IGN: @_Royal_Vulpes_ Users Involved in this Contract: @_Royal_Vulpes_, @JTx1085 General Purpose of Contract: The purpose of this contract is for the contract initiator to offer money to the user involved as a loan that is to be paid back in full and with interest. 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, @_Royal_Vulpes_, agree to lend @JTx1085 $50,000ECD as a loan within 24 hours of this contract being accepted. The loan is charged at a one-time 25% TWPR(Tri-Weekly percentage rate). The total amount of $62,500ECD will be due by November 4th, 2019 (11:59 pm US Eastern Time). If I do not meet to the terms of this contract, the contracted will be nullified, and I will accept the punishments deemed necessary by the ECC Staff. The other user(s) involved with this contract must agree to the following terms: @JTx1085 requested the approved loan of $50,000ECD from @_Royal_Vulpes_ that will be given within 24 hours of this contract being accepted. The loan is charged at a one-time 25% TWPR(Tri-Weekly percentage rate). The total amount of $62,500ECD will be due by November 4th, 2019 (11:59 pm US Eastern Time). @JTx1085 must make one payment of $20,500 (October 21st), then make payments of $21,000(there are 2 installments in the total of this amount) each week (Dates: October 28th and November 4th). Payments must be made at trade chests located at the Austro-Aurora United Bank on the second floor(East building next to /warp Vienna x:68 y:96 z:814) in Main Rising. If any payment is missed weekly, a late fee of $1,000 will be added to each missed payment. If the full payment is not received by the due date, a late fee of $10,000 will be added on. If the full payment is not received(including the late fees) by November 5th, 2019(11:59 pm US Eastern Time), it will result in @JTx1085 losing ownership of his Mayor town and be given a punishment deemed necessary by ECC Staff. 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 to the terms of this contract.
Hello @_Royal_Vulpes_ before proceeding with this contract could you please specify the name of the town which @JTx1085 will be losing ownership of if he does not pay off the loan. Additionally, seeing as this loan is not actually compounded interest, could you please delete or edit this part of the contract: Thank you.
Just realized this was likely a loan so the other player could reach mayor. There's no longer any need to mention the name of the town @_Royal_Vulpes_. If you could just edit the 'Compounded weekly percentage' part of the contract, it'll be ready for approval once the other party agrees.
IGN: @JTx1085 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: Yes, I agree to the contract.
I'm asking for the clarification on "Compounded weekly percentage rate" because the interest on a two week, $50,000.00 loan at a compounded 25% interest rate requires a total payback of $78,125.00. Not the $62,500.00 you've stated would be the total payback amount. The $62,500.00 is a flat 25% on the loan or a 12.5% weekly simple interest rate.
According to the contract rules and to not cause any further delay (because I need the money now!!!) I will re-agree to the contract as changes have been made since I agreed.
IGN: JTx1085 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: Yes I agree to the terms of the contract including those that have been modified from the original contract.
Contract looks good. Don't forget to take screenshots with time-stamps for any transactions regarding to this contract. Contract Approved - Thread locked.
