UPDATED 2023 - 2024
THIS DOCUMENT (the Agreement) sets out the terms and conditions on which we, which is the trading name of (Squareshare Wealth Corp Private Limited), enable you to invest in properties via our Platform named Squareshare.
(Squareshare Wealth Corp Private Limited is a company incorporated under the laws of India, through its Chief Executive Officer (hereinafter referred to as the “Company” or the “Investment Manager” which expression shall, unless repugnant to the context or meaning thereof, mean and include its administrators, successors, and permitted assigns);
Please read these terms and conditions carefully before using the Platform. Any use of the REAPP platform confirms that you have agreed to these terms and conditions.
1 “Commitment Amount” in relation to this agreement, means the amount that the Investor has agreed to contribute to the Property as mentioned in the Investment Account Opening Form;
2 “Face Value” in relation to this agreement is the amount at which the investor initially purchased the Unit from the Investment Manager;
3 “Investments” in relation to this agreement means all the various Investments in the Property in accordance with the terms of this Agreement that have been, are being or will be entered into by the Investment Manager for and on account of the Investors;
4 “Investment Account Opening Form” in relation to this Agreement is an online form published by the Investment Manager on its website for inviting Investments in the listed Property;
5 “Investor” in relation to this agreement means the person who has purchased a unit of property and has received verification of payment from Investment Manager;
6 “Listed Property” in relation to this Agreement is the Property being published on the website of the Investment Manager for invitation of Investments and which is specified in the Unit Certificate;
7 “Transfer Fee” in relation to this agreement is two (2) Percent of the sale value of the Property or sale value of the Unit to be paid by the investor to the investment manager;
8 “Unit Certificate” in relation to this Agreement is a certificate issued by the Investment Manager for proportionate share in the Listed Property. This Certificate can be transferred as a commodity by the Investment Manager to the buyer on the event of sale of the Unit by the Investor.
9 “Validity of Unit Certificate” in relation to this agreement, is the certificate issued by the Investment Manager to the Investor and has a validity period of “X” years. During such period the Certificate so issued, if transferred by the Investor or upon expiration of the period shall be deemed as redundant and shall be cancelled forthwith.
10 “Unit” in relation to this Agreement is a calculated proportionate share in the Listed Property that is offered by the Investment Manager to the Investor. However, the Unit doesn’t entrust any right to the investor of proportionate possession in the listed property
For the purpose of this agreement, it is stated that this is an property investment platform with profit and loss sharing. In lieu of this agreement, the Company shall not be responsible for any losses that occur during the sale of the property except as specified in para 3.9.
1, That the Investor hereby agrees to purchase (xxx) number of units of the Property and entrust to the Investment Manager the amount(s) stated in the Investment Account Opening Form, to be invested together with other investors’ funds for the purpose of the Investment in a Property.
2,That the Investment Manager, undertakes to Issue Unit Certificates to the Investor immediately upon receipt of payment in the designated bank account of the Investment Manager and invest the amount entrusted to it by the Investor together with the funds of other investors in accordance with the terms and conditions of this Agreement.
3, That the Investor has independently studied, evaluated, and is satisfied with the Investment. The liability of the Investor is, however, limited to the funds entrusted to the Investment Manager in accordance with this Agreement and the investor has no right to claim possession of the property in any manner whatsoever.
4, That the Investment Manager, has full authority to decide any matters related to Property including but not limited to renting of the Property, sale of Property, transfer of property after the purchase, etc.
5, That the Investor has authority to sell the Units through the Investment Manager only subject to the compliance with the terms and conditions of this Agreement and compliance with the provision of the laws of India.
6, That if the Investment Manager fails to purchase the Property within specified days in the investment account opening form, then the Investment Manager is liable to repurchase the Unit Certificate from the Investors on the face value.
7, That the Investment Manager undertakes to maintain the funds entrusted to it separate from its own assets and away from the claims of its creditors.
8, That the Investment Manager, will charge a Transfer Fee for every transaction related to the investment, including but not limited to buying and selling of units and return of investments and profits.
9, That the Investment Manager shall not be liable for any loss in the Investment under this Agreement except in cases where it is proven that the Investment Manager breached the conditions of this Agreement either through gross misconduct or is proven to be grossly negligent in keeping or managing the Investment.
Provided that the act of gross misconduct is limited to the scenario where the Investment Manager fraudulently misuses the funds for any purpose other than the purchase of property and the act of gross negligence is limited to the scenario where the Investment Manager fails to verify the title of the property purchased through funds of the investors.
10, That the Investor has no rights to raise objections on any matter related with the property including but not limited to and in relation to the time, mode and manner of purchase and/or sale, sale price, selection of buyer etc.
11, That the Investor allows the Investment Manager to deposit 1% withholding tax to FBR on their behalf on the transaction amount involved in the buying and selling of unit(s) from the Investment Manager.
1, That the Investment Manager hereby warrants that it is a duly formed and validly existing company with corporate and legal power to conduct the business and perform its obligations hereunder.
2, That the Investor irrevocably warrants that the funds invested through the Investment Manager are legitimate funds with and of no criminal origins.
1,That no waiver or amendment to this Agreement, shall be binding upon the Investment Manager and the Investor unless it is in writing and duly executed by them.
2, That no term shall survive at the expiry or termination of this Agreement unless expressly provided.
3, That no delay or failure by either party to exercise any of its powers, rights or remedies under this Agreement will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude any other or future exercise of them.
1, That this Agreement, shall come into force after the specified payment has been made into the designated bank account of the investment manager and is duly verified by the investment manager and will remain in force until the occurrence of any one of the following events;
1.1, The sale of the respective units of the Property by the Investor through Investment Manager;
1.2, The Sale of the Property by the Investment Manager;
1.3, The termination of this Agreement as a result of a breach of any of its covenants, if the same was not rectified within seven days of receipt of notice of breach in writing.
2, That the termination of this Agreement under any of the above circumstances, shall not affect the existing obligations and liabilities of the parties herein.
1, That any notice pursuant to this Agreement shall be given by fax, electronic mail and/or letter and the onus of confirmation of receipt of such notices shall be on the sender.
2, That any notice pursuant to this Agreement shall be addressed to the parties’ addresses given on the first page of these presents.
That nothing in this agreement shall be deemed to neither constitute a partnership between the parties nor constitute any party, the agent of any other party, for any purpose.
1, In no event, shall the Company be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services.
2, It is being understood that the Company shall use reasonable efforts which are consistent with accepted practices in the IT Sector to resume performance as soon as practicable under the above-defined circumstances.
1, That the Investor has no right to claim possession of the property through any means. The Investor is bound under this contract not to take any claim in any court of law for the purpose of claiming the possession, purchase and/or sale of the property. The right to purchase, sale and/or rent out the property remains exclusively with the specified LLP company.
2, That the parties herein have irrevocably agreed to refer any dispute arising from any part or whole of this Agreement to a sole arbitrator mutually appointed in accordance with the Arbitration Act 1940 and the governing law shall be the laws of India.
3, The cost of the arbitration shall be borne by the party against whom the decision will be awarded.
4, Any decision, the exercise of discretion, judgment or opinion or approval of any matter mentioned in this Agreement or arising from it shall be binding on the parties only if in writing unless otherwise expressly provided in this Agreement.
That if arbitration, a court of competent jurisdiction, or other competent authority finds any part of this Agreement invalid, unlawful or unenforceable, then such part shall be severed from the remainder of this Agreement which will continue to be valid and enforceable to the fullest extent permitted by law.
To contact us about these Terms, please email us at hello@squareshare.in.