1. Term: These terms & conditions shall be effective upon the settlement of the invoice and shall continue in effect for a period of three (3) years. The purchaser shall be entitled to continue under these terms & conditions for an additional three (3) years by written consent at no additional cost.
2. Compensation for Services: (a) The purchaser shall pay iStoreLabs (“the Agent), a one-time set up fee as stated on the sales invoice. Payment can be made via Bank Wire/Transfer, Debit/Credit card and payments may be subject to transfer fees and exchange rates charges. (b) The purchaser must pay an additional performance fee of thirty five per cent (35%) of the purchaser's store's profit net of all other expenses, including but not limited to the Cost of Goods sold and Metacommerce platform fees (the "ongoing commission"), a (“maintenance fee”) of $100 one hundred US dollars per month but only for the months where the purchaser's store's profit net of all other expenses, including but not limited to the Cost of Goods sold and Metacommerce fees (the "ongoing commission") is at least 10 times the monthly fee itself.
3. All subsequent store management services and store management responsibility beyond the store set up is provided and supplied by iStorelabs Service Provider LeadxeCommerce.
4. The purchaser agrees to the following to support the Service Provider’s efforts in management of the Metacommerce Store (“the Store”) (a) To understand that the Store will gradually gain traction during the first year of its trading history within the Meta Platform ecosystem in the form of search visibility and account integrity, the Service Provider cannot be held responsible for periodic reviews by Meta Platforms that may in some cases cause the Store to be placed under review. (b) To ensure payment method for Cost of Goods is on file, encrypted, and $10,000 USD credit is available for supply and purchase of products to customers making purchases from the Store, payable via debit/credit card or bank transfer/wire. (c) Any figures provided within promotional material are based on historical data and past performance is not a guarantee of future performance.
5. Buy back provision: The Service Provider commits to buy back the purchaser’s store if sales are not being made within 3 months of the first product being listed and active, provided the store has been active (not paused, or under review) throughout the 3 month period after the commencement date, and the Service Provider is not owed any monies from the purchaser in relation to Cost of Goods, ongoing commissions or maintenance fee. The three month period commences on the date of the first day (day 1) the first product is listed on the active store. The three month period concludes on the final day of the third calendar month following day one. If the circumstance arises where the store is placed under review by Meta Platforms or the store is paused or under review by virtue of any basis during the buy back period stated, the start date of the buyback guarantee period will be reset and will begin as day 1 from the reinstatement date.
6. Non Disparagement: The purchaser agrees never to disparage, defame, slander, insult, or fabricate information regarding the Service Provider or Agent in any online or offline forum whatsoever, including but not limited to social media channels, regardless of whether such comments or information would constitute libel or slander, regardless of whether such comments could be deemed factually true or false.
7. Taxes: The Service Provider does not provide tax reporting or tax management services. The purchaser is responsible for determining the purchaser’s own tax liabilities.
8. Exit Strategy: The purchaser may take the option of exiting the venture at any point after 2 years of trading for at least $24k through our secondary market buyer network (trading commences from the date of the first sale), whereby the Agent, iStoreLabs will list the Store at a price at least equal to double the cost of the one time setup fee stated in Clause 4 (a). The Agent charges a 20% fee of the final sale price, the fee is payable from sale proceeds.