are paying a:
0% royalty in year one
0% royalty in year two
0% royalty in year three
have projected the following revenue figures for the term of their license:
In addition to paying you a royalty, at the end of the 3rd year can choose to extend the license for another 3 years, or buy the ILO back for cash should conduct a major financing.
ILO Value is the estimated value of your ILO in USD ($). This is calculated using our projected revenue numbers. Therefore if our revenue projections are realistic and achievable, this is a good estimation of the buy out price you should expect at different stages.
THIS AGREEMENT is between (“the Company”), - AND – The Buyer who is the Current License Holder, and who holds this license to promote the companies message to their audience with a view increasing their sales, which will in turn will increase the royalty to all license holders. The Buyer is determined by the Live Ledger held by ILOCX which holds details of licenses issued bought and sold (“the Buyer”).
Details of the Licensed Product are described on the Company’s page hosted on the site at www.ILOCX.com
None
Minimum Requirements for Qualification are a confirmed share of the Company’s information and Promotional Message on social media. This can be done on the ILOCX platform. Alternative ways to qualify are at the discretion of the company selling the license.
$
Under the License Agreement the buyer is entitled to royalty payments once qualified
Each License receives a royalty equal to % of the Gross Revenues from the recorded and officially filed revenue, divided by , the total amount of ILO Units in the Initial License Offering. All royalties will be paid to the Buyer’s wallet on the ILOCX platform within 5 days of payment settlement from the company. These days will be announced prior to release.
This License is for an Initial Term of 3 years at which time the License can be extended by the issuing Company for a further 3 years, (a “Rollover”) and new terms may be set by the company at this time in line with ILOCX exchange rules and guidelines. Alternatively, the Company may offer to buy the License back from the Buyer (“a ‘Buyback”). The Company will give notice of Rollover terms or Buyback Price 90 days before the end of the Initial Term, as outlined in the Buyer Terms and Conditions.
All licenses must be valid and deemed qualified to benefit from the Royalty and the Rollover or Buyback.
This Agreement should be read in conjunction with the License Terms and Conditions, the Company Terms and Conditions, the Buyer Terms and Conditions and the ILOCX Terms of Use which form part of this entire Agreement, as well all ILOCX rules, policies, rulings and procedural requirements (collectively the “ILOCX Terms and Conditions”).
All parties have read and agreed to comply with the ILOCX Terms and Conditions, this Agreement, and any documents included by reference above. These may be amended from time to time and the parties will be notified by email of such amendments. Breach of any of the terms of this agreement may result in termination of this Agreement under the termination procedures outlined in the License Terms and Conditions.
This Agreement shall be governed by the laws of and the parties exclusively submit to the jurisdiction of the Courts of . In the event of any dispute, refer to the terms and conditions for the procedure.
Agreed on behalf of the Company:
The Company confirms its consent to this License Agreement by presenting the ILO for sale on the ILOCX platform.
Agreed on behalf of the Buyer:
The Buyer consents to this agreement by completing their order on ILOCX.
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