(Rotating Savings and Payout Agreement)

This Agreement ("Agreement") is made effective as of [Start Date], by and between:

• Organizer/Administrator: [Organizer Full Name]

• Participant(s): [Participant Full Name(s)]
  (each referred to as a "Member," collectively as the "Group").

 

1. PURPOSE OF AGREEMENT

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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]

• Contribution Amount: $[Insert Amount] per cycle

• Cycle Frequency: [Weekly / Bi-weekly / Monthly]

• Total Participants: [Insert Number]

• Payout Order: [List Names and Payout Dates]

• Start Date: [Start Date]

• 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].

• Contributions are collected automatically through linked payment methods provided during the KYC process in the Money Pot App.

• 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.

• Each Member will receive the total pooled amount of $[Insert Total] in their assigned cycle.

• 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.

• If a payment fails (e.g., insufficient funds), the Member has 48 hours to rectify the payment.

• 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.

• 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.

• On-time payments, successful cycles, and referrals increase reputation, unlocking larger Pot access and leaderboard recognition.

• 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.

• 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.

• The App provides the platform and facilitates payment collection, but individual trust and reliability form the foundation of each Pot.

 

11. ACCEPTANCE & SIGNATURES

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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

• Appendix A: Payout Schedule

• Appendix B: Payment Methods and Contact Info

• Appendix C: Penalty Fees and Rules