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sudden changes of terms and conditions
Hi,
I recently wrote a large set of documents to allow the company to possibly raise money on a well known crowd funding site - at the very start I explained that the company had already received some share capital from some bootstrap investors and would it be ok to reflect those sums as part of the amount we wanted to raise - i.e. if we wanted to raise 80 we would show sums already received of 20 and then look to raise the balance of 60 - by the way please don't comment on the rights and wrongs of this, I knew this site had already shown other equity investments in this way, they confirmed they'd done so to me on the phone - they then also confirmed that they were happy to agree this plan, in writing, the only caveat being that they would charge 5% of any amounts of money we 'reflected' in our pitch.
So I then set about preparing a long long list of documents, business plans, we commissioned a video, completed a raft of online forms, went through the companies due diligence procedures etc etc - and all was then read to proceed, literally the day before the pitch was to go live they called me and said there'd been a change of procedure and now, out of the blue, we now couldn't show any of the prior investment, the entire pitch had to exclude this info - thus making all of the work and money spent a total waste and , if we were to proceed, jt would need to all be done again - the sites representative was highly sheepish at this point and didn't really know where to put himself - I was v frustrated at this but left it a couple of weeks to see if I still felt this was really wrong - which I still do - I have written to the directors of this business explaining how they've wasted our time and money and enclosed their correspondence confirming all was agreed - and no response.
The question is can I now put in a claim against them for all this wasted time and money due to their total change in policy, without notice, at the last minute.
There will be site conditions relating to any pitch which no doubt exclude claims as far as possible - I am hoping I can try and recover something as they stated clearly in writing their agreement to our request -
Thanks for reading this - look forward to reading any replies
I recently wrote a large set of documents to allow the company to possibly raise money on a well known crowd funding site - at the very start I explained that the company had already received some share capital from some bootstrap investors and would it be ok to reflect those sums as part of the amount we wanted to raise - i.e. if we wanted to raise 80 we would show sums already received of 20 and then look to raise the balance of 60 - by the way please don't comment on the rights and wrongs of this, I knew this site had already shown other equity investments in this way, they confirmed they'd done so to me on the phone - they then also confirmed that they were happy to agree this plan, in writing, the only caveat being that they would charge 5% of any amounts of money we 'reflected' in our pitch.
So I then set about preparing a long long list of documents, business plans, we commissioned a video, completed a raft of online forms, went through the companies due diligence procedures etc etc - and all was then read to proceed, literally the day before the pitch was to go live they called me and said there'd been a change of procedure and now, out of the blue, we now couldn't show any of the prior investment, the entire pitch had to exclude this info - thus making all of the work and money spent a total waste and , if we were to proceed, jt would need to all be done again - the sites representative was highly sheepish at this point and didn't really know where to put himself - I was v frustrated at this but left it a couple of weeks to see if I still felt this was really wrong - which I still do - I have written to the directors of this business explaining how they've wasted our time and money and enclosed their correspondence confirming all was agreed - and no response.
The question is can I now put in a claim against them for all this wasted time and money due to their total change in policy, without notice, at the last minute.
There will be site conditions relating to any pitch which no doubt exclude claims as far as possible - I am hoping I can try and recover something as they stated clearly in writing their agreement to our request -
Thanks for reading this - look forward to reading any replies
