INVENTORY FUNDING CONTRACT
This Contract is made by and between [Name] of address [Address] (hereafter, “Company”) and [Name] of address [Address] (hereafter, “Borrower”) on [DATE] (hereafter “effective date”).
The Company and the Borrower shall be jointly referred to as “Parties” and individually as a “Party” to this Contract.
Whereas, the Company deals in the business of Inventory financing;
Whereas, borrower intends to benefit from the inventory financing at a stipulated fee herein.
Now, therefore, in consideration of the premises, and of the mutual promises and undertakings herein contained, the parties, intending to be legally bound, do agree as follows:
- THE AGREEMENT
- The Company herein agrees to give £5000 (Five Thousand Euros), herein “Inventory Capital”, to the borrower. There will be a 6% fee added on the amount of the inventory capital.
- Borrower accepts the inventory capital by the Company according to the terms of this agreement.
- The remittance rate agreed shall be based on borrower’s daily revenue. If the advance is not paid within 4 months, the remittance rate shall increase by 5%.
- 20% of revenue shall be repaid monthly. The payments shall be made on the first day of the following month.
- Future funding offers shall be available in £5000 increments. The agreement shall be in writing and is to be paid 3 days after the agreement is approved.
- This Contract shall remain in effect until the inventory capital, in addition to the 6% fee is fully paid, or;
- This contract can be renewed through refinancing the borrower.
- Refinancing can be made available at any time, to increase future inventory, even if ahead of previous stock arrival.
- This agreement shall remain in effect from the effective date until otherwise terminated either by the lapse of time as specified in section 2.1 or through breach which will automatically lead to early termination of the contract in addition to any other legal remedy available.
Neither Party will use, copy, adapt, alter or part with possession of any information of the other which is disclosed or otherwise comes into its possession under or in relation to this Agreement and which is of a confidential nature. This obligation will not apply to information which the recipient can prove was in its possession at the date it was received or obtained or which the recipient obtains from some other person with good legal title to it or which is in or comes into the public domain otherwise than through the default or negligence of the recipient or which is independently developed by or for the recipient.
- INTELLECTUAL PROPERTY
All intellectual property shall be respected by both parties. All Company intellectual property belongs to the Company and all borrower intellectual property belong to the Borrower.
The parties to this contract agree that, should any dispute arising through any aspect of this relationship, including, but not limited to, any matters, disputes or claims, the parties shall confer in good faith to promptly resolve any dispute. In the event that the parties are unable to resolve the issue or dispute between them, then the matter shall be mediated in an attempt to resolve any and all issues between the parties.
- Either Party to this Agreement may terminate this Agreement upon a written notice of termination to the other Party. Unless otherwise mutually agreed to in writing, upon the termination of this Agreement, any arrangement then in effect will immediately terminate.
- Any misuse of funds, fraud or any violation of either the law or the rules set shall lead to an immediate termination upon notice to the party responsible for the violation.
- The breach of any part of this contract may lead to termination of this contract.
This contract, in addition to any addendum herein represents the entire agreement between the two parties and supersedes any previous written or oral agreement. This agreement may be modified at any time, provided there is written consent of both parties to this contract.
The parties agree that if any portion of this contract is found to be void or unenforceable, it shall be struck from the record and the remaining provisions will retain their full force and effect.
This contract shall be governed, interpreted, and construed in accordance with the laws of ENGLAND
In Witness Whereof, this Agreement is duly executed by the duly authorized representatives of the parties as set forth below:
Name of Company: _____________________________________
Name of Company Rep: ______________________________________
Official Signature: __________________________________________
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