1. Definitions
• “Organizers” refers to the entity responsible for hosting and managing Ktech Fest.
• “Participants” refers to individuals or teams who register and submit entries to the contest.
• “Entry” means any app, software, or related submission provided by a Participant during the contest.
• “Winners” refers to Participants selected by the Organizers as recipients of the prize.
• “Prize” refers to the equity-based reward structure as outlined herein.
2. Eligibility
• Participation is open to developers who meet the registration requirements set forth by the Organizers.
• Entries must be original works created during the contest period.
• Employees, contractors, or affiliates of the Organizers may be excluded at the Organizers’ discretion.
3. Contest Rules
• Participants must adhere to the timelines, formats, and submission guidelines communicated by the Organizers.
• Entries must not contain unlawful, offensive, or infringing content.
• The Organizers reserve the right to disqualify any Participant for misconduct or violation of these Terms.
4. Prize and Equity Distribution
• Winners will receive a predetermined prize package consisting of both cash and equity.
• 60% of the prize will be awarded in cash.
• The remaining 40% will be provided in the form of equity-based benefits, including incubation support, office space, and access to amenities.
• Winners must allocate 10% equity of their developed product to the organizers, who will retain the right of first refusal for future investment.
• Equity distribution will be formalized through a binding agreement executed after the contest.
• Hackathon participants are required to design their product up to the Minimum Viable Product (MVP) stage as part of the prize conditions.
5. Intellectual Property
• Participants retain ownership of their Entries.
• By submitting an Entry, Participants grant the Organizers a non-exclusive, royalty-free license to use, reproduce, and display the Entry for promotional, contest-related, and media purposes.
• The Organizers shall not claim ownership of the underlying intellectual property unless separately agreed in writing.
6. Media and Publicity
• Winners consent to the use of their names, likenesses, voices, and project details by the Organizers for promotional and media purposes.
• Such usage may include, but is not limited to, press releases, social media, interviews, advertising, and marketing campaigns.
• No additional compensation shall be provided for such usage beyond the Prize.
7. Liability and Indemnity
• The Organizers shall not be liable for technical failures, data loss, or damages incurred during participation.
• Participants agree to indemnify and hold harmless the Organizers against any claims arising from their Entries or conduct during the contest.
8. Governing Law and Dispute Resolution
• These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
• Any dispute arising under or in connection with these Terms shall be resolved through arbitration in Abuja, Nigeria, in accordance with the Arbitration and Conciliation Act.
• The decision of the arbitral tribunal shall be final and binding.
9. Amendments
• The Organizers reserve the right to amend these Terms at any time.
• Any amendments shall be communicated to Participants and shall take effect immediately upon publication.
10. Acceptance
• By registering and participating in Ktech Fest, Participants acknowledge that they have read, understood, and agreed to be bound by these Terms and Conditions.