- This document sets out the terms and conditions of the A.Y.E ECF funding program. The ORGANISER is a Non-Governmental Organization committed to empowering young entrepreneurs across Africa by creating platforms that facilitate intra-trade on the continent. Such platforms include the AYEEP, A.Y.E Reality TV Show, My Mentor and Me, AYESA, M1ME, and A.Y.E Trust Fund amongst others.
- The PARTICIPANT is an applicant who registered for AYEEP and has agreed to all terms and conditions which includes the registration, pitch, audition, screening, TV airing program amongst others.
- The ORGANISER may choose to feature your presentation in a television entertainment program featuring across Africa. The Entertainment property contemplated by the parties herein is a reality-based television documented series currently entitled “A.Y.E Reality TV Show" which could also be showcased to possible investors and on all media platforms.
CONFIDENTIALITY AND NON-DISCLOSURE OBLIGATIONS
- The PARTICIPANT agrees at all times during the Terms of this Agreement and afterwards to keep the following information confidential, and further agree that he or she will not disclose any of the following information to anyone at any time without the ORGANISER’S express written consent (all of which is collectively defined as “Confidential Information").
- The PARTICIPANT agrees that the Confidential Information and any associated goodwill are valuable and essential to the successful and effective operation of the ORGANISER’S organization, including the creation and development of the Program, and that the unauthorized use or disclosure of such Confidential Material would cause irreparable harm to the ORGANISER and would keep the Participant perpetually liable for damages caused which would be determined by the ORGANISER and the Arbitrary Court.
- The PARTICIPANT willingly agrees to transfer ALL usage rights to the ORGANISER which includes the right to televise or publicize videos and/or audition process and any part of the program in ensuring the completion of a successful program.
- The ORGANISER holds the right to terminate any application due to improper documentation or if the organization is not satisfied with the PARTICIPANTS’ business or idea presentation. This may also be due to improper business etiquettes or a breach of any part of the agreement based on the ORGANISER’S discretion.
- Business funding will only be released by the ORGANISER to successful PARTICIPANTS in trenches or as a whole at approved dates by the head office in Johannesburg; this may take a period of twelve Month to Thirty-Six Months from the period of approval and announcement. Extended cases maybe due to ongoing investigation of PARTICIPANTS’ business/ idea or any other reason best known to the ORGANISER.
- The Business funding or benefit promised to a PARTICIPANT maybe cancelled/annulled if the ORGANISER does not find the PARTICIPANT worthy after further investigation of business is conducted and entrepreneur found to have violated the rules of engagement or at the discretion of the ORGANISER.
- Business equipment, Funding or benefits given to PARTICIPANTS maybe retracted by the ORGANISER if not used in the first month of issue or if PARTICIPANT intends to dispose the benefit or use the benefit for something different other than the intended purpose.
- Loan is provided by a partner Financier, if found to have met the basic requirements for approval of loan which is solely subject to Financier terms and conditions. The Financier is willing to give priority attention to the PARTICIPANTS referred by the ORGANISER.
- Every idea in the BPT Form, videos, pictures, reports, surveys etc. submitted to The
ORGANISER is at the full consent of the PARTICIPANT which gives the ORGANISER the right to scrutinize and investigate it.
- The ORGANISER has the sole right to award beneficiaries of this business-funding program through the Entrepreneurship Cycle Fund (ECF) which is a type of funding program that involves a funding system where entrepreneurs are funded to start, scale and grow their business and they in-turn, fund other entrepreneurs by recycling the fund back into the program thereby creating and eternal funding tunnel for all entrepreneurs. The duration for holding, using the funds and recycling back into the system is specific and based on the discretion of the A.Y.E Organisation.
The Parties hereby expressly acknowledge and agree that all intellectual property rights in the Property, and all of the Pitch Elements, are and will continue to be the property of the
ORGANISER (A.Y.E). Nothing in this Agreement shall be construed to create a joint work under copyright law or otherwise create or establish for
PARTICIPANT any ownership in any of the intellectual property connected with the Program or the Pitch Elements.
PARTICIPANT expressly acknowledges that all of the results and proceeds of his or her efforts in connection with the creation of the Program and the reality program shall be considered “Exclusive Right" to the ORGANISER under the Copyright Act (Laws of the Federation of Nigeria 1990) and shall be owned by the
Failure to fulfill the terms of the agreement shall be construed, as breach of contract and legal actions will ensue. All legal fees, costs and expenses payable incurred in connection with the breach of this agreement and any other understanding referred to in the Agreement shall be added to the fees charged and any taxes, fees or other charges (including VAT and other bank charges) imposed on the Agreement by any government authority (whether within or outside Nigeria) shall be deemed to be part of the settlement amount. The
PARTICIPANT agrees to indemnify the ORGANISER from and against all actions, claims, damages, costs and expenses directly resulting from any breach of any of the warranties and representations contained in this Agreement. This agreement is signed in good faith and in clear mind/understanding not under duress.
International applicable laws including all the applicable laws present in the employee’s place of residence shall govern this Agreement. The PARTICIPANT will not hold the
ORGANISER liable for unsuccessful applications to the funding program.
Successful applications could get funded between 12-36 months and must continue to engage with A.Y.E, adopting and creating processes to ensure funds are utilized judiciously to ensure 90-99% success with business plan.
Funded entrepreneurs must have and show a sound system of internal financial control to be able to manage and utilize funds to achieve stated goals. This is important as the lives of other businesses depend on the sustainability of yours.
DISPUTES AND RESOLUTIONS
Both parties shall resolve questions arising on the interpretation of this agreement. In the event disputes arise, it shall be referred in the first instance to you and respective funding manager. If not resolved, the executive board will meet and make a final decision for both parties.