Discover Real Estate to Buy Holiday Home | BRIKitt

BRIK OWNER AGREEMENT

Brik Owner's Review For Confirmation Of Understanding

All 11 Shareholders understand and agree that BRIKitt Proptech Pvt Ltd, being a Proptech Platform to offer Fractional Ownership on Holiday Homes/Secondary Homes by dividing the total cost of the property (Including BSP, Stamp duty cost, Registration Cost, Furnishing Cost, other equipment required inside the unit) into 11 equal fractions. The registration of the unit will be done in the name of the designated SPV and all 11 Investors will be appointed as a shareholder in the designated SPV.

The below Schedule 1 are consisted of all the terms and conditions, agreements applicable and the process along with benefits, liabilities, obligations etc.

SCHEDULE 1

THE MANAGEMENT AGREEMENT

between the Designated SPV and BRIKitt PropTech Private Limited to be execute on the terms and conditions specified as mentioned below:

1. BRIKitt shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts of the properties and business transactions of the SPV.

2. The books of accounts of SPV shall be open to inspection at all reasonable times by the brik owners of the respective SPV and brikitt shall keep full and accurate accounts of receipts and disbursements in books belonging to the SPV.

3. BRIKitt shall deposit all moneys monies and other valuable effects in the name and to the credit of the SPV in with such depositories as may be designated by the Company Board Member.

4. BRIKitt shall arrange to disburse the net profit of the SPV of every financial year on or before end of the July month every year post complying with the Companies Act and Income Tax Act.

5. Services Rendered by BRIKitt. The services to be rendered by BRIKitt pursuant hereto, shall be:

(a) Maintenance of a reservation service and rentals, together with the Property Manager and his team.

(b) Arranging for or providing cleaning, housekeeping and maid service for the Unit, and inventory inspection of unit furnishings on departure of each rental tenant and Shareholder.

(c) Periodic inspection and arranging for necessary repairs and maintenance of said property and furniture and other amenities situated in said Unit. Maintenance and repair per incident will be accomplished by BRIKitt and its invoice will be paid by the said SPV.

(d) Maintenance of accounting records with relation to the Unit and the use and occupancy thereof and furnishing the MIS to Shareholders on Quarterly basis.

(e) Arranging for conveniences for occupants, such as transportation, housekeeping, room services, arrangement of provisions, laundry, etc.

(f) Arranging for advertising with relation to the Unit.

(g) Such other services as may be agreed upon by the parties hereto.

(h) Distribution of Net Profits of the SPV shall be done by SPV to the Shareholders at the end of the financial year after preparations of Balance sheet of the Company (SPV) and shall be distributed till the month of July of every year considering the unused number of days, if any.

6. To obtain the management services related to the Property purchased by the Shareholders, the Shareholders will enter into an agreement for the Management services performed by BRIKitt. (“Services”). 

7. BRIKitt has agreed to provide management services related to the Property for the Shareholders, and the Shareholders has agreed to pay the Management charges every year to BRIKitt for the services performed by BRIKitt, subject to the terms and conditions of this Agreement.

8. Subject to the terms and conditions of this Agreement, BRIKitt shall render to the Shareholders, management services related to management of the Property, including but not limited to arranging and managing the schedule of stay of the Shareholders, Guests and such other general management functions attached to a normal management of the property as deemed necessary by BRIKitt from time to time.

9. Consideration for the Services to be rendered pursuant to this Agreement, the Shareholders shall pay to BRIKitt the management charges. BRIKitt may adjust the Management Charges from time to time provided that BRIKitt has made reasonable effort to keep any increment of the Management Charge within the weighted average of the Rate of Inflation based on the services provided from year to year.

10. Mode of payment of Management charge is defined on the Management Charge Invoice.

11. The Management Charge shall be paid to the Management Company in accordance with the following terms:

(i) It will be due on 31st March of every financial year. 

(ii) Penalty charges of 24% per annum shall be added to any Management Charges not paid by the Due Date on all arrears by the Shareholder.

12. CANCELLATION CHARGES–

(i) The booking amount is considered as the “Earnest Money”, if any Shareholders cancel after the booking payment, the entire “Earnest Money” will be forfeited by BRIKitt, However, you have a freelook period of 14 Days from the date of Onboarding.

(ii) Before the completion of the Lock-in period of 7 years, the asset cannot be sold by the shareholders in any circumstances. However, any Shareholders can make an exit after completion of his/her payment plan, there will be a transfer fee applicable as per the Company’s Act 2013 and other charges as per the Official authorities.

(iii) After the completion the payment plan and the Registration of the property in the name of above SPV, the Shareholders can transfer his/her BRIK to anyone, a transfer charge will be applicable as per the company’s policy i.e. 10% Hurdle fee on the total Profit earned at the time of BRIK reselling. (Shareholding Transfer)

13. PROPERTY RIGHTS –

The Usage rights of 30 Days every year is allotted to each Shareholder. However, all 30 days cannot be used at once and should be in a breakup of Minimum 2 Night 3 Days and Maximum 7 Night 8 Days in one stretch. For more details on Usage, Please refer the FAQs of Usage on www.brikitt.com

14. OBLIGATIONS

All the obligations like Maintenance, Repair, Breakage, Renovation, Updation, Government Taxes, etc. will be bear by the shareholders/SPV collectively in the same ratio as per their Ownership in the related property of the respective SPV. 

TERMS AND CONDITIONS

Here are a few key points about your BRIK Ownership that you should be clear about. Please read each point below in conjunction with the detailed Terms & Conditions for complete understanding.

1. I/We understand the Terms and Conditions of the special offer that I/we have chosen at the time of signing up for purchase of BRIK.

2. I/We confirm having read the Terms and Conditions governing purchase of BRIK Ownership Usage and the Terms and Conditions with regard to BRIK ownership and agree to abide by the same. All necessary clarifications and information on the BRIK Ownership have been provided to us.

3. I/We understand that any payment made by me/us would first be appropriated toward the Booking Fees and balance if any would be appropriated towards the entitlement fees.

4. I/We understand that in the event of request for cancellation by me/us the BRIKitt shall have the right to deduct cancellation charges as mentioned in the Terms and Conditions and would refund the balance amount only as per the Schedule 1, Point No. 12(i).

5. I/We understand that I/we shall be admitted as BRIK Owner of BRIK Ownership only upon realization of the entire amount and EMI’s as per the Payment Plan opted by me and after the unit gets operational, to be entitled to the benefits of BRIK Ownership i.e. I/We will be entitled for 30 Days of Usage with BRIKitt.

6. I/We agree that BRIKitt will be eligible to generate rentals through Short term Rentals/BnB Rentals/ Long term Rentals if any of the BRIK Owners are not using the property, the entire earned rentals will be distributing in between all 11 BRIK Owners at the end of the Particular financial year depending on the number of Unused days out of the 30 Days of usage to each BRIK Owner after deducting the expenses of the property i.e. Builder’s maintenance, Electricity bills, any taxes if applicable, all sort of repair/wear and tear costs etc.

7. I/We agree that in any financial year if a Shareholder consume his/her Usage less than 10 Days and BRIKitt is not able to provide Minimum 33% Occupancy in the related Property of the Shareholder, BRIKitt will not charge the AMC in that particular financial year from respective 11 Shareholders of the Property. 

8. I/We understand that the number of people who can occupy the apartment is as follows: 3 BHK Apartment/Villa – 8 Adults 2 BHK Apartment/Villa – 6 Adults 1 BHK Apartment/Villa- 3 Adults Studio Apartment/Villa – 3 Adults (Children above 12 years shall be considered as adult for the purpose of occupancy. 2children below 12 years to be considered as one adult).

9. I/We understand that the gifting of the BRIK usage is my/our responsibility and in this regard the BRIKitt does not undertake any responsibility or liability.

10. I/We understand that the confirmation for reservation of the unit is subject to availability and eligibility, However, the Booking can be done through the Digital Dashboard provided by BRIKitt, in which, BRIK Owners are eligible to make bookings for their owned Unit with a booking window of 365 Days and BRIKitt Community Units with a booking window of 60 Days for minimum 2Nights/3Days and Maxi- mum 7Night/8Days bookings at One time booking duration. 

11. Holiday Booking Cancellation Policy (i) Before 30 days of check-in – No Deduction of room nights (ii) Before 21 days of check-in – 25% Deduction of room nights (iii) Before 14 days of check-in – 50% Deduction of room nights (iv) Before 7 days or later of check-in – 100% Deduction of room nights

NOTE: I/We are aware that without the Confirmation of booking, I/we will not have a right of entry into any property.

12. I/We understand that the BRIKitt needs to maintain the property towards which I/we confirm having agreed to pay Annual management Fees (AMF) whether I/we avail the Usage Rights in a particular year or not. Non-payment of the same shall result in my/our disentitlement from the use of the entitlements and BRIKitt shall have the right to cancel the usage rights if I/we do not pay the AMF.

13. I/We understand that the Promotional Offer mentioned in the application form & signed by me/us will be final.

14. I /We understand that any part payment made by me towards any outstanding shall first be appro- priated towards interest and then earlier dues /outstanding.

15. I/We have read the rules of cancellation and agree to the same.

16. I/We confirm that there are no other verbal/written promises, or any other assurances not men- tioned in the BRIK OWNERSHIP that have been made by any BRIKitt personnel.

17. Payment Consent The BRIKitt doesn’t accept Booking Amount payments in Cash. All payments to BRIKitt is to be made form of cheque/draft favoring “BRIKitt Proptech Pvt Ltd.”, or through Credit Cards. Any payment in cash and cheque/draft not favoring the BRIKitt is at the BRIK Owner’s risk and the BRIKitt will not be liable for the same. BRIKitt is liable to return the booking amount with an interest of 11 % pa if all the co-owners are not brought on board within 180 to 365 days depending upon the property type as specified at the time of booking.

METHODS OF PAYMENTS AND REFUNDS

You should quote your booking details on all bank transfers and cheques made payable to us to avoid error and undue delay.

You are responsible for paying your own bank’s charges in respect of all payments made to and refunds received from BRIKitt.

We will refund any payments made by you to us in the same manner and currency as the original payment was made.

YOUR APPLICATION FOR OWNERSHIP

To become an Owner, you must: 

1. You must be at least 18 years of age.

2. Complete and submit an enrolment application to BRIKitt in the prescribed form (such application should be submitted either by yourself personally or on your behalf).

3. Pay the application fee to BRIKitt.

4. Have your application accepted by BRIKitt. 

5. We reserve the right to refuse any enrolment application, including without limitation if required to do so by the laws, rules or regulations of any local, state, national or federal governmental entity or by any judicial, public, regulatory or law enforcement authority or court.

6. Your BRIK ownership subject to these terms takes effect from the date we write to notify you through mail.

7. If a company, partnership, trust, unincorporated association or other entity wishes to own BRIK Ownership, ownership must be in the name of a natural person nominated by the company or other entity to represent it.

8. BRIKitt shall be permitted to take instructions from and disclose information about your ownership to either co-owner.

9. If we are given conflicting instructions from co-owners, we are entitled to take the first set of instructions received and act on those instructions. If we continue to receive conflicting instructions from co-owners, we may at our reasonable discretion suspend or cancel (with an appropriate refund) exchange privileges relating to your BRIK Ownership unless such instructions can be promptly reconciled or resolved.

BRIK GENERAL CONDITIONS

a. The Company does not undertake to pay rent, buy back or sell or facilitate the exchange of the BRIK of a Customer without his/her consent.

b. The Company reserves its right to market the Units or any portion thereof in respect of any day to free individual traveler.

c. If the Customer, does not check-into the property, the BRIK shall be mentioned from the dashboard as occupied, and the company shall neither be liable to provide any other accommodation in any property on the same dates and BRIKitt will not bear any compensation, claim or damages.

d. In the event of any delayed check-in, it shall be responsibility of the occupant/Owner to inform the concerned Manager on site. In the absence of any such intimation the Company reserves the right to release the booking without paying any compensation of nights or rent. Herein above, in the event of the any partial utilization of the unit due to delayed check- in/early departure or otherwise, the number of days debited shall be as per the original booking.

e. The Customer shall promptly inform the change of address to the company in writing supported with a valid KYC (know your Customer) document.

f. The Company or its subsidiaries has rights to promote various holiday homes. The BRIK customers shall not have free right to claim or access to such resorts promoted by the Company.

g. The purchase of BRIK shall be construed as purchase of Equity/Preference Shares in the SPV (Special Purpose Vehicle) and ownership right or leasehold right, over the property of the SPV; The purchase of BRIK also allows the Customer to get accommodation in the unit for stay as per the terms and conditions and does give him/her/it any rights or interest of whatsoever nature over the SPV or its assets and properties. In addition to the above and not withstanding anything contained anywhere in this set of terms and Conditions, it is hereby fully clarified, and the Customer fully understands and confirms that.

h. Any promises and commitments, made either in writing or in words by any person representing the Company, outside the purview of or in contradiction to these terms and conditions are not binding on the Company. If any provision or provisions of these terms shall be held to be invalid, illegal, unenforceable, or in conflict with the law of any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not bein any way affected or impaired thereby. 

i. The Customer is aware that in order to help him make the best use of product and case of transactions, the Company needs to communicate the updates related to the customer like payments transaction, vacation offers, promotions & other ownership related information and hence irrevocably empowers the Company to communicate with him/her vide any mode of communication during the entire tenure of his/her Ownership even if the customer has registered himself/herself under the TRAI rules. In the event of change in contact details, it’s the customers’ responsibility to communicate the same and ensure communication does not continue to go to old contact details.

j. In case of violation of any of the house rules by the Customer or his/her guest, at any of the unit or any other act of the Customer whereby the Company’s reputation/image is likely to be tarnished by such behavior, the Company reserves the right to cancel the usage rights BRIK of the Customer.

k. All dispute(s), difference(s) or question(s) arising out of this transaction or otherwise shall be resort- ed to Arbitration as per the provisions of the Arbitration and Conciliation Act 1996, with such modifications/amendments thereto and venue of such arbitration shall be Lucknow only. The Arbitrators shall be nominated from both the Parties i.e. by the board of Directors of the Company and Concerned BRIK Owner/BRIK Owners. The language used in Arbitration proceedings shall be English/Hindi only. The Parties agree to be bound by the award passed by the Arbitrators.

a. In respect of all matters between the parties hereto or his/her/heir(s)/representative(s) only the Civil Courts in Lucknow City alone shall have exclusive jurisdiction and to the exclusion of all other Courts.

b. In case of Unfortunate Demise of the Share Holder, the appointed Nominee will have the right of ownership automatically.

c. In case of Change of Marital Status of a Shareholder, Shareholder have to appoint his/her nominee at earliest to avoid any legal challenges in future.

BRIKITT’S OBLIGATIONS

In case Company does not provide vacation after issuance of confirmation voucher for the unit, Company shall provide alternate accommodation. In all cases where company provided alternate accommodation or pays liquidated damages (and in the event of default in providing alternate accommodation),the number of nights confirmed by Company shall be debited to the Customer’s account.

Notwithstanding anything stated here in above, Company shall not incur any liability to the Customer if it is not able to fulfil its obligations by reason of any war, civil commotion, force majeure, act of God, any notification from any Court of Law or Government or any due other reason beyond its control. Any appointed Executive Directors towards the SPV, do not have any Authority to take a decision to Sell/Buy the Property without the Consent of the Shareholders.

Liabilities of the SPV – In any Financial Year, if the SPV will be in Negative Cash flow, None of the BRIK Owner’s will be having any liability on them rather all the liabilities will be for the Designated SPV and if the designated SPV also fails to comply the concerned liabilities then in that case Director will provid- ing the required Loan to the SPV (without any Interest) and whenever the designated SPV is able to repay the Loan taken from Director, will be returned back. (without any Interest).

LIMITATION OF LIABILITY

Company makes no warranty, explicitly or implicitly, without Limitation with respect to the availability, quality or suitability of the accommodation facility provided in any unit including all amenities thereon and expressly disclaims the warranties or conditions of merchantability and fitness for any particular purpose. Besides, under any circumstances, the company shall not be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation attorneys’ fees) in any way due to resulting from or arising in connection with the BRIK or the unit or the failure of company to perform its obligations or for any alleged deficiency of service, regardless of any negli- gence. Except as otherwise provided, the accommodation and amenities in the unit are provided on an “as is”, “as available” basis and the Company disclaims all warranties. 

REQUESTING AN EXCHANGE

You must upon receipt of intimation by us in this regard (if any)) pay in advance the exchange usage rights current on the date of request for each exchange requested.

a) Our ability to confirm an exchange request is dependent on the availability of Holiday Ownership rights deposited or forecast to be deposited by other owners in the BRIKitt Pool which are acceptable to you. We therefore cannot guarantee that any particular request for a resort, area, travel date, type or size of accommodation, travel supplier or otherwise relating to your exchange will be met. We will,though, offer you alternative choices whichmay be available.

b) Confirmation of booking/exchange will be valid only when issued to you in writing by or email from BRIKitt. You should check all the details on your confirmation carefully when you receive it and let us know as soon as possible if anything is incorrect.

c) Owners accept that accommodation may vary in unit Sizes, design, fixtures. Furnishings, amenities and facilities from their own BRIK Ownership.

d) Management may, where necessary, allocate alternative accommodation to the unit confirmed provided it has all at least the same maximum occupancy and is of similar overall quality.

e) Owners are responsible for any damage caused by them and/or by their Guests whilst staying at any Property.

f) You and/or your Guests must comply with the in-house rules and bye-laws.

g) You and/or your Guests must replace any items missing from your unit on departure or Management may charge you and/or your Guests for replacement of damages/loses.

h) The total number of people (babies and children included) occupying the accommodation must not exceed the maximum occupancy of the unit set out in the exchange confirmation or guests’ certificate otherwise the Manager may refuse access.

i) Members/Owners are responsible for payment of any applicable taxes, personal expenses, utility charges, security deposits and other fees or charges levied by management on occupiers for the use of amenities and facilities there.

j) You must comply with check-in and check-out times. If you and/or your Guests are going to arrive outside the check-in day and/or time set out in your confirmation, the management must be contacted directly to make alternative check-in arrangements, subject to availability. Management may levy a charge or impose other conditions for any accommodation outside the days specified on the confirma- tion.

k) Owners/Members and their Guests may be refused entry to Property if they cannot verify their identi- ty by means of a valid passport, driving, license or other form of Governmentissued identification proof.

COMMUNICATING WITH YOU

BRIKitt is the sole controller of all data held in relation to owners and their Guests and all processing of data relating to your ownership and to your or your Guests’ use of the exchange or other accommodation or of related travel services offered by BRIKitt is therefore subject to India’s data protection laws only.

We will maintain records relating to your ownership and to your and your Guests’ use of exchange or other accommodation or of related travel services offered by BRIKitt (including Information about you or your Guests provided by yourself, your Guests or by third parties). We shall be entitled to process such data for the purpose of providing you or your Guests with the prod- ucts and services requested; to keep you or your Guests Informed of further offers from us which may be of interest to you or your Guests (unless you or your Guests write to us asking us to exclude you or them from such offers or alternatively telephone, fax or email usto that effect) and for our own adminis- tration, market analysesand operational reviews.

You agree that BRIKitt, or any associated companies orthird parties authorized by BRIKitt,shall be entitled to make contact with you or your Guests by post, e-mail, telephone, including automated dialing equipment, facsimile transmissions, and/or pre-recorded messages for the purposes set out In this paragraph. We shall be entitled to disclose to any associated companies and third parties (including but not necessarily limbed to resorts, owners’ associations, resort trustees, management companies, airlines, insurance companies, car hire companies, ferry and cruise operators and other suppliers) such information as may benecessary to: provide you or your Guests with products and services you or they have requested: or Verity details relating to your ownership or your BRIK Ownership rights or your Guests’ use of exchange or other accommodation: or notify you of travel or other services or products which we believe may be of interest. We shall be entitled to rely on your Guests’ consent to receive information regarding such products and services for a period of up to seven years after their occupation.

MANAGEMENT & MANAGEMENT CHARGES

Annual Management Charges – Annual Management Charges starting from INR 10500 directly to BRIKitt for the Management Services provided at the owned property throughSPV on annual basis.

(a) Notwithstanding the fact that the SPV has appointed BRIKitt as the Property Management Service Provider to administer the expenses, management and booking ofUnits.

(b) Owners shall contribute in the form of an annual Management Charge, to all reasonable costs assessed on the SPV including, without prejudice to the generally of the foregoing, the following:

(i) Maintenance, repair, redecoration, cleaning, and (where necessary) renewal of the Units, services and facilities provided by the Management Company for the benefit of the Owners whether exclusive or in common with others entitled.

(ii) Maintenance, repair and (when necessary) replacement of furniture, equipment, utensils, provi- sions, furnishings, fittings and fixtures in or about the Units and provided at any other unit in any proj- ect.

(iii) The full amount of the rent payable by the Management Company in respect of Units and Alterna- tive Holiday Units to facilitate maintenance, repair or reconstruction works, such rent to be calculated at the then current rates.

(iv) All outgoing incurred in respect of the Units, including electricity, gas, water,rates, licenses, contri- butions to the community of property owners to which the Units may belong and any taxes or other charges or impositions whether of an annual or recurring nature or otherwise.

(v) All work and acts which are required to be done to comply with any statutoryprovisions or the direc- tions or notices of any governmental, local or public authority.

(vi) Any reasonable charges which may be incurred in the management and preservation of the value of the property and the running of the SPV affairs or the provisions of services by the Management Company, including the provision of concierge and housekeeping services (vii) The maintenance of the sinking fund if one is established.

(viii) Any other charges that are required to be paid in order to maintain the status quo of Units.

(c) Without prejudice to the generality of the foregoing, the powers that the Project manager has dele- gated to the Management Company include the power to collect any sums payable by, and to enforce the obligations of Owners pursuant to these Rules.

(d) In addition to the annual Management Charge, owners of Assigned SPV shall pay, and shall remain solely responsible for the payment of the management charge of the associated unit, directly to that unit’s management company.

(i) Expect as outlined herein the annual increase in Management Charges shall not exceed 10% more than a weighted average of the rates of inflation if BRIKitt wishing to impose higher.

(ii) Increase, it shall invoice all Owners with the proposed Management Charge which shall be payable by all Owners, notwithstanding the following.

In the event of the Directors resigning, upon the approval by the BRIKitt, BRIKitt shall appoint another legal entity to act as Management of SPV or shall act as the Management Company itself. The Man- agement of SPV shall have sole discretion in deciding what monies should be spent for any of the purposes set out above and when the same shall be expended. Any resulting underpayment or over- payment of the succeeding applicable year’s Management Charge shall be adjusted on that year’s invoice at the Management Company’s sole discretion.

The Management Company shall use its best endeavors to promptly collect all Management Charges and shall promptly pay and discharge out of all such monies so collected, all expenses in relation to the management of the units, the administration of the Club and shall maintain and keep proper records and books of account and make them available at all reasonable times for inspection by the BRIKitt or shareholders.

SUSPENSION OF USAGE RIGHTS FOR REASONS OTHER THAN NON-PAYMENT OF MANAGEMENT CHARGES

If at the absolute discretion of the Management Company, any Owner shall have committed a substantial breach of the obligations imposed on him herein, then his/her Usage Rights may be immediately suspended by the Management Company by giving written notice to this effect to the Owner. If the Owner shall at the time such notice isserved be at a Resort, he may be required to leave forthwith. If such breach is not remedied according to the requirements of the Management Company within 14 days of the notice first being given, the Management Company shall send a further notice to the Owner advising that indefinite failure to remedy such breach (as well as the consequences or effects of such breach) will result in the continued and similarly indefinite suspension of the Owner’s Usage Rights.

 

CHANNEL PARTNER AGREEMENT



Definitions

In this agreement the flowing definitions shall apply.

Agreement: means this Channel Partner agreement.

Channel Partner: means the right granted by this agreement.

Company: means the party described at the beginning of this agreement and here in referred to as be company.

1.4 Channel Partner: means the party named in Channel Partner Form of the first schedule and its legal representatives, successor and permitted assign.

Business day: means a day on which company is working.

Business Name: means the name set out in item 2 of the first schedule which is the only name under which the Channel Partner shall conduct the business.

Channel Partner fee: means the initial fee payable by a Channel Partner for the grant and other matters as specified

Intellectual property: includes all licensed copyright design, trademarks, patent, process & corporate name, computer software licensed by BRIKitt Proptech Private Limited and the goodwill of any licensed business name, secret process or confidential information licensed by the BRIKitt Proptech Private Limited including the marks of the system.

Month: means a calendar month

Services: means these services forming part of the system from time to time

Response time: to respond to all enquires by customers or potential customers on the same day as they are made.

Communication: the Channel Partner agrees to use such commutation technology as the BRIKitt Proptech Private Limited May from time to time require.

Channel Partner meeting: To convene meeting of Channel Partners as the BRIKitt Proptech Private Limited considers necessary.

Advertising: to refer the BRIKitt Proptech Private Limited for its prior approval of the contents, style and media proposed to be used by the Channel Partner (including signage) for any advertising what so ever including the system and the business in the customer contracts premises or a proposed sale of a Channel Partner business advertising approved by the company will be the cost of the Channel Partner.

Inspection by Company: to permit the company and its servant and agents (including the field consultant) at all reasonable times upon the provision of reasonable notice by the company to inspect and copy all books, financial other records relating to the business.

Confidential information : from the operation manual, trade secrets, information, methods, ideas, concepts, price, forms, techniques, data base, copy right materials and all records relating to the system including client details, project and product details.

Customer: means a person or entity with which the Channel Partner provides services.

Discontinue: means to terminate case the operating the business.

Relationship Manager: means any person nominated by the company from time to Time, visit the Channel Partner and facilitates the commercialization.

Appointment

  • BRIKitt Proptech Private Limited appoints the Channel Partner on an exclusive basis in the Territory of and to term and conditions of this agreement; Channel Partner can do
  • Online/offline selling of bricks, provide assistance services, organize community events and all BRIKitt Proptech Private Limited services in the exclusive territory.
  • The Company hereby grants to the Channel Partner all the relevant rights to carry on business as a Channel Partner.
  • Channel Partner can use the trade names, trademarks, of the BRIKitt Proptech Pvt. Ltd for the business purpose.
  • Channel Partner can use the Company’s copyright, website, data, brand name, knowledge etc.
  • 2.6 The Channel Partner shall enter into a Registered License Agreement when required by the BRIKitt Proptech Private Limited.

 

Location

  • The Channel Partner will operate the Channel Partnered business from the mentioned  business address  Office in the Channel Partner Form
  • Maintaining a uniform standard facilities and services including transparency in the charges and procedure.

Term

  • This Agreement shall remain in force for the period of 5 years from the date of signature by the parties.
  • The Company agrees to allow the Channel Partner to renew the Channel Partner subject to renewal terms being agreed and where the Channel Partner has operated the Channel Partner successfully and in accordance with the terms of this Agreement and the Channel Partner Manual.

 

Company’s Responsibilities

  • The Company will carry out the following during the term of this Agreement:
  • Provide a copy of the Operations Manual and a replacement copy of the Operations Manual if and when it is updated during the course of this Agreement
  • Provide initial training to the Channel Partner, so that the Channel Partner can successfully operate the Channel Partner.
  • Regularly monitor and audit the Channel Partner to ensure that quality standards are met and that sale targets are achieved by the Channel Partner.
  • Provide ad hoc advice where the Channel Partner encounters operational problems that they are unable to overcome.
  • Company Advice to Channel Partner on alterations to and fixtures and fittings in the Premises.
  • General advice to Channel Partner on how to set up the Channel Partner.
  • Provide initial training programmers for the Channel Partner.
  • Provide the Channel Partner with knowhow, advice and guidance relating to the Business.

 

Channel Partner’s Obligations

The Channel Partner shall:-

  • Only uses Printed material, invoices, products, projects and Services which are promoted by the Company
  • Operate the Business in accordance with the Operations Manual.
  • Maintain the Premises to the highest standards and not carry out any alterations without the Company’s consent.
  • Use best endeavors to promote and extend the Business.
  • Channel Partner should not appoint any person as employ and manager who has not completed the Company’s training course and been approved by the Company.
  • At the request of the Company provide potential information as reasonably requested.
  • Channel Partner shall use the name Channel Partner and the trademarks and symbols associated with the name of Channel Partner BRIKitt Proptech Private Limited at Channel Partner place and during other activities.
  • Channel Partner requires Company’s approval whenever they want to do campaign, Newspaper advertisements, and digital promotions with respect to advertising.
  • Use the trademarks, logos and name on the entire document in the same format given by BRIKitt Proptech Private Limited, head office.
  • Channel Partner can’t collect any amount in cash, Brik charges have to collected by draft, Online transfer, or Cheque in favor of “BRIKitt Proptech Private Limited” A/c
  • Online registration of every client is compulsory.
  • Records of clients will be maintained by both of us Channel Partner and Company.
  • Provide every information obtained in the course of business.
  • When dealing with client Channel Partner has no right to suggest any thing to client as a layman thought.
  • The Channel Partner should also advertise and promote the Channel Partner in accordance with the directions, requirements and specifications of the Company from time to time. Should enhance and promote the intellectual property, goodwill and reputation of the Channel Partner at all times.
  • The Channel Partner will maximize efforts to develop the Channel Partner and maintain the image, identity and reputation of the entire franchising system.
  • The Channel Partner hereby undertakes to supply the Channel Partner with all information concerning office operation, enabling evaluation of the quality of business management, as well as the financial reports required for effective management of the Chain. The Channel Partner will allow the Channel Partner and/or its Representatives or Relationship Manager to freely access to the Channel Partnered business premises and permit examination of the relevant documents at any official timing.
  • The obligation to properly maintain and keep all records and account books
  • The obligation to provide excellent customer service.
  • Channel Partner has to arrange basic requirement for office setup.
  • All advertising is to be approved by the Company.
  • The Channel Partner shall have no right to transfer the Channel Partner

 

Confidentiality

 

“Channel Partner” shall keep all information of confidential nature as strictly confidential and shall not disclose it to third Parties without the prior written consent of BRIKitt Proptech Private Limited during the term of this Agreement. “Channel Partner” agrees not to disclose revenue Information without prior written consent of BRIKitt Proptech Private Limited. Use or disclose confidential information for any purpose other than a purpose set out in the Agreement.

 

Termination

 

  • The Company may terminate this Agreement if the Channel Partner:-
  • Fails to commence business within three months of execution of the Agreement
  • Is in breach of [any of] the terms of the Agreement
  • Is found to have supplied materially and services false or misleading information in or supporting the Channel Partner application
  • Goes into liquidation/bankruptcy or is insolvent

 

Consequences of Termination

 

The Channel Partner:

  • Must cease use of the Company’s trade name and trademarks and must not thereafter hold itself out as being a Channel Partner of the Company.
  • Must pay to the Company all sums payable to the Company whether or not then due
  • Shall return to the Company all manuals literature promotional material letter heads Invoices or anything else which bears the trade name of or indicates any association with the Company
  • Shall provide the Company with a list of all customers and potential customers of which it is aware.
  • shall not make use of or disclose any confidential information relating to the system or the business

 

Dispute Resolution and Jurisdiction

  • Any dispute, controversy or claims arising out of or relating to this Agreement or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the provisions of the [Indian] Arbitration and Conciliation Act, 1996.
  • The arbitral tribunal shall be composed of three arbitrators, one arbitrator appointed by. BRIKitt Proptech Pvt. Ltd., a second arbitrator appointed is one of the Director of BRIKitt Proptech Private Limited, third arbitrator to be appointed by such arbitrators.
  • The place of arbitration shall be at Head office of BRIKitt Proptech Private Limited and any award whether interim or final, shall be made, and shall be deemed for all purposes between the Parties
  • The arbitral procedure shall be conducted in the English language and any award or awards shall be rendered in English. The procedural law of the arbitration shall be Indian law.
  • The award of the arbitral tribunal shall be final, conclusive and binding upon the Parties, and the provisions of the [Indian] Arbitration and Conciliation Act, 1996 shall apply.
  • The rights and obligations of the Parties under, or pursuant to, this Clause, including the arbitration agreement in this Clause, shall be governed by and be subject to Indian law, and the agreement shall be subject to the exclusive jurisdiction of the courts at Lucknow

 

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