Commitment and Engagement Fees:

As an integral component of the business engagement, the Client, at its sole discretion, may submit funds to VERUM Group as a "Commitment Fee" or an "Engagement Fee." These funds, serving as an affirmation of intent and commitment, are designated to facilitate the pursuit and fulfillment of the client's request.

 

CIRCUMSTANCES UNDER WHICH REFUNDS ARE APPLICABLE:

 

RIGHT TO CANCEL/ RIGHT OF RESCISSION

In the event the Client chooses to cancel the transaction for any reason at any point before the disbursement phase, it is hereby acknowledged that the entirety of the funds submitted as Commitment Fee and/or Engagement Fee shall be irrevocably forfeited. This measure ensures a clear demarcation of responsibility and fosters conscientious decision-making. This clause is enforceable and at the discretion of Management be changed or reciended without notice. 

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PERFORMANCE CLAUSE

VERUM MUST EXPLICITLY IN WRITING SUBMIT TO BE UNABLE TO FULFILL THE REQUEST. DELAYED IN FUNDING AND OR DISBURSEMENT IS NOT TO BE DETERMINED OR OTHERWISE UNDERSTOOD AS AN INABILITY TO PERFORM. 

Should VERUM Group find itself, despite its utmost efforts, unable to fulfill the client's request, it is of paramount importance to delineate the refund mechanism that underscores equitable and transparent treatment. If such circumstances arise, VERUM Group shall promptly communicate in writing to the Client regarding the inability to fulfill the request.

 

Thereafter, the following conditions shall be applicable:

 

REFUND REMITTANCE: Remittance of a refund shall be remitted within a period of 45-60 days from the receipt of a written notice duly signed by the authorized representative of VERUM's Principal, acknowledging VERUM's incapacity to secure funding of the specified BUSINESS FUNDING for the designated Working Capital the entirety of the funds transmitted by the Client shall be considered eligible for a refund.

Furthermore, a penalty equivalent to 2% of the transmitted funds will be imposed as a Performance Penalty payable to the client.

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In the event that the Client opts to undertake actions beyond the remedies outlined in cases of Force Majeure, which encompass but are not restricted to actions such as discontinuing payment on fund remittance, contravening the terms of the Non-Circumvention, Non-Disclosure Agreement (NCNDA) by disclosing funding details to unauthorized parties, pursuing legal remedies, initiating claims against VERUM Group Associates and Assignees, the Client effectively renounces their commitment to engaging in honest and fair transactions with VERUM Group, and in doing so, surrenders their entitlement to certain benefits.

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This provision serves as a reflection of VERUM Group's commitment to continuous improvement and diligent execution.

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TRANSACTION UNFULFILLMENT AND ASSOCIATED REFUND PROCESS: Refund Process: In the unfortunate event that the transaction is unable to attain fruition, VERUM Group shall duly remit to the Client 100% of the funds received. However, this refund shall be subject to deduction of fees and costs directly attributable to the comprehensive process of transaction fulfillment, which shall collectively be referred to as "Fulfillment Costs."

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TERMINATION AND WRITTEN NOTICE: Written Termination Notice: Both parties unequivocally acknowledge that any and all termination of this Agreement must be executed in writing to ensure clarity, record-keeping, and procedural consistency. Such written notices shall provide a definitive timeline for the termination's effectiveness and shall serve as a point of initiation for subsequent refund proceedings, where applicable.

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REFUND PROCESSING TIMELINE: Refund Processing Period: In the interest of adherence to procedural diligence and maintaining a harmonious operational framework, it is mutually agreed that, irrespective of acknowledgment or notice, refunds pursuant to this Agreement shall not be processed any earlier than 30 days from the date of the written notice triggering such refund request.