Terms Of Sponsorship

www.shopagric.ng is provided by Shopnorth Global Limited

1. INTRODUCTION


This agreement outlines the terms and conditions (the “Terms”) between you (a “Sponsor”, “you”) and Shopagric (“Shopagric”, the “Company”, “we”, or “us”) under which you agree to sponsor third party farmers to cultivate farm plots and sponsor third party agro-traders through our website (the “Platform”)


It is important that you read these Terms carefully. We strongly recommend that you seek independent advice when considering whether to sponsor a farmer with your money or an agro-trade through the Platform.


We do not provide any advice, nor do we make any recommendations to you. The Company solely allows you to sponsor a farm applied for by farmers or an agro-trade on the Platform. It is your responsibility to assess whether the Platform is suitable or appropriate for your needs and any decision made to use our Services is done so entirely at your own risk. Please be aware that execution of these Terms does not imply that we have confirmed that use of the Platform and our Services are suitable or appropriate for you. We advise you to consider whether sponsoring a farm through the Platform meets your required risk levels and objectives, and you should only commit such funds that you are able to financially bear the risk of losing considering your other financial commitments. By using the Platform, you confirm that you have the necessary experience and knowledge to understand the risks involved.


You confirm your agreement to these Terms either by registering as a sponsor on our website or by signing a copy of these Terms.


By continuing on our website, you agree to the following terms together with the Terms of Use, consent to our privacy policy, agree to transact business with us and receive communications relating to the sponsorship electronically.

2. LEGAL AND REGULATORY INFORMATION


Shopnorth Global Limited is a limited liability company registered in Nigeria (registration number RC 1559575 with its address at 55a ilupeju estate, ilo-awela Avenue, sango-ota, off sango-toll gate, Ogun state and also registered under the Nigerian Export Promotion Company to engage in export activities with Registration number : 0008357 Shopagric is an agric-technology company providing innovative and digital solutions for its users to sponsor agro-trades or farmlands and for farmers to gain sponsorship to cultivate their farms.

3. SPONSORSHIP TERMS


The Sponsor will receive periodic updates on the status of the farm by email. The updates are also available on your profile on the Platform. You are expected to review all notifications, updates and reports from Shopagric as they represent a record of information pertaining to your sponsorship contribution during a farming cycle or trading cycle.


You are entitled to request for a physical visit to your sponsored farm, however, you must provide us with at least 14 days’ notice to schedule a visit.


At the beginning of a farming cycle, you will be expected to pay costs related to the lease of land for farming, seedling/livestock, fertilizers, maintenance costs, and the cost of supervision and administration. All costs are included in your sponsorship contribution


You agree that by sponsoring a farm or agro-trade, your contribution is tied and unavailable for the entire duration of the farming cycle and neither Shopagric nor the farmers can or will refund your contribution until the successful completion of a farming cycle.


Any profits from a successful farming cycle of a Sponsor’s farm are remitted to the electronic wallet on the Platform when the produce is harvested and sold (i.e. upon completion of the farming cycle)


At the end of a successful farming or trade cycle, you can decide whether to withdraw your funds from the electronic wallet on the Platform and transfer to a bank account you provide us with or to sponsor a farm or trade for a new farming or trading cycle


At the end of a farming or trading cycle, any profits made during harvest will be shared between the Sponsor, the farmer and Shopagric based on a pre-determined model unique to that farm or trade cycle. This is done at the end of the stated tenure period for that farm or trade cycle.


You acknowledge that you do not own any of the farms cultivated and are only entitled to the proceeds of any farming cycle you participate in and so also you do not own any of the items purchased during the trade cycle.


4. SPONSOR REPRESENTATIONS AND WARRANTIES


Representations and warranties are statements and promises made by you to the Company, which we rely on as being accurate in our dealings with you. You make the following representations and warranties to us at the time of agreeing to these Terms and every time you use the Platform or Services, including the time you are matched to a Loan Agreement;
• You are over the age of 18 years;
• You are of sound mind and have the capacity to enter into these Terms and be matched to a farm;
• All personal information that you provide about yourself is accurate and true to the best of your knowledge;
• You hold a bank account in Nigeria in your own name and will use this account to transfer money to our account when you sponsor a farm and to receive refunds of contributions made and profits earned;
• You have carefully considered the risks involved with using the Platform, the Services and being matched to a farm and also the risks associated with any form of cash contribution or donation, including but not limited to the possibility of losing all the money you contribute;
• You will only ever sponsor with your own money unless you are authorised on behalf of a third party (“Third Party”) and we agree that you may act on behalf of that Third Party.
• You are not using any illegal funds or attempting to launder by sponsoring a farm
• If you are registering or accepting these Terms on behalf of a legal entity such as a company, trust or partnership, you are legally authorised to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorisation).
• You are not breaching any laws or regulations that are applicable to you or any company, trust or partnership upon whose instructions you are acting.

5. ACCESS AND USE


The Platform and Website is, at all times, subject to our Website Terms of Use.


Secure access to the Platform is provided by way of your username and password. These log-in credentials are unique to you and are the primary method of securely identifying you when delivering our Services to you. It is therefore extremely important that you keep your username and password secure at all times.


If you suspect that your secure access to the Platform has been compromised in any way, it is your responsibility to contact us.


You confirm that you will only use our Platform for the purposes set out in these Terms.


You confirm that you will not attempt to gain unauthorised access to the secure areas of the Website or Platform and furthermore you will not attempt to use code or software to manipulate or automate functions available on the Website.

You understand that we may store your IP address information and may monitor your use of the Website in accordance with our cookie policy.


Access to the Platform may be restricted at the discretion of the Company, particularly during periods of maintenance and updating.


We have the right not to act on your instructions including where we deem that your instruction was not sufficiently clear, or we could not verify your identity to our satisfaction, or the instruction was not made by you, or we believe that the instruction may be related to an illegal activity.

6. FOREIGN EXCHANGE RISK


Where we discover that the Platform is being used to launder money or for any suspicious transactions, we have an obligation to report your activities to the relevant authorities without recourse to you.


7. ANTI-MONEY LAUNDERING


Where a Sponsor contributes in a currency other than the Naira, foreign exchange gain or loss and fluctuations in currency rates may have an impact on the profit made on such contribution by the Sponsor.


All profits on contribution shall be converted and returned in Naira based on the Central Bank of Nigeria (CBN) official exchange rate. The Sponsor therefore enters into any transactions in currencies other than the Naira at their sole risk and shall bear all responsibilities for any gains or loss as a result.


Unexpected changes in currency exchange market conditions may have an impact on the extent of profit the Sponsor would be exposed to such as when there is an upward or downward movement in the relevant rates.


The Sponsor understands and is able to assume the risk of loss associated and agrees to be liable for any resulting deficit this might have on contributions made or profits earned.


8. FOREIGN EXCHANGE RISK


Except as otherwise terminated in accordance with the provisions below, these Terms shall commence on the date you register to sponsor a farm with the Company and shall remain valid and binding for as long as you have outstanding sponsored farming cycles.


These Terms may be superseded by any amended Terms.


These Terms may be terminated by you provided that you have no outstanding sponsored farming or trading cycle. Notice of termination must be provided in writing to info@Shopagric.ng


These Terms may be terminated by the Company at any time without notice.


9. FOREIGN EXCHANGE RISK


You confirm that you have read and understood the Company’s Privacy Policy which provides information on how we use and store the personal information that you provide to us and you further acknowledge that the Company may amend and update this policy from time to time.