[Contract] Eff7 Payment Plan

IGN:
@obblebobble

Users Involved in this Contract:
@Black_Cod35

General Purpose of Contract:
Sale of an eff7 pickaxe over 6 weeks.

I (the contract initiator) agree to the following terms, and agree that my failure to complete such terms will result in a breach of contract, as outlined in Rule 3:
- I will setup payment signs for @Black_Cod35 to pay to. These signs are located at /warp kokiri and down the lift. Coords: -4716, 80, 873
- I will give @Black_Cod35 the efficiency 7 star pickaxe (Eff7, Unb3, Silktouch1 -- ID #II3KD7NP) via a chest located next to the repayment signs locked to myself and @Black_Cod35 once I have received the money upfront ($300,000)
- I will remain as the owner of the tool until the total amount is paid off. Once the payment plan has been paid off I will /own @Black_Cod35



The other user(s) involved with this contract must agree to the following terms:
@Black_Cod35 must:
- Pay $300,000 ECD to @obblebobble within 12 hours of this contract being approved.
- Pay $150,000 ECD weekly for 6 weeks to @obblebobble's payment signs mentioned earlier. The payments will be due on these dates:
16th February - $150,000
23rd February - $150,000
1st March - $150,000
8th March - $150,000
15th March -$150,000
22nd March - $150,000
This leaves a total of $1,200,000 to be paid ($300k upfront and $900k over 6 weeks)
Above dates are in AEST.
- Pay the above mentioned payments to the signs located underneath /warp kokiri and down the lift. Coords: -4716, 80, 873 Rising.
- Agree to not sell, rent or give the pickaxe to anyone at all (besides repairs if needed) until the full sum plus late fees have been paid off and the ownership of the tool belongs to @Black_Cod35
- Agree that late fees must be paid for the week if the payment is not paid by the weekly due date. Example 17th of January instead of 16th January. Late fees will be charged at $40,000 per week. The late fees will be paid to the sign below the regular payment sign. These fees must be paid if applicable, before the ownership can be transferred.
- Agree that if after 6 weeks the full $1,200,000 plus applicable late fees has not been paid then an extension of 1 week will be given totaling 7 weeks. @Black_Cod35 must have paid all $1,200,000 plus late fees, plus a penalty of $50,000 by the 7 week mark. If the full payments have not been received by this date (7 weeks from approval of contract) then @obblebobble has the right to reclaim the tool without any refund of payments. Any left-over debt will be cleared if the tool is reclaimed.
- Agree that if the tool is lost, broken, butchered, or otherwise un-obtainable then the debt must still be paid off weekly. And in the above situation where the debt is not paid off after 7 weeks, without any tool to reclaim then an alternative must be established where both parties agree.


I agree that the terms in this contract are subject to all of EcoCityCraft's rules, including the rules listed specifically in this forum. I understand that the contract may be affected by future changes in EcoCityCraft rules and server updates, and I accept that due to the possibility of such changes, this contract may be at my own risk. I understand that the contents of this contract are subject to staff assessment, review and approval before it is a binding contract under EcoCityCraft rules. I accept that action may not be taken in case of a breach of contract if appropriate and sufficient evidence is not provided of such.:
Yes, I agree.

 

Currently have late fees in action for being unable to repay a week. Is this what you mean?