Avalon Voucher Rules (the “Rules”) 

The following terms and conditions (as may be amended or modified from time to time by CANAAN in its sole discretion) govern the use, transferability, transactions and other activities involving the Avalon Vouchers. By registering for the Program and using Avalon Voucher you agree to be bound by these Rules.   

1.Definitions.  The following terms will have the meanings given them as used herein: 

• “Avalon Voucher” means a voucher issued by CANAAN to Customers under the Program.

• “CANAAN means Canaan, Inc. and subsidiaries of Canaan, Inc. participating in the Program, including Canaan Creative Global Pte. Ltd and Canaan U.S. Inc.

• “Customer” means an approved and registered customer of CANAAN that is in good standing.

• “Program” means the loyalty program under which Avalon Vouchers are issued.

• “Products” means AvalonMade products offered or sold by CANAAN for which Avalon Vouchers may be used.

2. Scope of Application 

These Rules shall apply to the Avalon Vouchers granted by CANAAN to Customers on or after January 1, 2023. For the avoidance of doubt, the Avalon Vouchers granted before such date shall be subject to the Rules published on October 26, 2022 on [https://www.canaan.io/].  

3.Avalon Voucher Management System   

Customers shall register a user account for the Program with the Avalon Voucher Management System (https://customer.canaan.io/) where the Avalon Vouchers will be stored and made available to eligible Customers. Customer shall provide complete and accurate information when creating a user account and ensure that such information is updated as necessary to remain complete and accurate. Any personal information provided Customers will be maintained by CANAAN in accordance with its privacy policy at https://www.canaan.io/web/Privacy.html. Customers must be approved by Canaan to participate in the Program and be in good standing, with no outstanding payments or amounts due CANAAN. Customers may check the details of the Avalon Vouchers such as balance of the Avalon Vouchers, the transaction details and other related information (if any) in their accounts. The Avalon Voucher Management System is the only avenue available to the Customers to confirm the status of the Avalon Vouchers granted to them by CANAAN.  

4. Avalon Vouchers’ Validity Period  

Unless prohibited by law, the Avalon Vouchers expire 180 days from the date of issuance (“Validity Period”). Expired Avalon Vouchers will be deemed null and void. 

5. Use of the Avalon Vouchers  

• Avalon Vouchers are awarded to Customers at CANAAN’s sole discretion.  Avalon Vouchers, once issued, are non-refundable, non-transferable (except as set forth in Section 6) and not exchangeable for any form, including but not limited to cash. CANAAN is not obliged to provide any refund, exchange or replacement of the Avalon Vouchers.  

• Customers cannot pay for or purchase Avalon Vouchers in any form, including but not limited to cash. 

• Avalon Vouchers can only be used by Customers as a discount to offset the purchase price for subsequent purchases of CANAAN’s Products on the market. Avalon Vouchers are cancelled upon use and may not be re-used.  Customers are responsible for paying the difference between the purchase price and the discounted amount represented by the Avalon Voucher.

• Avalon Vouchers may not, alone or in combination with any other offers or discounts available, be used to reduce the purchase price of any Product below 70% of the undiscounted purchase price of such Product at the time of the purchase. Avalon Vouchers cannot be used to pay sales or other taxes incurred or imposed on the purchase of a Product. 

• The use of the Avalon Vouchers is subject to the availability of Products. 

• CANAAN retains sole discretion to issue, revoke, or refuse to redeem Avalon Vouchers at any time.   

• CANAAN shall not be liable to any party for any claim, demand, loss, damage, expense or liability of any kind whatsoever, arising from or in connection with any unauthorized use of the Avalon Vouchers. 

6. Transfer of Avalon Vouchers 

• Subject to the terms and conditions of the Rules, including Rule 5(ii) below, Avalon Vouchers can only be transferred by Customers to a third party without any payment or other consideration during their Validity Period.  For the Avalon Vouchers generated through the Customer’s purchase of CANAAN’s Products, they can only be transferred after the corresponding Products have been paid by and delivered to the Customer.  

• Avalon Vouchers may not be transferred for cash or any other consideration or value. Any such transfer shall be null and void.  

• Prior to the transfer of the Avalon Vouchers, Customers shall make sure that the transferee understands, accepts and agrees to these Rules and all other applicable rules, conditions and guidelines regarding the Avalon Vouchers.  By accepting the transfer or otherwise acknowledging ownership of the Avalon Vouchers, the transferee expressly accepts and agrees to follow these Rules. 

• Customers shall provide CANAAN with such document(s) and information as CANAAN may require in connection with the intended transfer and shall ensure that the information provided is true, accurate and complete and in compliance with these Rules. 

• After CANAAN confirms that the transfer can be effected based on the provided information, CANAAN will send a notification to the Customer.  The transfer of the Avalon Vouchers takes effect immediately upon CANAAN sending the notification to Customer. CANAAN expressly reserves the right to request documentation to verify compliance with these Rules. 

• For the avoidance of doubt, CANAAN is not obliged to verify the accuracy of the document(s) and information provided by Customers. Customers shall be solely responsible for all consequences of providing any inaccurate, incomplete and/or insufficient document(s) and information to CANAAN and shall fully indemnify and hold CANAAN harmless for any damage, penalty, fine, cost or charge whatsoever which CANAAN may suffer or which may be imposed on CANAAN in connection therewith. 

7. Termination 

In the event of a breach of these Rules and/or the terms and conditions of any sales contract by a Customer, CANAAN has the unilateral right to terminate any further usage of the Avalon Vouchers by that Customer without any liability or obligation to CANAAN. In addition, CANAAN reserves the right to seek any remedies available at law or in equity against the Customer for such breach. 

8. Interpretation of the Rules 

The interpretation of these Rules is at the sole discretion of CANAAN and Customer agrees to be bound by CANAAN’s interpretation of the Rules. CANAAN reserves the right to revise these Rules at any time in its sole discretion and Customers are deemed to be aware of and are bound by the Rules as amended from time to time upon its publication on the website https://canaan.io/. For the avoidance of doubt, a Customer shall be deemed to have accepted any changes to the Rules by his or her acceptance, retention and/or continued use of any Avalon Vouchers following the publication of such changes to the Rules on the aforesaid website. 

Previous Version:

Avalon Voucher Rules – 20230415

Avalon Voucher Rules – 20221026