Terms and Conditions
This agreement provides information as to the terms and conditons between the Funder(Investor) and FarmFunded Enterprises under which you agree to sponsor the 3rd party farmers to scale-up their farming operations through our platform (www.farmfunded.com).
We strongly recommend that you consciously read the terms and conditions of the agreement before funding a farm operation today.
FarmFunded is an online crowdfunding platform that enables funders(investors) to fund the activities of available farms within the platform. The invested funds will then be channeled to farmers to enable them scale-up farming operations and upon the end of the farming cycle, Funders are paid back their initial funds invested with returns(ROI) that is being stipulated on the funding information. Basically, funders see the returns accruing to them and so agree to pool their resources.
FarmFunded comprises a team of crop&livestock farmers, farm extension workers, agricultural economists, agronomists amongst many others who will engage in the mobilising of farmers, providing knowledge on Good Agronomic Practices(GAP), manage the activities of the farms and then handle the sales of the crops and livestock.
FARMFUNDED AGROSERVICES LIMITED is a company registered with the Corporate Affairs Commission with reg. no. RC1534435.
TERMS AND CONDITIONS
It is mutually understood and agreed by and between FarmFunded and Funders that:
1.FarmFunded shall pay its funders initial capital and the accrued ROI at the end of the investment duration for each chosen farm project.
2. The ROI’s for our various farm ranges from a minimum of 15% to a maximum of 70% depending on the farm funded, and its duration. (The different farms and their varying ROI’s are displayed on the FarmFunded website (www.farmfunded.com)
3. ROI’s are not negotiable from the terms displayed on the FarmFunded website (www.farmfunded.com)
4. In the case of crop(livestock) failure(destruction) or any other mishaps, FarmFunded commit to return the initial capital back to its funders over a mutually agreed period, in clear terms, only the Funder's capital is insured.
5. Each party takes legal and financial responsibility for the actions of its respective employees, officers, agents, representatives and volunteers. (for Institutional Investors).
6. You are entitled to request for a physical visit to your funded farm, however, you must have indicated intention to visit the farm 10 working days to the scheduled visit date.
7. Upon the agreement to fund a farm, your funds will be unavailable for the entire duration of the farming period hence FarmFunded nor its farmers will be able to refund your contribution until the end of the farming cycle.
8. Initial Funds invested and Returns earned from farming operations will be paid directly to the bank account provided by the Funder.
9. You acknowledge that you do not own any of the farms that will be funded. Funds invested will only be used to scale-up operations of farmers.
10. This agreement may be amended from time to time by mutual agreement of the parties in a written modification signed by both parties.
11 This agreement may be terminated by mutual agreement of the parties and shall automatically terminate upon completion of all responsibilities as stated herein, unless otherwise amended.
FarmFunded shall undertake the following activities:
1. Source for suitable arable lands for cultivation and rearing of animals
2. Train and Mobilize small- holder farmers
3. Carry out farm operations that include cultivation and rearing of crops and animals, either directly or in partnership with others, as its discretion.
4. Carry out post-harvest processing of crops and animals cultivated or reared at harvest.
5. Provide regular updates to funders on farm funded; and on the request of funders,we arrange a guided visit to farm location at the funder’s expense.
6. Sells produce to off takers, processing companies, etc..
7. Pay back Funders his/her initial funds with ROI commensurate to the farm selected by the funder on the FarmFunded web platform- www.farmfunded.com on the payback date applicable to the selected farm project.
Funders shall undertake the following activities:
Select desirable farm projects, read and understand its terms, funding duration and ROI’s
1. Fund selected Farms.
2. Pay for guided farm visits if he/she so desires.
3. Provide payment instruction for payment of initial capital and ROI.
1. The parties shall each be solely responsible for any and all costs associated with their responsibilities under this agreement.
2. This agreement shall be effective upon the date of the last party to sign below.
3. The parties indicate agreement by accepting this terms and conditions.
DISPUTE RESOLUTION CLAUSE
1. In the event of a dispute arising out of or in connection with this agreement including any question regarding its existence validity or termination, the parties shall first seek settlement of that dispute by conciliation in accordance with the Nigeria Conciliation Rules which Rules are deemed to be incorporated by reference into this clause.
2. Where more than one conciliator is appointed, parties shall be free to appoint one conciliator each but the 3rd conciliator shall be mutually appointed by the parties.
3. If the dispute is not settled by conciliation within 30 days of the appointment of the conciliator(s) or such further period as the parties shall agree in writing, the dispute shall be referred to and finally resolved by arbitration under the Nigeria Arbitration Rules which Rules are deemed to be incorporated by reference into this clause.
4. Where more than one arbitrator is appointed, parties shall be free to appoint one arbitrator each but the 3rd arbitrator shall be mutually appointed by the parties.
5. The language to be used in the conciliation and in the arbitration shall be English.
6. The governing law of this agreement shall be the substantive law of Nigeria.
7. In any arbitration commenced pursuant to this clause;
8. The number of arbitrator(s) shall be three unless parties agreed in writing that the arbitrators shall be one.
9. The seat, venue or legal place of the conciliation or arbitration shall be in Nigeria; the city of Lagos or any other city parties shall agree in writing.