[Contract] Line Of Credit: BaccaAMP

IGN:
@3point


Other Users Involved in this Contract:
@BaccaAMP


General Purpose of Contract:
The organization of a $100,000 line of credit from @3point to @BaccaAMP


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: Yes


- @3point will create the following trade shop at x: -6717 y: 6 z: -2526 in world main within 24 hours of this contract's approval.
[3point] [1] [B 5500 : S 5000] [Written Book#45]


- Upon creation of this trade shop, @3point will insert 12 written books with the trade shop identifier "Written Book#45" and 75 stone. This written book is signed by @BaccaAMP and is in the sole possession of @3point and @BaccaAMP to prevent chest shop theft. @3point and @BaccaAMP agree that only 32 of these written books exist and shall not be redistributed.


- @3point will not add or take out any items in this trade shop for the duration of this contract. Any disputes can be settled by request of a supermod+ logblock.


-The Balance Owing at any given time is defined as (the number of written books inside the trade chest at the time of screenshot minus 12), all multiplied by 5500.


- @3point will reserve enough cash balance at all times for @BaccaAMP to withdraw up to the maximum credit limit of $100,000. Should this requirement not be met, @BaccaAMP must notify @3point and allow up to 24 hours to fix this issue.


- @BaccaAMP can nullify this contract at any time as long as there is no Balance Owing and carryover fees due.


The other user(s) involved with this contract must agree to the following terms:
- Every week, on Sunday between 10:00 PM to 11:59 PM EST, @3point is entitled to perform an audit on the trade shop to determine the Balance Owing by counting the number of written books in the trade shop chest, with evidence collected in screenshots during this weekly time frame. If the Balance Owing is greater than $0, @BaccaAMP will be required to pay a carryover fee of 14% of the recorded Balance Owing by the next audit the following Sunday. Payment of carryover fees will be arranged using a trade shop at x: -6715 y: 6 z: -2531, or via forum transfer.


- A Balance Owing at any time will be indicated by an on redstone lamp inside the credit vault.


- If @BaccaAMP fails to meet any weekly carryover fee payment for 2 consecutive weeks, @BaccaAMP will be required to repay the Balance Owing plus all outstanding fees in full within 14 days. Failure to do so will be considered loan scamming and a complaint will be filed referencing this contract.


- @3point can nullify this contract at any time and give @BaccaAMP 14 days to pay the Balance Owing plus any carryover fees.


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.:
I agree.