Terminating and liquidating of the contract
PROCESS, PROCEDURE FOR TERMINATION OF MULTI-LEVEL SALE AGREEMENT
In case the Independent Representative sends a written notice to Company about termination of the Multi-level Sale Agreement
Step 1: Send a witten notice
Independent Representatives send a written notice to the Company at least ten (10) working days prior to the intended date of termination of this Multi-level Sale Agreement.
Step 2: Liquidation of Multi-level Sale Agreement
Within ten (10) working days from the date of termination of the Contract, the Company and the Independent Representative will review, calculate and agree on related rights and obligations including but not limited to by : (i) Commissions and other economic benefits to which the Independent Representative is entitled; (ii) Debts, obligations of as well as deductions between the two parties; (iii) The return and redemption of goods;
Within the next 20 (twenty) working days, the Company will complete the payment of the Commission/Bonus after deducting the debts, deductibles and other financial obligations of the Company. Independent Representative (if any). The contract is liquidated after the two parties have fulfilled the related rights and obligations.
In case Company terminates the Multi-level Sale Agreement
Step 1: When deciding to terminate this Agreement with Independent Representative, Company will send a written decision on terminating Agreement (hereinafter referred to as “Decision on Termination”) to the address on Independent Representative's record.
Step 2: After Independent Representative receives Decision on Termination of Company:
- If Independent Representative desires Company to reconsider its Decision on Termination, Independent Representative shall send a written request for reconsidering Decision on Termination (hereinafter referred to as “Request for Reconsidering”) to Company within fifteen (15) days of receiving date of Decision on Termination.
If Company does not receive Request for Reconsidering within such period, this Agreement will be terminated from the date of expiry term of Request for Reconsidering.
- If Independent Representative sendsRequest for Reconsidering in mentioned period, Company will review Decision on Termination and notify the Independent Representative of the results within fifteen (15) days from the date of receiving Request for Reconsidering. Company will not reconsider Decision on Termination again.
In the event of Decision on Termination remains the same, effective date of Decision on Termination will be from the day that Company notifies the Independent Representative of the result of reconsidering.
Step 3: Liquidation of Multi-level Sale Agreement
Within ten (10) working days from the date of termination of the Contract, the Company and the Independent Representative will review, calculate and agree on related rights and obligations including but not limited to by: (i) Commissions and other economic benefits to which the Independent Representative is entitled; (ii) Debts, obligations of as well as deductions between the two parties; (iii) The return and redemption of goods;
Within the next 20 (twenty) working days, the Company will complete the payment of the Commission/Bonus after deducting the debts, deductibles and other financial obligations of the Company. Independent Representative (if any). The contract is liquidated after the two parties have fulfilled the related rights and obligations.
