[Contract] Eff7 Payment Plan

IGN:
@THCOOL

Users Involved in this Contract:
@Astrono

General Purpose of Contract:
Sale of an eff7 pickaxe over 8 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 @Astrono to pay to within 1 hour of this contract being approved. These signs are located at /warp kokiri and down the lift. Coords: -4714, 80, 875
- I will give @Astrono the efficiency 7 star pickaxe (Eff7, Unb3, Silktouch1 -- ID #IKGK317X) via a chest located next to the repayment signs locked to myself and @Astrono once I have received the money upfront ($100,000)
- 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 @Astrono



The other user(s) involved with this contract must agree to the following terms:
@Astrono must:
- Pay $100,000 ECD to @THCOOL within 12 hours of this contract being approved.
- Pay $150,000 ECD weekly for 8 weeks to @THCOOL's payment signs mentioned earlier. The payments will be due on these dates:
18th February - $150,000
25rd February - $150,000
3rd March - $150,000
10th March - $150,000
17th March -$150,000
24th March - $150,000
31st March - $150,000
7th April - $150,000
This leaves a total of $1,300,000 to be paid ($100k upfront and $1.2mill over 8 weeks)
Above dates are in US Central.
- Pay the above mentioned payments to the signs located underneath /warp kokiri and down the lift. Coords: -4714, 80, 875 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 @Astrono
- Agree's that after 8 weeks if the full $1,300,000 has not been paid, then an extension of 1 week will be given with a late fee of 5k/day for a maximum of 1 week only. This extension makes it 9 weeks total to pay it off. @Astrono must have paid all $1,300,000 plus any late fees by the 9 week mark. If the full payments have not been received by this date (9 weeks from approval of contract), then @THCOOL 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 9 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.

 

@Astrono I have edited the contract, please review it and re-agree if you are comfortable with the way it stands

 

@Astrono its been updated once again, my apologies for this btw. Please re-agree if you see fit