Betting Contract - UEFA Champion
Introduction
This contract establishes the terms and conditions for a bet on who will be the UEFA champion. The bet will be made between two participants, with two referees to validate the result. Three signatures will be required to determine the winner. The collaterals will be 16,400 satoshis from Bettor 1 and 50,000 satoshis from Bettor 2. In case of a dispute, a 5% fee will be charged to the referees.
Participants
The parties involved in this contract are:
1. Referee 1: [Name and Address]
2. Referee 2: [Name and Address]
3. Bettor 1: [Name and Address]
4. Bettor 2: [Name and Address]
Purpose of the Bet
The purpose of this bet is to determine who will be the UEFA champion. Each bettor must choose a team and, at the end of the tournament, the referees will validate the result and determine the winner of the bet based on three validation signatures.
Bet Rules
1. Bet Registration: Each bettor must register their bet before the start of the tournament.
2. Immutability of the Bet: No changes to the bet will be allowed after the tournament begins.
3. Result Validation: The referees are responsible for validating the winning team at the end of the tournament.
4. Required Signatures: Three signatures (two from referees and one from any bettor) are required to validate the final result.
5. Collateral:
- Bettor 1 will deposit 16,400 satoshis.
- Bettor 2 will deposit 50,000 satoshis.
6. Dispute: If the bettors do not agree on the result, there will be a dispute to be resolved by the referees.
7. Dispute Fee: In case of a dispute, each bettor will pay a 5% fee of the collateral to the referees.
Responsibilities of the Referees
1. Impartiality: The referees must be impartial and fair in validating the results.
2. Validation: Each referee must verify and confirm the champion team at the end of the tournament.
3. Dispute Resolution: In case of disagreement between the bettors, the referees will resolve the dispute and charge the stipulated fee.
Validation and Payment
1. Collateral Distribution: After the results are validated by the referees and three signatures are obtained, the collateral amount will be distributed to the winner.
2. Dispute Fee: In case of a dispute, 5% of each bettor's collateral will be allocated to the referees as a service fee.
3. Payment: The payment will be made according to the terms agreed upon by the bettors.
Signatures
By signing this contract, all parties agree to the terms and conditions set forth above.
