Farmerly Terms and Conditions
Please read these Terms of Use, which set forth the legally binding terms and conditions for your use of the services (the “Service”) offered by Farmerly Limited. (“Farmerly” or the “Company”) and the website at www.farmerly.global
Your access to use of the Service is conditioned on your acceptance of and compliance with these Terms. These Terms apply to all visitors, users and others who access or use the Service and all applicable laws and all conditions or policies referenced here (collectively, the “Terms of Use”)
By accessing or using the Service you agree to be bound by these Terms. If you disagree with any part of the terms then you may not access the Service and that the Company may use any information the Company obtains about you in accordance with the provisions of the Privacy Policy.
Legal and regulatory information
Farmerly is a Bangladeshi agri -Tech Company providing innovative and digital solutions for its users to sponsor farmlands and for farmers to gain sponsorship to cultivate their farms.
In these Terms of Use, we refer to those contributing funds as “Sponsors” and people who have opted in to only receive updates from the farm as “farm followers”. Other users of the Service and visitors to the Site are referred to collectively as “Users.” Information about happenings and progress reports on the farms are referred to as “farm updates”.A “farm cycle” refers to a complete farming season from planting to harvest and sales.
The Sponsor will receive periodic updates on the status of the farm by email. The updates are also available on your profile on the Platform. You are expected to review all notifications, updates, and reports from formerly.global as they represent a record of information pertaining to your sponsorship contribution during a farming cycle.
You are entitled to request for a physical visit to your sponsored farm, however, you must provide us with at least 1-week notice to schedule a visit.
At the beginning of a farming cycle, you will be expected to pay costs related to the lease of land for farming, seedling/livestock, fertilizers, maintenance costs, and the cost of supervision and administration. All costs are included in your sponsorship contribution.
You agree that by sponsoring a farm, your contribution is tied and unavailable for the entire duration of the farming cycle and neither formerly nor the farmers can or will refund your contribution until the successful completion of a farming cycle.
Any profits from a successful farming cycle of a Sponsor’s farm are remitted to the electronic wallet on the Platform when the produce is harvested and sold (i.e. upon completion of the farming cycle)
At the end of a successful farming cycle, you can decide whether to withdraw your funds from the electronic wallet on the Platform and transfer to a bank account you provide us with or to sponsor a farm for a new farming cycle.
At the end of a farming cycle, any profits made during harvest will be shared between the Sponsor, the farmer and farmerly in a 40/60 ratio respectively.
You acknowledge that you do not own any of the farms cultivated and are only entitled to the proceeds of any farming cycle you participate in.
SPONSOR REPRESENTATIONS AND WARRANTIES
Representations and warranties are statements and promises made by you to the Company, which we rely on as being accurate in our dealings with you. You make the following representations and warranties to us at the time of agreeing to these Terms and every time you use the Platform or Services, including the time you are matched to a Loan Agreement;
1. You are over the age of 21 years;
2. You are of sound mind and have the capacity to enter into these Terms and be matched to a farm;
3. All personal information that you provide about yourself is accurate and true to the best of your knowledge;
4. You hold a bank account in Bangladesh in your own name and will use this account to transfer money to our account when you sponsor a farm and to receive refunds of contributions made and profits earned;
5. You will only ever sponsor with your own money unless you are authorised on behalf of a third party (“Third Party”) and we agree that you may act on behalf of that Third Party.
6. You are not using any illegal funds or attempting to launder by sponsoring a farm.
7. If you are registering or accepting these Terms on behalf of a legal entity such as a company, trust or partnership, you are legally authorised to do so and we may request evidence of such legal entitlement (by way of a copy of any document which shows the valid and subsisting authorisation);and
8. You are not breaching any laws or regulations that are applicable to you or any company, trust or partnership upon whose instructions you are acting.
When you create an account with us, you must provide us information that is accurate, complete, and current at all times. Failure to do so constitutes a breach of the Terms, which may result in immediate termination of your account on our Service.
You are responsible for safeguarding the password that you use to access the Service and for any activities or actions under your password, whether your password is with our Service or a third-party service.
You agree not to disclose your password to any third party. You must notify us immediately upon becoming aware of any breach of security or unauthorized use of your account.
You may not use as a username the name of another person or entity or that is not lawfully available for use, a name or trade mark that is subject to any rights of another person or entity other than you without appropriate authorization, or a name that is otherwise offensive, vulgar or obscene.
Anti-money laundering
Where we discover that the Platform is being used to launder money or for any suspicious transactions, we have an obligation to report your activities to the relevant authorities without recourse to you.
Where a Sponsor contributes in a currency other than the BDT, foreign exchange gain or loss and fluctuations in currency rates may have an impact on the profit made on such contribution by the Sponsor.
All profits on contribution shall be converted and returned in BDT based on the Bangladesh Bank official exchange rate. The Sponsor therefore enters into any transactions in currencies other than the BDT at their sole risk and shall bear all responsibilities for any gains or loss as a result.
Unexpected changes in currency exchange market conditions may have an impact on the extent of profit the Sponsor would be exposed to such as when there is an upward or downward movement in the relevant rates.
The Sponsor understands and is able to assume the risk of loss associated and agrees to be liable for any resulting deficit this might have on contributions made or profits earned.
We may terminate or suspend your account immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms.
Upon termination, your right to use the Service will immediately cease. If you wish to terminate your account, you may simply discontinue using the Service.
You confirm that you have read and understood the Company’s Privacy Policy which provides information on how we use and store the personal information that you provide to us and you further acknowledge that the Company may amend and update this policy from time to time.
Shall defend, indemnify, and hold harmless Farmerly, its affiliates and each of its, and its affiliates employees, contractors, directors, suppliers and representatives from all liabilities, claims, and expenses, including reasonable attorneys’ fees, that arise from or relate to your use or misuse of, or access to, the Site, Service, Content or otherwise from your User Submissions, violation of the Agreement, or infringement by you, or any third party using the your account, of any intellectual property or other right of any person or entity. Farmerly reserves the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will assist and cooperate with Farmerly in asserting any available defenses.
This Agreement shall be governed by the Laws of the Government Republic of Bangladesh. Any dispute arising out of this Agreement, which cannot be settled, by mutual agreement/negotiation within 30 days shall be referred to arbitration.
Applicable Law
This Agreement shall be interpreted and governed by the laws in force in Bangladesh.
Refund policy
Refund requests would be accepted within the 7 working days of receiving the invoice.
As proof of payment deposit slip or fund transfer screenshot has to be provided as the proof of payment in the refund request email.
5 working days to hit our bank account from our Payment Gateway Partner (SSLCommerz)
We would need 10 working days to verify and process the refund.
Refund amount is subject to a deduction of 2.5% transaction fee.
Refund amount would be transferred through Bank to Bank transaction.
No Cash refund.
Contact Us
If you have any question regarding this Agreement, or comments about the Site or its contents should be directed to hello@farmerly.global
This document was last updated on 15 July 2021
