which you agree to refund to Sweeten any amounts erroneously paid by Sweeten to you with respect to an Approved Claim.

Acknowledgment and Agreements by Renovator

You acknowledge and agree that:

Modification or Termination of Sweeten Financial Protection Terms

In addition to and without limiting Sweeten’s rights under the paragraph entitled “Termination of the Agreement” in the Sweeten TOU, Sweeten reserves the right to modify or terminate these Sweeten Financial Protection Terms, at any time, in its sole discretion, if: (i) these Sweeten Financial Protection Terms are construed to be an offer to insure or constitute insurance or an insurance contract or insurance service agreement by any governmental or regulatory authority in any jurisdiction; (ii) Sweeten is required to obtain a license or permit of any kind to continue to provide these Sweeten Financial Protection Terms in any jurisdiction; or (iii) Sweeten determines or a court or arbitrator holds that the provisions of the Sweeten Financial Protection Terms violate applicable law. If Sweeten terminates these Sweeten Financial Protection Terms in accordance with the foregoing, upon such termination all pending Sweeten Financial Protection Claim Forms that you filed prior to or as of the effective date of termination will immediately be deemed canceled and Sweeten will have no liability to you with respect to any such canceled claim forms.

In addition to and without limiting Sweeten’s rights under the paragraph entitled “Termination of the Agreement” in the Sweeten TOU, Sweeten also reserves the right to modify or terminate these Sweeten Financial Protection Terms, at any time, in its sole discretion. If Sweeten terminates these Sweeten Financial Protection Terms in accordance with the foregoing, Sweeten will continue to process all Sweeten Financial Protection Claim Forms that you filed prior to the effective date of termination, but your right to submit new claim forms will immediately terminate.