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Vendor Marketplace Agreement
THIS AGREEMENT (the “Agreement”) is made and entered on the date that the Vendor signs up on the DadaSoko marketplace between GlobalSoko Foundation, Inc. having its registered office at 3960 Howard Hughes Pkwy, Suite 500, Las Vegas, Nevada 89169 (hereinafter referred to as the MARKETPLACE), which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the ONE PART and _______________________________________ (hereinafter referred to as the Vendor) which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the OTHER PART.
WHEREAS the Vendor is a manufacturer of unique products that are supplied to DadaSoko marketplace.
WHEREAS the Marketplace is a company and has approached the Vendor asking them to sell the goods at a wholesale rate.
Prior to the product being sold on the Marketplace. The Marketplace may buy items at a price up to 60% of the wholesale rate of the stated product wholesale value. The Marketplace will pay the vendor the difference in the percentage from the price paid up to 100% of the stated product wholesale value once the product is sold.
If the product is sold at a rate significantly higher than the stated wholesale value, the additional profit will be split into an empowerment fee that is paid by the Vendor to its producers at an equal split to the Vendor’s producers.
THE PARTIES HERETO agree to abide as under:
1. The Vendor undertakes to sell the Marketplace and the Marketplace undertakes to buy from Vendor unique goods (hereinafter called the 'said goods') at a wholesale price.
2. The Vendor will send the said goods through the designated ship the information of which ship to the United States or relevant international destination and sent to the Marketplace.
3. It shall be the responsibility of the Marketplace to have said goods insured for their value upon the current terms.
5. After the shipment of the said goods, the vendor shall send all the necessary documents including the contract of a freighted, insurance policy, invoice, bills of lading, etc., to its banker at the Indian port.
6. The aforesaid document shall be delivered to the Marketplace bankers against the encashment of the letter of credit which shall, in turn, deliver the same to the Marketplace to enable him to get the goods cleared at the Indian port. Delivery of the documents shall constitute the delivery of goods and henceforth the goods shall be at the risk of the Marketplace.
8. In case some formalities are to be completed prior to the import of the aforesaid goods at the place of destination the same shall be completed by the Marketplace at his own costs.
9. If some export formalities are to be completed for the export of the aforesaid goods from the place of dispatch, the same shall be completed by the Marketplace/Vendor at his own costs.
10. It shall be the Marketplace's right to examine the goods for his satisfaction at the point of destination. If the goods are not according to the sample or specification, the Marketplace shall have the right to reject the goods at the risk and cost of the vendor.
11. In the event of any dispute or difference between the parties hereto arising out of or in connection with this deed of whatsoever nature the same shall be referred to the arbitration of a common arbitrator if agreed upon, failing which to two Arbitrators one to be appointed by each party to the Arbitration. The said Arbitrators shall appoint a presiding Arbitrator and the Arbitration shall be governed by the Arbitration Act and Conciliation Act, 1996, or any statutory modification thereof.