MONEY POT
PARTICIPATION AGREEMENT
(Rotating Savings and Payout Agreement)
This Agreement ("Agreement") is made effective as of [Start Date], by and between:
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Organizer/Administrator: [Organizer Full Name]
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Participant(s): [Participant Full Name(s)]
(each referred to as a "Member," collectively as the "Group").
1. PURPOSE OF AGREEMENT
This Agreement establishes the rules and responsibilities of all Members participating in the Money Pot Savings Group, a digital rotating savings and credit association (ROSCA), facilitated through the Money Pot App.
2. POT DETAILS
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Pot Name: [Insert Pot Name]
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Contribution Amount: $[Insert Amount] per cycle
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Cycle Frequency: [Weekly / Bi-weekly / Monthly]
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Total Participants: [Insert Number]
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Payout Order: [List Names and Payout Dates]
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Start Date: [Start Date]
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End Date: [End Date or "Ongoing"]
3. CONTRIBUTIONS & PAYMENTS
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Each Member agrees to contribute the agreed-upon amount by the due date of each cycle, which is [Insert Date / Cycle Info].
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Contributions are collected automatically through linked payment methods provided during the KYC process in the Money Pot App.
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Late payments will incur a penalty fee of $[Insert Amount], and the participant’s Reputation Score may be reduced.
4. PAYOUTS
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Payouts are distributed on a rotational basis, as per the payout schedule agreed upon and displayed within the app.
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Each Member will receive the total pooled amount of $[Insert Total] in their assigned cycle.
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Payouts are subject to the successful contribution of all Members during that cycle.
5. AUTO-PAYMENT & PAYMENT FAILURE
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Members can opt into Auto-Pay, ensuring timely contributions each cycle.
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If a payment fails (e.g., insufficient funds), the Member has 48 hours to rectify the payment.
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Failure to pay within 48 hours may result in suspension from the group, forfeiture of future payouts, or legal action.
6. WITHDRAWAL / CANCELLATION
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Members are not permitted to withdraw from the Pot after the start date unless agreed by all Members and the Organizer.
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Early withdrawal requests are subject to a penalty fee and may forfeit any rights to future payouts.
7. REPUTATION & TRUST SYSTEM
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Each Member’s behavior is tracked through the Reputation Score on the Money Pot App.
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On-time payments, successful cycles, and referrals increase reputation, unlocking larger Pot access and leaderboard recognition.
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Failure to contribute on time reduces the reputation score and can result in restricted access to future Pots.
8. DISPUTE RESOLUTION
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Disputes arising out of contributions, payouts, or terms of this Agreement should first be handled through the Money Pot App’s Dispute Resolution Center.
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If unresolved, parties agree to resolve disputes through mediation before pursuing legal action.
9. CONFIDENTIALITY
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Member personal data, contribution amounts, and payout details are confidential and will only be shared within the group or as required by law.
10. LIABILITY DISCLAIMER
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The Organizer and the Money Pot App are not responsible for any losses incurred due to missed payments or technical issues beyond their control.
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The App provides the platform and facilitates payment collection, but individual trust and reliability form the foundation of each Pot.
11. ACCEPTANCE & SIGNATURES
By signing below, the Organizer and Members agree to the terms outlined in this Agreement and commit to fulfilling their obligations.
Organizer/Administrator Name: __________________________
Signature: __________________________
Date: __________________________
Participant Name: __________________________
Signature: __________________________
Date: __________________________
(Repeat for all participants)
Optional Appendices
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Appendix A: Payout Schedule
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Appendix B: Payment Methods and Contact Info
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Appendix C: Penalty Fees and Rules