Section 29 VendShare clauses;
14. Monthly statements about profit and loss would be available 10 days after the end of month. Do note that the monthly statements would not be audited and the statements even after issued or disclosed are subjected to changes when more data becomes available.
15. When new data is available to adjust the monthly statements, You would be informed of the changes via emails / via your vendshare.net online account.
16. Do note that the disbursements of profits it conditioned upon us receiving the money from our payment processing vendors (where applicable). If the payment vendors (where applicable) have not paid us the money yet for whatever reasons, VendShare Pte Ltd’s responsibility is to continue to pursue the payment to be made.
17. Do note that if You are using vendshare.net as a platform for transferring your ownership of your VendShare franchise, You are required to sell your ownership at least 20% above the first franchise fee when You first purchased. There is a nominal fee of 2% of transacted price on the vendshare.net. During the transaction, VendShare Pte Ltd would automate the paperwork process to ensure that there would not be any dispute following after the transaction.
18. Clause 29.17 does not restrict you from having a private sale arrangement out of the platform of vendshare.net. However, all transfer of ownership must be reflected in the authoritative register that we keep on vendshare.net. Do note that if the transfer is done privately, the Franchisor is not responsible for any dispute that You may have with the other party. If the Franchisor is being asked to be on the witness stand in any civil court case, we would charge you a daily fee of S$ 2,000 to appear in court subject to a minimum of S$ 1,000. Do note that the Franchisor would charge a minimum of S$ 2,000 to prepare evidence relating to any of your potential disputes.
19. Do note that for using vendshare.net to transfer your VendShare franchise ownership, we may need top level security authentication. We would forcefully require you to use 2FA features on vendshare.net. Failing which, we would not allow you to use these features.
20. Do note that we would transfer the reward to your account on vendshare.net in which you would have a dashboard which you can click on “withdraw” and then we would transfer the balance to your bank account. Do note that if we have yet to program that functionality, we would just transfer directly to your account. This requires you to use 2FA features.