[Investment Contract]

IGN:
@IceyErem

Users Involved in this Contract:
@KaylahJacobs

General Purpose of Contract:
This contract shall outline the investment of $50,000 ECD by @kaylahjobs into a savings account at “The AbsoluteZero Bank.” The investment of $50,000 ECD will be disbursed directly to @IceyErem, and @IceyErem will be solely liable for the investment and any interest it accrues. At the discretion of @IceyErem, the investment may be used by “The AbsoluteZero Bank,” its employees, and its current and future subsidiaries.

Compounded interest will be calculated using the following formula: A=P(1+r/n)^(nt)

Such that:
A = the future value of the investment, including interest
P = the initial investment amount
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

This basically means each week on Sunday, Midnight PST, 2% of the balance before is "added" to the new balance.

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:


Withdrawals
@IceyErem will pay @KaylahJacobs funds from the account with 4 weeks of prior notice.

Account Closure
@IceyErem may close the account without notice by paying the full amount of the $50,000 ECD initially invested (less any funds previously were withdrawn) and any interest it has earned. @IceyErem agrees to repay the full $50,000 ECD (less any funds withdrawn) with interest of 2% compounding weekly (every Sunday at 11:59 pm PST), when either he or @KaylahJacobs close the account.

The other user(s) involved in this contract must agree to the following terms:
Account Creation

Account Creation
@KaylahJacobs will transfer $50,000 ECD to @IceyErem within 24 hours of this contract’s approval.

Withdrawals
@KaylahJacobs may withdraw funds from the account with 4 weeks prior notice. Funds withdrawn will be subtracted from the amount to be repaid upon account closure.

Account Closure
@KaylahJacobs may close her account with “The AbsoluteZero Bank” with 4 weeks prior notice. After this 4 week period, the full amount of the $50,000 ECD initially invested (less any funds previously were withdrawn) and any interest it has earned (including interest earned during this 4 week period) will be paid to @KaylahJacobs by @IceyErem.
@IceyErem will create a savings account earning 2% interest compounding weekly (every Sunday at 11:59 pm PST) for @KaylahJacobs in “The AbsoluteZero Bank” within 24 hours of receiving the $50,000 ECD. @IceyErem will add 2% interest on the funds in the savings account every week unless @KaylahJacobs is banned.

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,@IceyErem, agree to these terms.

 

I believe you need to use the correct format.

 

IGN:
<your in-game name.>

I, as another party to this contract, agree to the terms laid out for me to uphold, and understand that failure to complete such terms will result in a breach of contract:
<Agreement to the terms laid out in the contract post, yes or no.>

 

Fixed.