Terms & Conditions

Please read this carefully. SKM has asked that you accept these special terms, so please take the time to understand them.

  • Your Submission must contain all the required documentation listed on the submission form.
  • The Participant must submit his/her ideas using the dedicated online submission form during phase one. All mandatory fields must be completed upon making a submission. Submission must be completed before the deadline of each phase.
  • The Challenge consists of two rounds of submissions and two rounds of evaluation as detailed on this website.
  • The participant hereby declares that he/she is the sole creator and owner of the idea and project presented for the challenge, that the projects are not the result of plagiarism.
  • SKM needs to know that if you solve the Challenge there will not be any legal obstacles to completing the non-exclusive license of your rights to SKM, which is the only way that you can receive the Award. You agree to be responsible for avoiding obstacles to licensing all Intellectual Property and Work Product (altogether, the “Solution IP”) if you submit a Proposed Solution chosen as a winning Solution. You will not receive an award if you cannot license the Solution IP on the terms established by SKM in the Solution Acceptance Criteria.
  • You agree that if and when the time comes to license the Solution IP, you will give a guarantee that the transfer is lawful in exchange for the one-time payment of the Award to you alone and that no consents, approvals or contracts that you did not already have before starting the Challenge are necessary from or with anyone else.
  • If SKM Accepts your Proposed Solution, the payment amount (called an “Award”) specified in the Challenge shall be paid to you by SKM within thirty(30) days after you are notified by SKM of your Proposed Solution’s Acceptance. The Award will be paid to you locally, in U.S. Dollars, or if required by your local law, in your local currency equivalent based on the foreign exchange rate.
  • The transfers of the non-exclusive license of Solution IP and the Award or any Revised Award Amount (as determined by SKM) will be as follows:
    • Your grant of the non-exclusive license of the Solution IP will be to SKM. The non-exclusive license of the Solution IP will be transferred to SKM upon the payment of the Award to you.
  • SKM will only be benefiting from the solutions selected by the challenge committee as the winning solutions. The company will provide commercialization support to the winning solution owners and will work closely in partnership with the winners on actualizing their projects.