Agency Agreement World Processing Inc. - High Risk Portfolio

Transcription

1 Agency Agreement World Processing Inc. - High Risk Portfolio THIS AGREEMENT is made on between: World Processing Inc. 24 Hilldale Avenue, Middleton, MA (hereinafter referred to as World Processing ); And Company: (hereinafter referred to AGENT ) Address: Street Address: City: State / Province: Postal / Zip Code: Country: Business Contact Business Contact Number: Business Skype Name: WHEREAS 1. World Processing Organization offers high risk merchant accounts for payment processing solutions over the Internet (hereinafter referred to as "Products"). 2. AGENT has established certain relations with customers in regard to merchant accounts and 3rd party processing solutions.

2 3. AGENT is willing to transmit merchant account services and online payment processing services, i.e. e-check clearing ( Business ) for the benefit of World Processing on a non-exclusive basis. NOW, In consideration of all the terms and conditions set forth hereunder, the parties agree as follows: Art. 1 Offer World Processing hereby offers to pay AGENT a commission for the business passed on by AGENT to World Processing as subject to this Agreement. Art. 2 Obligations of AGENT 1. AGENT shall transmit the Business as mentioned before to World Processing. 2. AGENT shall not be entitled to enter into any credit card processing contracts with third parties thereby binding World Processing. 3. AGENT shall provide all information to World Processing as necessary for the purpose of the Business. 4. Each party shall keep business secrets, including but not limited to customer, supplier, logistical, financial, research and development information, confidential and shall not disclose them to any third party during and after termination of the selling rights unless the other party has consented in writing. Art. 3 Commission

3 1. World Processing shall pay AGENT a commission based on the conditions set forth in Exhibit A. For the case of the introduction of different fees to be introduced or new cost factors appear by a change in banking products, both parties have to renegotiate on bringing them into this Agreement. This does not apply for costs that can be covered by the revenue sharing model. 2. Commission payments will begin based on customer s account once AGENT S customer has converted one (1) sale and the customer has been processing for 30 days. 3. If, due to legal regulations, commission will be subject to turnover or tax either at World Processing s place of business or at AGENT s place of business, the respective commission shall be calculated from the amount of the invoice excluding this tax. 4. World Processing will furnish to AGENT a statement of commission due for all Business transmitted by AGENT and commission, to which AGENT shall be entitled in accordance therewith, shall be settled to AGENT according to Exhibit A. 5. AGENT s right to claim commission shall not be honored with respect to such Business which the customer has not affected any payments; commission fees already received by AGENT in these instances will be taken into account upon issuing the next commission statement. 6. In the event that the customer s account is terminated by World Processing or the acquiring bank / psp partner fails to remit payment to World Processing, commission payouts to AGENT will discontinue and World Processing may hold customer s funds until such time as all of the customer s transactions are complete and World Processing reasonably believes no further chargeback claims or other offsets will be incurred. 7. If World Processing must, for any reason whatsoever, incur any fines, charges or penalties as a result of customer s transactions, AGENT must return commissions received up to the same amount back to World Processing. Art. 4 No Authority of AGENT to collect Credit Card Monies AGENT shall not be entitled to collect credit card monies from World Processing s customers, unless World Processing has granted such authority in writing to AGENT. Art. 5 Duration

4 1. The Agreement shall come into force at the date set forth above. 2. The Agreement shall have a 12-month duration period. At the conclusion of the 12-month period, an additional 12-month period shall be added at the anniversary of each year thereafter if both parties are in agreement to continue the relationship. 3. World Processing reserves the right to terminate this Agreement at any time with or without cause or prior notification to AGENT. World Processing may further terminate this Agreement immediately without notice at any time AGENT breaches any part of this Agreement. 4. Upon written notice of termination of this Agreement without cause, World Processing will continue to pay AGENT commission for AGENT S referred merchant for a period of one year following the notice of termination. However, if the termination is for cause, World Processing will not continue to pay AGENT any further commission. For the avoidance of doubt, both parties agree this clause is meant to succeed any termination of this Agreement. Art. 6 Miscellaneous 1. This Agreement shall be governed and subject exclusively to the laws of The United States of America. 2. The only place of court jurisdiction for all disputes arising out of or in connection with this Agreement shall be a competent Court in The United States of America. 3. Any notices under this Agreement will be sent by certified or registered mail, return receipt requested, or by to the address to be specified by either party or such other address as the party specifies in writing. Such notice will be effective upon dispatch. 4. Neither the rights nor the obligations arising under this Agreement are assignable or transferable by AGENT. Any such attempted assignment or transfer shall be void and without effect. 5. This Agreement constitutes the entire agreement of the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous Agreements, representations, and understandings of the parties, written or oral. All modifications, alterations or amendments to this Agreement shall be binding upon the parties hereto provided that they are in writing and have been signed by the parties hereto. 6. If any term or condition of this Agreement is null and void or will become null and void, then all other terms and conditions shall remain in full force and effect.

5 The below bank account is to be used to deposit monthly commission payouts: Bank Name: Bank Address: Street Address: Street Address Line 2: City: State / Province: Postal / Zip Code: Country: Account Name: Account No: Swift Code: ABA/Routing No: Copy of voided check here: Copy of photo ID here:

6 All terms and conditions are duly noted and agreed to as laid forth in the Agreement, enforced below by two signatories: Dated: World Processing Inc CEO, Jared Mancinelli Date: Company Name: Owner Name: Owner Signature: Schedule A All High Risk Processing 50% Split on profit of everything over Buy Rate Buy Rate Bank Buy Rate = Varies by bank (usually % - will know on approval)