[Investment Contract] - ThingExplainer

Discussion in 'Approved Contracts Archive' started by OppyStoppy, Jan 15, 2018.

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  1. OppyStoppy

    OppyStoppy Pain
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    IGN:
    @IceyErem

    Users Involved in this Contract:
    @ThingExplainer

    General Purpose of Contract:
    This contract shall outline the investment of $20,000 ECD by @ThingExplainer into a investment account at “The AbsoluteZero Bank.” The investment of $20,000 ECD will be disbursed directly to @IceyErem, and @IceyErem will be solely liable for the investment and any interest it accrues. At the discretion of @IceyErem, the investment may be used by “The AbsoluteZero Bank,” its employees, and its current and future subsidiaries.

    Compounded interest will be calculated using the following formula: A=P(1+r/n)^(nt)

    Such that:
    A = the future value of the investment, including interest
    P = the initial investment amount
    r = the annual interest rate (as a decimal)
    n = the number of times that interest is compounded per year
    t = the number of years the money is invested or borrowed for

    This basically means each week on Sunday, Midnight PST, 2% of the balance before is "added" to the new balance.

    I (the contract initiator) agree to the following terms, and agree that my failure to complete such terms will result in a breach of contract, as outlined in Rule 3:


    Withdrawals
    @IceyErem will pay @ThingExplainer funds from the account with 4 weeks of prior notice.

    Account Closure
    @IceyErem may close the account without notice by paying the full amount of the $20,000 ECD initially invested (less any funds previously were withdrawn) and any interest it has earned. @IceyErem agrees to repay the full $20,000 ECD (less any funds withdrawn) with interest of 2% compounding weekly (every Sunday at 11:59 pm PST), when either he or @ThingExplainer close the account.

    The other user(s) involved in this contract must agree to the following terms:
    Account Creation


    Account Creation
    @ThingExplainer will transfer $20,000 ECD to @IceyErem within 24 hours of this contract’s approval.
    @ThingExplainer may use a indirect way, aka getting a staff member to forum send it.
    Withdrawals
    @ThingExplainer may withdraw funds from the account with 4 weeks prior notice. Funds withdrawn will be subtracted from the amount to be repaid upon account closure.

    Account Closure
    @ThingExplainer may close her account with “The AbsoluteZero Bank” with 4 weeks prior notice. After this 4 week period, the full amount of the $20,000 ECD initially invested (less any funds previously were withdrawn) and any interest it has earned (including interest earned during this 4 week period) will be paid to @ThingExplainer by @IceyErem.
    @IceyErem will create a savings account earning 2% interest compounding weekly (every Sunday at 11:59 pm PST) for @ThingExplainer in “The AbsoluteZero Bank” within 24 hours of receiving the $50,000 ECD. @IceyErem will add 2% interest on the funds in the savings account every week unless @ThingExplainer is banned.

    I agree that the terms in this contract are subject to all of EcoCityCraft's rules, including the rules listed specifically in this forum. I understand that the contract may be affected by future changes in EcoCityCraft rules and server updates, and I accept that due to the possibility of such changes, this contract may be at my own risk. I understand that the contents of this contract are subject to staff assessment, review and approval before it is a binding contract under EcoCityCraft rules. I accept that action may not be taken in case of a breach of contract if appropriate and sufficient evidence is not provided of such.:
    I,@IceyErem, agree to these terms.
     
    #1 OppyStoppy, Jan 15, 2018
    Last edited: Jan 16, 2018
  2. KaylahJacobs

    KaylahJacobs Builder
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    I, as another party to this contract, agree to the terms laid out for me to uphold, and understand that failure to complete such terms will result in a breach of contract:
    yes
     
  3. OppyStoppy

    OppyStoppy Pain
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    Wrong contract. Lol
     
  4. LaggyTryHard

    LaggyTryHard ♛Exalted Builder♛
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    There is a typo in the contract tagging her and not thingexplorer
     
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  5. OppyStoppy

    OppyStoppy Pain
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    Welp, fixed.
     
  6. OppyStoppy

    OppyStoppy Pain
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  7. hooliajade

    hooliajade RIP Panda Nation | Retired Mod
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    Looks good, @ThingExplainer just has to agree in proper format to move forward

    Status: in waiting
     
  8. ThingExplainer

    ThingExplainer Builder
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    ThingExplainer

    I, as another party to this contract, agree to the terms laid out for me to uphold, and understand that failure to complete such terms will result in a breach of contract:
    I agree.
     
  9. hooliajade

    hooliajade RIP Panda Nation | Retired Mod
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    Great! Thank you both
    As i said, Contract looks good.

    Don't forget to take screenshots of transactions, etc and you will be all set.

    Status: Approved
     
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