Agreement
This Vendor Agreement (“Agreement”) is entered into as of the Effective Date by and between LANFarms, a company duly registered with the Corporate Affairs Commission of Nigeria, with its registered office located in Nigeria, in the future referred to as the “Company.” The undersigned merchant or vendor, in the future, is referred to as the “Merchant.”
1. Payment Terms:
1.1 Payment Timing: The Company will pay the Merchant for products sold through the LANFarms platform after 15 days of purchase. These 15 days are provided to allow buyers to request returns and refunds.
1.2 Sales Confirmation: If, within 5 days, the buyer does not request a return or refund, the transaction shall be categorized as a sale to the Merchant, and the Company shall initiate payment within 3 business days to the merchant’s business account, in the case of local sales. For international sales/deliverables, if within 15 days the buyer does not request a return, refund, or negative complaint, the transaction shall be categorized as a sale to the merchant, and the company shall initiate payment withing 7 business days to the merchant’s business account.
2. Vendor Account Requirements:
2.1 Verification: The Merchant must have a verified LANFarms merchant account.
2.2 Business Account: The Merchant shall provide their business account number to the Company for payment processing.
2.3 KYC Process: The Merchant must complete the Know Your Customer (KYC) process by submitting valid identification documents to the Company.
3. Product Delivery:
3.1 Delivery Requirement: The Merchant agrees to deliver the products ordered by the buyer to LANFarms terminals or operation centers, to enable LANFarms with the aid of its logistics partners, to deliver to the designated delivery address before payment is released by the Company. This condition is essential to ensure consumer protection and build trust with merchants. As it is in all cases, LANFarms will not be involved in delivery of the product, instead the merchant will be responsible for the product delivery, the price associated with the delivery or logistics should be communicated via the merchant product listing correctly, as that is what LANFarms will use to finalize sales automatically. LANFarms will continue to implement support systems to ensure all sales will be delivered, at its discretion with merchants on the platform. Items delivered will be marked by a barcode linking to the LANFarms network, logo, and full meta-data.
4. Communication:
4.1 Official Channels: All communications between the Company and the Merchant shall be conducted through official LANFarms communication channels. These channels include email, internal vendor communication systems, or any other officially designated means of communication. This is to streamline communication and prevent fraudulent activity.
5. Governing Law:
5.1 Jurisdiction: This Agreement shall be governed by and construed following the laws of the Federal Republic of Nigeria.
6. Price Updates:
6.1 Price Adjustment: Merchants are responsible for regularly updating the prices of their products on the LANFarms platform. The prices displayed on the platform should accurately reflect the current pricing of the products. The Company will act in line with the prices set by the Merchant.
7. Account Officers:
7.1 Contact Person: Merchants will have access to dedicated account officers at LANFarms for assistance with internal and business-related issues. This service enhances operational efficiency and strengthens the partnership between the Company and its Merchants.
8. Good Faith:
8.1 Good Faith Actions: Both parties, the Company and the Merchant, agree to conduct their activities under this Agreement in good faith, to promote a strong compliance standard in the agritech, agriculture, retail, and technology ecosystem, particularly within Nigeria.
IN WITNESS of which, the parties hereto have executed this Vendor Agreement as of the Effective Date.
LANFarms:
LANFarms Technology Limited
Uchechukwu Ajuzieogu
9th November, 2023