iFarmer is a limited company registered in Bangladesh. iFarmer Limited is an agri-technology company providing innovative and digital solutions for its users to fund farmlands and for farmers to gain funding to cultivate their farms.
The Funder 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 iFarmer as they represent a record of information pertaining to your funding contribution during a farming cycle You are entitled to request for a physical visit to your funded farm, however, you must provide us with at least ____ 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 funding contribution You agree that by funding a farm, your contribution is tied and unavailable for the entire duration of the farming cycle and neither iFarmer 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 Funder’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 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 fund a farm for a new farming cycle At the end of a farming cycle, any profits made during harvest will be shared between the Funder, the farmer and iFarmer in a 40%:40%:20% ratio respectively. 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.
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 21 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 Bangladesh under your own name and will use this account to transfer money to our account when you fund 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 fund 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 funding 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);and you are not breaking any laws or regulations that are applicable to you or any company, trust or partnership upon whose instructions you are acting.
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.
Except as otherwise terminated in accordance with the provisions below, these Terms shall commence on the date you register to fund a farm with the Company and shall remain valid and binding for as long as you have outstanding funded farming cycles. These Terms may be superseded by any amended Terms. These Terms may be terminated by you provided that you have no outstanding funded farming cycle. Notice of termination must be provided in writing to info@iFarmer.com These Terms may be terminated by the Company at any time without notice.
Subject to the Terms of Insurance and any insurance claims settled, you agree that the Company has no obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of a farm to yield according to expectations You agree to indemnify and hold harmless the Company, any farmer, and all our other agents or sub-contractors, against all liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation and all interest penalties and legal and other reasonable professional costs and expenses) suffered or incurred as a result of: your fraudulent or illegal use of the Platform, the Services or the Website; your negligence or any default by you of any of these Terms or the terms of any Loan Agreement to which you are matched; any inaccurate or incomplete information that you have knowingly provided to us; your allowing any other person to access your account either with your permission or as a result of your failure to keep your username and password private; any service that you have offered, whether with or without our permission, to another third party using our Platform, Services or Website; any claim made against you for actual or alleged infringement of the Company’s Intellectual Property Rights or any actual or alleged infringement of a third party’s Intellectual Property Rights arising out of or in connection with the Services or your use of the Platform.
This Agreement shall be governed by the Laws of Bangladesh. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration.