ICORating Terms and Conditions

These Rules are an integral part of the Contract concluded between ICORating (regardless of how it is named in the Contract) and the person/company ordering the services/works (hereinafter "the Client", regardless of their name in the Contract), provided that a link to these Rules is contained in such a Contract, or the parties agreed to comply with them in a separate agreement. In the event of a contradiction between the content of these Rules and the provisions of the Contract, the terms set out in the Rules shall be deemed to have a stronger legal force and, in case of inapplicability (for example, if current legislation does not have the relevant provisions) are subject to consideration given that the Contract’s provisions are interpreted as the expression of the true intent of the parties.

1. General Provisions

1.1. The Rating assigned by ICORating to an ICO initiative is fully independent and precludes the participation of anyone other than ICORating’s analysts in the process of creating and assigning the Rating, and/or it precludes any parties other than ICORating’s analysts from influencing the final result.

1.2. The result of the independent evaluation expressed as the assigned Rating cannot be changed at the Client’s request due to the loss of relevance of the information provided by the Client, the Client’s disagreement with the results of the Review and the final Rating or for any other reason. Review of the ICO initiative starts as soon as the information from the Client is received. ICORating does not check provided information for relevance, accuracy and applicability. The Client guarantees that all the information provided to ICORating is accurate and complete. The information cannot be changed after the start of the ICO initiative Audit.

1.3. A Rating is calculated and assigned to the ICO initiative solely and exclusively based on the current state of the assessed project reflected in the submitted documentation. The final Rating becomes known to the Client only after the Rating Report is finished and the Rating is assigned, and it cannot be disclosed earlier or guaranteed under any circumstances.

1.4. The Client may but is not obliged to use the widgets from the ICORating website in order to publish at its own website the informations on its ICO’s scores calculated by ICORating (https://icorating.com/widgets/).

1.5. ICORating performs works / provides services of preparing an Audit report on the current state of the project based on the information provided by the Client, assigning a Rating and writing a Rating Report, preparing a Basic Review, Listing of an ICO initiative on the ICORating website (icorating.com), placement of textual news content as indicated in the corresponding invoice containing a reference to these Rules.

1.6. In the event that the Client intends to cancel the services / works provided by ICORating and obtain a refund, they can do so only prior to the commencement of works / services. The Client will also take responsibility for all transaction costs related to the re-transfer of the Client’s funds back to the Client. In the event of the Client’s cancellation of services / works after the commencement of works / services, 100% of the works / services price will not be refunded to the Client and will be retained by ICORating.

2. Procedure

2.1. Audit

The Audit is a comprehensive analysis of the project with the aim of identifying the risk factors contained in the documentation submitted by the Client which could adversely affect the ICO initiative. The Audit report is a list of all the issues identified by ICORating’s experts.

The preparation of the Audit report consists of the following stages:

  • The Client submitting comprehensive information about the project.
  • Analysis of all the provided project information (business and financial model, roadmap, market review, the team, the project’s marketing strategy, internal token economy, ICO structure, etc). The client submits information about their ICO in the form requested by ICORating.
    • Receiving comments / clarifications from the Client and a round of changes made in the report in accordance with them is performed no more than once after the final version of the Audit report has been sent from ICORating to the Client. The Client highlights the relevant parts of the report and comments on them, and ICORating can accept these comments and modify the document or dismiss the comments at its discretion. The round of gathering comments from the client does not guarantee any changes in the document; it only guarantees that the comments will be reviewed by ICORating.
  • Creating the final version of the report with a description of the project’s issues and the analytical opinion of the ICORating team.
    • By sending information, the Client confirms its accuracy and validity. This information is used as a basis for writing an Audit report, and further writing of the Review and assignment of a Rating, and it cannot be changed after commencing the Audit. Changes made by the Client after notice of the start of the work will not be included in the Audit report or the Rating Review and will not impact on the final result.
    • Within 24 hours of receiving the information, ICORating’s analysts will proceed with the Audit of the project.
    • Audit Report is not published on public sources and is sent solely and exclusively to the Client.
    • After receiving the results of the Audit, the project team is obliged to provide feedback 3 working days after receipt or sooner, and it can provide updated documentation no later than 30 calendar days after receiving the Audit results. Otherwise, on the 31st day ICORating will proceed with the writing of a Rating Review and assigning a Rating to the project based on the information in the Audit report.
    • Provision of updated information, as well as corrections to the project’s documentation, is not obligatory. The Client may forego making changes and sending the updated documentation; in this case the Rating Review will be written based on the previous version of the documentation.
    • Exception: If the project changes the time of its ICO, rescheduling the writing of a review of the project is possible, to be arranged on a case-by-case basis.

2.2. Investment Rating Review

The Investment Rating Review is an objective and independent assessment of the project for potential investors, describing the strengths and weaknesses of the ICO initiative, as well as assigning a Rating score. The Rating is assigned only after an Audit is performed by ICORating’s analysts.

The Rating cannot be changed after the Rating Report is finalized regardless of any information sent by the Client to ICORating.

Exception: In the event that ICORating makes a factual mistake when interpreting information submitted by the Client at the Audit stage, ICORating can revise the Rating Report and the assigned Rating.

The Client and ICORating agree that ICORating has the right to publish the prepared Review in any way and by any means at its discretion, and the Client has no right to refuse publication or block it.

Estimated average time frame for performing an Audit and preparation of the Rating Review:
Audit: 8 days from the moment of notification by ICORating via chat with the Client in Telegram.
Rating Review: 9 days from the moment of notification by ICORating via chat with the Client in Telegram.
The time-frames given in this document are only valid given the project’s compliance with the following rules:
Provision of feedback on the received Audit results no later than 3 working days after the Audit results have been received.
Provision of updated documentation on the project no later than 30 days after receipt of the Audit results.

The Rating assigned based on the results of the Audit accompanied by a Rating Review is public information and ICORating’s intellectual property, which is why the decision on whether to publish a Rating is at sole discretion of ICORating. A Rating is published regardless of its result.

2.3. Basic Review

Basic Review is an analysis of a project based on the public information aggregated in one document. Basic Review does not offer any evaluations, ratings and/or does not otherwise indicate the opinion of ICORating.

The preparation of a Basic Review consists of the following stages:

  1. The Client submitting comprehensive information about the project.
  2. Analysis of all project information (business and financial model, roadmap, market review, team, project marketing strategy, internal token economy, ICO structure, etc.)
  3. Generation of a final review of the ICO initiative.
  4. Comments from the Client as to the accuracy of information in the Review.
  5. Publication of the Basic Review
    • When writing a Basic Review, ICORating’s experts do not interact with the project's team directly, but perform their analysis using publicly available information. The Client can provide no more than 1 iteration of comments on the completed Review, and they would be taken into account by the expert team only if a mistake related to the materials submitted by the Client before the commencement of works was made.
    • If the ICORating experts recognize the comments and supplements as objective and relevant, they will be included in the Review. The Basic Review does not contain specific recommendations for improving the project, nor a Rating or evaluation.
    • Analysis will be conducted based solely on the information from official and public sources. Any information that is not supported by official and public evidence will not be included in the Review.
    • If the project's team revises the documentation, then all subsequent revisions that require changes to be made to the white paper will be charged separately. The sum of the charge will be decided upon in accordance with the volume of the work.
    • Statistical data provided in the Review are current at the time of writing the Review.

2.4. Listing

Project Listing involves publication of a project and available public information on the project in brief form on the ICORating website (icorating.com), namely: A description, logo, name, and token sale details.

  • Project Listing involves the calculation of Risk and Hype scores based on the methodology publicly available in the Methodology section on the icorating.com website. All results of score calculation are subject to mandatory publication and cannot be removed, changed or remain unpublished at the request of the project.

Exception: ICORating independently removes the project from the ICO database.

  • The terms of the Listing are defined solely and exclusively by ICORating.
  • Exception: When the project purchases the “Express Listing” service. In this case the terms are fixed and are no longer than 3 (three) days.
  • A Project Listing includes public information about the project and does not have to be approved by the project’s team.
  • The Client can submit additional information about its project, and it may be added to the project’s information on icorating.com at ICORating’s discretion.

3. Final Provisions

The parties agree that ICORating has the right to change the content of these Rules at any time at its discretion without prior notice to the Client. The Client assumes responsibility to enquire about the current version of the Rules by using the link given in the Contract. The relationship between ICORating and the Client established before introducing changes to the Rules is regulated by the version of the Rules that was in effect at the time of signing the Contract or an Appendix specifying particular services / works (if they are governed by the Appendix.)