product name： Utilities
the term： One year
CONTRACT OF AGENCY
KNOW ALL MEN BY THESE PRESENTS:
This Contract of Agency (“Agreement”) is made and entered into this ______ day of ________________, 2019 by and between:
ZYBI TECH INC., a domestic corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines with office address at 8th floor,IMET BPO,Metropolitan Park, Bay Area, Roxas Blvd.,Pasay City,represented in this act by its Chief Executive Officer, RAYMOND ONG,herein referred to as “PRINCIPAL ”;
- A N D -
________________, a sole proprietor/ partnership/ corporation duly organized and existing under the law of the Philippines with the office address at_______________ represented in this act by its owner/ partner/ authorized representative,
_______________________ herein referred to as “AGENT”.
PRINCIPAL and AGENT are collectively referred to as the “PARTIES”
WITNESSETH;
WHEREAS, the PRINCIPAL is a registered and supervised institution by the Bangko Sentral ng Pilipinas (“BSP”), operates as a Remittance and Transfer Company (“RTC”) with type “C” E-Money Issuer (“EMI”) with Virtual Currency Exchange (“VCE”);
WHEREAS, the PRINCIPAL has developed and launched JuanCash Application (“JuanCash”), a user-friendly Information Technology (“I.T.”) for Money Transfer, Electronic Loading (“E-Loading”) and Bills Payment infrastructure or facility (“The Services”);
WHEREAS, the AGENT desires to be authorized by the PRINCIPAL to promote and solicit JuanCash to facilitate the Money Transfer, E-Loading, and Bills Payment to its customers;
NOW, THEREFORE, for and in consideration of the forgoing premises, the PRINCIPAL hereby enters into this Agreement with the AGENT subject to the following:
TERMS AND CONDITIONS
TERMS
The Term of this Contract shall be for a period of two (2) YEARS commencing from ______________/____/20___ to _______________/____/20____. The AGENT shall in writing, notify the PRINCIPAL of its intention to renew this Contract, not later than TWO (2) MONTHS prior to the expiration date of this Term.
PRINCIPAL’S UNDERTAKING
Provide marketing material, tool or system that will record all transactions that determines the AGENT’S actual usage of The Services;
Conduct free seminar and training materials to AGENT prior to its business operation;
Notify the AGENT from time to time of any change in this Agreement;
To promote, solicit, and provide the Services directly or indirectly in the AGENT’S territory or any part of the world.
AGENT’S UNDERTAKING – GENERAL
Shall open a Dealership Account and maintain a daily balance of at least TWO THOUSAND FIVE HUNDRED PESOS (PHP2,500.00). No E-Loading, Bills Payment, and Money Transfer Services will be processed or facilitated by the PRICIPAL unless there is sufficient balance in Dealership Account of the AGENT to cover the entire amount of the transaction;
Shall exclusively utilize JuanCash to interface E-Loading, Bills Payment, and Money Transfer Services, and other Online Payment System;
Shall be responsible for compliance with all applicable laws and regulations including, without limitation, compliance with error and dispute resolution procedure relating to each customer’s use of the Services;
Shall promote, develop and extend sales of the Services throughout the its territory;
Conduct its business in accordance with the highest business standards and shall not perform any act which will reflect adversely upon the business integrity or goodwill of the PRINCIPAL;
Promptly notify the PRINCIPAL of any information receive which is likely to be of interest, use or beneficial to the PRINCIPAL in relation to the marketing of the Services; and
Do all other acts as may be in the best interest of the PRINCIPAL and conducive to the performance on the duties and obligations impose to the AGENT by this Agreement.
AGENT’S UNDERTAKING – MONEY TRANSFER SERVICES
Shall attend a seminar on the requirements of the Anti-Money Laundering Act (“AMLA”) of 2001 particularly on customer identification, record keeping, and reporting of covered and suspicious transactions (“CTR/STR”) to be conducted by the PRINCIPAL;
Shall maintain accurate and meaningful information by requiring the sender or beneficiary to fill up and sign the JuanCash Money Transfer Form as provided in Annex A;
Sending AGENT shall require the first-time customer or sender to present the original and submit a clear copy of at least ONE (1) acceptable photo-bearing identification (“ID”) along with the accomplished JuanCash Money Transfer Form, except those first-time customer or sender who has an existing account with JuanCash;
Sending AGENT shall account for and assume all liabilities of risk of loss of all funds that has come to its custody, possession, and the transmittal of the same to the beneficiary. Custody and possession shall refer to the actual tender of payment of remittance by the customer;
Receiving AGENT shall pay the beneficiary the face value of remittance only upon proper verification of the existence of remittance and identity of the beneficiary upon presentment of acceptable ID. Furthermore, should any question concerning the beneficiary’s identification arise, receiving AGENT must immediately notify the PRINCIPAL. In such case, the receiving AGENT shall not pay the beneficiary unless receipt of a written notification from the PRINCIPAL confirming the veracity of beneficiary’s identity. Receiving AGENT shall be held liable for any remittance released to beneficiary of questionable identity without the PRINCIPAL’S confirmation.
TIERING LIMITS
| DEALER'S ACCOUNT TYPE | TRANSACTION LIMIT | DAILY CAP LIMIT | DAILY CAP LIMIT MONTHLY CAP LIMIT | ANNUAL CAP LIMIT |
|---|---|---|---|---|
| Start-up | 10,000 | 100,000 | 500,000 | 5,000,000 |
| Business Package | 50,000 | 1,000,000 | 10,000,000 | 10,000,000 |
FEE SCHEDULE
MONEY TRANSFER SERVICES
CUSTOMER FEES AGENT'S COMMISSION
SENDER BENEFICIARY SENDING ("Cash-in") AGENT RECEIVING ("Cash-Out") AGENT JUANCASH
1% or P5.00 whichever is higher, but not exceed P300.00 FREE 30% 50% 20%
See Annex B for Sample Computation
AGENT is prohibited from imposing additional charges on the top of the Customer Fees provided herein.
BILLS PAYMENT
CUSTOMER FEES COMMISSION
AGENT JUANCASH
See Annex C for the List of Biller's convenience and service fee. 50% 50%
See Annex B for the Sample Computation
The AGENT at his own discretion, may impose reasonable service fee on the top of the Biller's convenience or service fee.
E-LOADING
AGENT'S COMMISSION
CUSTOMER FEES REBATES
AGENT'S reasonable mark-up price See Annex D for Discount Rates
SALES COMMISSION
The AGENT hereby agrees that the commissions payable provided in the next preceding article constitute full and fair compensation for all works, and effort created by the AGENT as a result of the performance of its duties and that upon termination of this Agreement for whatsoever reason, the AGENT shall have no other claim whatsoever for any amount other than for the commissions. The AGENT further agrees that the PRINCIPAL has the right to revise the sales commission and discount upon notice to the AGENT.
CUSTOMER’S COMMUNICATION
The AGENT shall not issue any statements, correspondence, or communication to customer which reference to PRINCIPAL or JuanCash performance of the Services without the PRICIPAL’S prior written approval.
MODIFICATION
PRINCIPAL reserves the right to modify any terms and conditions contained in this Agreement. If any modification is unacceptable, the AGENT has the remedy to terminate this Agreement. AGENT'S continued participation in the Services following the receipt of the change notice will constitute binding, and AGENT'S acceptance of the change.
ENTIRELY AND RELATIVITY
This Agreement contains the entire agreement, understanding and covenant of the PARTIES. Neither party shall be bound by any other stipulations, terms and conditions, unless otherwise reduced into writing, signed and executed by the PARTIES and notarized before any Notary Public, and duly incorporated herein. The stipulations, terms and conditions of this Agreement shall be binding upon the PARTIES, as well as their agents, successors-in-interest, transferees and assigns.
IN WITNESS WHEREOF, Parties have hereunto set their hands on the date and in the place first above written.
ZYBI TECH INC.
PRINCIPAL
By:
_____________________
MR. RAYMOND ONG
Chief Executive Officer
_____________________
AGENT
By:
____________________
Signed in the presence of:
