This Membership Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Black Pledge, Contact Info: ____________________ (hereinafter referred to as the “Company”), and ______________, Contact Info: _________________ (herein referred to as the “Member”).
WHEREAS, the Company is a black owned community company offering hope and support to its members by allowing its members to borrow from the pool interest-free, assisting members budget, manage bills and account for their spending as well as providing legal assistance through the Company’s lawyers.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The term of this Agreement shall be indefinite commencing on the Effective Date herein, on condition that the Member keeps their membership active.
- The Company is offering SWEAT equity to the Member as covered under this Agreement, which involves the Member offering their services including but not limited to working on the Company’s website http://blackpledgenew.wpengine.com and/or content writing for the Company.
- The Company offers the option of Member earning a seat on the Company’s board, the Member shall pay Fifteen Thousand Dollars ($15,000) paid once a year for seat on the Board. However, if the Member agrees to SWEAT equity, they shall only pay Five Thousand Dollars ($5,000) paid once per year for the seat at the Company’s board.
- The Member understands that they shall keep their membership active at all times to enjoy the benefits.
In the unfortunate event that a Member is declared ill, mentally incapable of contributing to general management of the Company in their capacity as provided under this Agreement or in case of death of a member, their next of kin shall automatically replace them and be entitled to the benefits.
- INTELLECTUAL PROPRIETARY RIGHTS.
The Company shall own all and any copyrights/intellectual proprietary rights to the Company’s logo, brand, name, the Company’s website, content posted on the Company’s website and any other electronic material, content, videos and blogs with the Company’s details. The Member understands and acknowledges that their association with the Company and/or being on the Company’s board does not transfer any of the Company’s rights as covered herein to them. The Member shall not during the term of this Agreement and/or after ceasing associating with the Company, use the Company’s name, logo, brand, website and content for any personal gain without the Company’s prior written notice or consent.
- The Parties agree that neither Party shall assign its rights or obligations under this Agreement without prior Notice or consent of the other Party.
- The waiver by either party of any breach or failure to enforce any of the terms of this Agreement at any time shall not in any way affect, limit, or waive such Party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- DISPUTE RESOLUTION.
In the event of disputes arising about the execution of this Agreement and/or performance of obligations stated herein, the Parties shall solve such issues through a binding mediation process in accordance with the ADR rules and mechanisms of the State of Texas USA.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW AND JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, USA. Exclusive jurisdiction and venue shall be in the State of Texas, USA.
Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
COMPANY: _____________ _________________________ ___________
(SIGNATURE) (NAME) (DATE)
MEMBER: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
MEMBER’S NEXT OF KIN.
NAME: ___________________________ SIGNATURE: ______________________
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