Our technology not only requires an investment of your financial resources, but also requires a commitment of your time and effort to achieve success. Because we cannot control your commitment level, we cannot guarantee your success with the Pipeline-i Virtual Office Technology. Even though we incur almost all of our costs at the beginning of your License term, we offer several payment methods that enable you to pay for our Pipeline-i Virtual Office Technology License over time, making it easier for you to adapt to real estate sales in the Internet age.
License Term and Pricing. This Technology License is available on a month-to-month basis or on a two-year contract; under two separate fee schedules:
- Month-to-Month Pricing. The Monthly License Fee for use of Pipeline-i Virtual Office Technology Platform is eleven hundred dollars ($1,100) per month per user. There is a one-time Activation Fee of one thousand dollars ($1,000). License Fees under this option are payable by automated recurring credit card payment and are considered final upon processing and not subject to credit card reversal.
- Two-Year Contract Discount. A discount of 50% is available with a two-year contract. Some agents may qualify for an "As-Earned Payment Option" (see below). If you choose to cancel your license while under a two-year contract, you may do so by converting your license to a month-to-month license and pricing and then deduct any payments previously made under the two-year contract.
Qualifying Transactions. Our ability to offer you this As-Earned Payment Option at only fifteen percent* (15%) of the entire gross commission as-earned for all real estate business is based on national average agent production volume numbers. It is therefore important that we be paid on all transactions and all real estate brokerage related revenue concerning you, whether residential or commercial, whether sale or lease brokerage revenue, regardless of whether or not you used the Pipeline-i Virtual Office Technology in the performance of those brokerage services.
Method of Calculation. You agree that all As-Earned Payments are calculated based on the entire gross commission as-earned for any transaction concerning you. Gross commission is understood to mean the total commission paid prior to any split between you and your broker, and prior to any payment to another party.
Minimum Production. To participate in this As-Earned Payment Option, you agree to maintain a minimum production level of one closed real estate transaction per fiscal quarter. We work on an honor system when we extend you this option. In the event you fail to meet this production minimum, FavoriteAgent.com will have the right, at our sole discretion, to place you on probation status or ask you to convert your License to the standard method of payment.
Probation Status. If you are placed on probation status, it is because FavoriteAgent.com coaching staff believes that you are willing and able to increase your production volume to the agreed minimum requirements. During your probation you agree to attend weekly coaching calls and to actively participate in improving your skills in the practice of virtual office real estate.
Converting to Standard Payment Option. You may at any time during the term of this license agreement convert your method of payment to any standard payment option. In the event you opt to convert your license to a standard payment option, your contract balance shall be recomputed at the standard rate from the beginning of the contract term. Then the total amount paid on your license agreement to date shall be credited toward that newly computed balance.
Method of Payment. You also agree to ensure that FavoriteAgent.com is paid the applicable As-Earned Payments directly from settlement proceeds from the escrow agency, or similar entity, (unless at closing you are prohibited by law from making this payment, in which case payment to FavoriteAgent.com shall be made within 48 hours of settlement), and that such disbursement be remitted as follows:
- By trust account check payable to FavoriteAgent.com, and express mailed to FavoriteAgent.com, 2915 Raeford Road, Suite 103, Fayetteville, NC 28303; or
- By direct wire transfer to FavoriteAgent.com, M. L. Jones & Associates, Pinehurst, Inc. transferred to RBC Centura Bank, ABA Number: 053100850, Account Number: 0242212487.
Periodic Audits. With or without prior written notice, FavoriteAgent.com may audit your production, to ensure that you are in compliance with the terms of this agreement. If an audit reveals that you have underpaid fees to FavoriteAgent.com, you will be invoiced for such underpaid fees based upon the completed audit. You will pay FavoriteAgent.com an additional fee of 25% of the applicable unpaid fee disclosed by the audit. If the underpaid fees exceed 5% of the fees previously paid, then you also agree to pay FavoriteAgent.com's reasonable cost of conducting the audit.
Cancellation Policy. The largest percentage of our costs is incurred within the first few days after your executing your Pipeline-i Virtual Office Technology License Agreement. CANCELLATIONS (WHETHER MADE AFTER AN ONLINE ORDER FORM HAS BEEN SUBMITTED, AFTER A WRITTEN CONTRACT HAS BEEN SIGNED, OR AFTER AN ELECTRONIC CONFIRMATION OF YOUR TELEPHONIC ORDER HAS BEEN RECEIVED BY FAVORITEAGENT.COM), DO NOT RELIEVE YOU OF YOUR RESPONSIBILITY TO PAY MONIES DUE AND OWING IN ACCORDANCE WITH THIS ENTIRE AGREEMENT.
- Cancellation after Completion of Term. After completion of your initial license term, either party may cancel with a minimum of 90 days advanced notice. Cancellation notice shall be delivered to FavoriteAgent.com by email to Cancellation@FavoriteAgent.com and to you, the Licensee, at the email address on file with our company. Upon cancellation, you will discontinue the use of any of the Pipeline-i Virtual Office Technology Platform or any portion of the technology in any way.
- Early Cancellation (Prior to Completion of License Term). FavoriteAgent.com provides the following option to licensees desiring to cancel their license obligation prior to the full term: Contract shall be converted to a month-to-month contract and recomputed at the rate payable on a month-to-month contract. Then the total amount paid to FavoriteAgent.com to date shall be credited toward that newly computed month-to-month balance. The difference shall constitute the early termination charge.
- Cancellation for Breach of Agreement. Your License may be terminated if you
violate this Pipeline-i Virtual Office Technology Agreement. Upon termination, you
must immediately cease and desist the use of any of the Pipeline-i Virtual Office Technology
Platform and settle any account balance within 30 days. In the event that you breach
this agreement, it is stipulated that FavoriteAgent.com will be entitled to collect for all
reasonable costs associated with the collection and enforcement of this contract.