Terms and Conditions of Service

By Clicking the checkbox on the Storage Page, the Member is agreeing to the following terms and condition of service with Anotu Ventures.

• The member has injected funds into the Business for the purpose of profit for a cycle which is subject to renewal after the stipulated period.

• It is agreed that each stage of the business transaction shall be for a period of eight (8) months which entitles the member to an accrued interest. That upon its expiration, the member receives payment of his initial contribution and a 60% profit accrued from such contribution.

• The member shall be entitled to 60% of the profit made while the business shall be entitled to 40% which is the service charge. That this sharing method will however only take place after member’s capital has been deducted and returned at the end of the cycle; that is after harvest and sale has been made. After deduction of members initial capital, the profit gained will then be shared in a 60:40 basis. With 60% belonging to the member while the remaining 40% will go to the business as service charge.

• The business shall be responsible for the trade and management of all members funds and keep proper records of all members directives regarding his contribution.

• Initial capital shall be due for maturity to be collected by member only after the completion of sale of produce by the business.

LIABILITY

• That the business will not be held liable for any of the under listed including but not limited to loss, costs, expenses, damages, directly or indirectly as a result of the failure of low market sales of produce due to inflation or any form of market devaluation.

TERMINATION CLAUSE

• This agreement shall run for a consecutive period of eight (8) months, which is a completion of each cycle season which includes the buy phase, the store phase and the sales and profit phase. However, where member desires to terminate his investment with the business before the expiration of the harvest season or where sale of produce is yet to be made, he shall notify the business in writing of his intention to so terminate by:

  • Giving two months’ notice to the business of intentions to so terminate.
  • In furtherance of the above, the member shall submit to the business a letter delivered by hand, mail or courier services to be submitted at the business’s registered address.
  • Such capital shall be returned to the member after the business is satisfied that the member has fulfilled all the requirements for such termination.

• Where the agreement is terminated at the instance of the member before the expiration of the agreed period (which is after harvest season and sale from produce gained), the member shall not be entitled to 60% of his profit allocation at the expiration of the two months’ notice.

• It is however to be noted that withdrawal of members funds can only be allowed before produce is purchased during harvest season. Any insistence on return of funds where purchase of agricultural produce has occurred will not be adhered to until sale of produce has been made by the business.

• At the expiration of each cycle, initial capital will be paid back to members and 60% profit allocated to them bringing to an end a cycle.

COMMENCEMENT

• This agreement is effective upon the day and date a member wishes to commence by clicking the I Agree button and shall remain in full force and effect until either of the following conditions occurs:

  • the execution and completion of the business agreement.
  • the written agreement of any of the parties to terminate. Such notice shall comply with the requirements for termination as stated in the termination clause of this agreement.
  • the expiration of the harvest season after which sale has been made and gained (or such later date as the parties may agree in writing).
  • Upon termination of this agreement, neither party shall have any obligation to the other, except for obligations that had already accrued but remained undischarged before such termination

LANGUAGE

• All agreements, correspondence and other documents relevant to this business agreement shall be in English.

MODIFICATION

• No provision of this Agreement shall be varied, amended, modified, contradicted or explained by any oral agreement in the course of dealing or performance or any other matter not set forth in an agreement in writing and signed by The Parties or their duly authorized representative.

DISPUTE RESOLUTION

• The parties recognize that differences sometimes arise in the course of a relationship and wish to avoid litigation. Accordingly, all complaints, claims, disputes and other matters in question between the parties arising out of or relating to this Agreement or the breach thereof, shall first be submitted to the complaints department of the business for resolutions. Where the complaints department fails to resolve such disputes within a reasonable time, the disputes shall be submitted to negotiation within the business and may, failing resolution, then be subject to arbitration as set forth below; however, in all other cases, all legal and equitable rights and remedies provided at law and equity are reserved.

• Disputes claimed by either party must be made by written notice promptly upon the recognition of the event giving rise to such claim. Pending final resolution of any dispute, including arbitration in accordance with this provision, the party shall proceed diligently with performance of its obligations to the extent it is unrelated to the dispute and the subject matter of the dispute does not inhibit the progress of the business operations generally.

• Such performance by party shall not operate to waive or stop either party from pursuing the claim which gave rise to the dispute.

• Where the parties so desire, they shall each appoint a representative who shall be privy to this agreement to meet for the purpose of dispute resolution. If the parties' representatives are able to reach an agreement, the dispute will be deemed resolved.

• In furtherance of the above, parties may each appoint a Solicitor for the purposes of dispute resolution where all the above stated options are exhausted without success.

• lf after 60 days from the date the dispute arose these negotiations prove unsuccessful in whole or in part, the parties may request that any remaining disputes be resolved by arbitration in accordance with the Provisions of the Arbitration and Conciliation Act CAP 19 Laws of the Federation of Nigeria 2004, and such disputes shall be arbitrated. Any award rendered pursuant to arbitration may include reasonable attorneys' fees and costs shall be final and binding upon the parties, and judgment may be entered upon it in a court of competent jurisdiction. All applicable statutes of limitations and the like shall be stayed while the requirements of this provision are pending, but only as to the issues hereby submitted for negotiation or arbitration.

• For the purpose of this investment, there shall be no usage of staff name and account for investment, neither is physical cash allowed.

FORCE MAJEURE

• The Company shall not be liable for any failure of or delay in the performance of this agreement for the period that such failure or delay is:

  • beyond the reasonable control of the business, and
  • could not reasonably have foreseen or provided against but

• Notwithstanding the foregoing, in the event of such an occurrence, the business agrees to make in good faith, effort to perform its obligations hereunder.

NO ASSIGNMENT

• Parties hereto may not assign their rights or obligations under this agreement without mutual and express prior written consent of the other.

APPLICABLE LAWS

• The laws of the Federal Republic of Nigeria shall govern the construction, interpretation and enforcement in this agreement.