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Frequently Asked Questions
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DETAILS VALID ON DATE:
24 January, 2022
07:10 AM UTC
Welcome to your latest venture
A licensing contract is created by a company, guaranteeing anyone who buys it a percent of their total sales - providing they share information about the company with their friends, acquaintances, or social followers. These licenses are sold on ILOCX, the Initial License Offering Contract Exchange.
Using our framework, companies are legally required to pay you from their gross sales. This means when a company makes a sale, it is accounted for and a percent of the value of each sale is allocated for ILO buyers. These funds are then distributed evenly amongst all licenses.
THIS AGREEMENT is between (“the Company”), - AND – The Buyer who is the Current License Holder as determined by the Live Ledger held by ILOCX which holds details of licenses issued bought and sold (“the Buyer”).
This license commences on:
Details of the Licensed Product are described on the Company’s page hosted on the site at www.ILOCX.com
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.
Initial price per 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 Licence 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.
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 England and Wales and the parties exclusively submit to the jurisdiction of the Courts of England and Wales. 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.