CONTRACT REVIEW
Generally, the contract is fair to both parties. However, you should note the following points:
- Term
The initial terms of the agreement is 2 years. However, you can renew the agreement in successive periods of one (1) year each. After the expiry of 2 years of the successive one year, the customer can write a 180 days’ notice to the Company indicating its intention to terminate the agreement. Additionally, the Company can terminate the agreement by a 30 days’ written notice if you:
- Fail to make a required payment by the due date on more than three occasions during any period of 12 months.
- Marketing
Wakanda Foreign Exchange Bureau is supposed to notify the company in case of marketing that involves the use of the Company logo, Company banking partners, or program managers including the VISA, American Express, Mastercard or Unionpay Card.
- Testing and Acceptance of the Platform
After receiving the platform from the company, you have 10 days to notify them of any defects on the platform. If 10 days elapse and you have not notified the Company of such, it will be deemed that you have accepted the platform as is.
- Customer obligations
You are supposed to:
- Provide accurate and complete description of your needs and business plans for the Company
- Cooperate with the Company in development and installation of the customized platform.
- Use the platform only in the operating of software and hardware environment approved by the Company.
- Give the Company electronic access to the platform to troubleshoot and correct any defects.
- Install any software updates recommended by the Company.
- You are also supposed to comply with all Know Your Customer (KYC) and Anti-Money Laundering (AML) rules and laws for the licenses.
- You are responsible for the operation of any web or mobile portal that uses the Company platform API as an access point for users. You are responsible for ensuring the API platform is operated in accordance with applicable law by establishing the terms of its relationship with users of the Portal.
- Release from Liability
The Company shall not be liable at all except in instances of infringement, breach of confidentiality, willful misconduct and instances concerning solicitation of users.
- Disputes
Any disputes arising shall be solved by the principals of the Company by speaking directly. If the principals are unable to resolve the disputes, within 5 business days, they shall exchange written summaries of their respective positions, containing such information and/or proposals as they may determine in their sole discretion and thereafter meet or telephone to attempt to resolve the disputes. If the principals are still unable to resolve the disputes, they shall resort to non-binding mediation. If non-binding mediation fails, the parties will resort to filing a lawsuit according to the Delaware laws.
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