Value Equation Agreement

TEMPLATE

Please don’t use this document. Make a copy, save it with the name of the project, and delete this.


The ___name___ project is a non-registered association of individuals who collaborate to ...

Date: ______________

Agreement between the initiators of the ___name__ project

Project identity

Definition of value equation

An algorithm used to distribute benefits generated by a group of individuals that collaborate in a joint venture.

Details about the value equation

The value equation is fully described in Annex A. The parameters for the value equation are presented below:

Additional features to the value equation

If someone receives payment from other sources to work on the project in initiation or support roles, a % of the amount received will be subtracted from the …

Financial transactions

Financial transactions are made through the account of SENSORICA’s custodian. At the time of the agreement the custodian is ACES/CAKE Canada. SENSORICA’s custodian agrees to manage funds for the __name__ project according to the Custodian agreement for the ___name___ project in Annex B.

Enactment

The agreement was enacted by responding to a group email to which this document and the detailed description of the value equation were attached.

NOTE: This agreement is only valid if all the initiators of the project responded “Agree” to the said email. All the initiators of the project that took part in this agreement are encouraged to save a copy of the said email for future reference, and not to delete the email from their email box.

Future modifications

Access to the modification process of this agreement is granted only to active participants and to inactive participants that still have a balance to recover from their past activities.

An active participant is an individual who has at least xxx hours of contributions logged in the value accounting system of the project, in SENSORICA’s NRP-VAS, found here http://nrp.sensorica.co/accounting/agent/_project number_/ , in the last xxx months.  

Inactive participants are individuals who have contributed to the project and have some unpaid balance to be recovered from future activities.

The modification process can be initiated by any participant, active or inactive (as defined above in this section). A modification proposition must be sent to all the participants with the proper justification. One third (1/3) of all the participants need to agree to initiate the modification process.

Future modifications of this agreement

The modification process can be initiated by any participant, active or inactive (as defined above in this section). A modification proposition must be sent to all the participants, active or inactive, with the proper justification. This agreement can be modified by a democratic process: majority vote 50%+1.

NOTE: It is strongly recommended that a consensus building process is carried out in an open and transparent manner before the final proposition is submitted to the vote.

Future affiliates

All future affiliates to the ___name___ project need to sign this agreement if they want their contributions to be accounted for the redistribution of benefits.

Signing of the agreement

This agreement can be signed by sending it to all the affiliates with this document attached as a closed PDF file, being the only attached file to the email, and requesting a reply back from every affiliate with the mention “I agree with the Value Equation Agreement included in the attached PDF document to this email”.

You must copy the following email custodian.sensorica@gmail.com