Terms & Conditions
Date: 29 October 2018

About us:
Livestock Wealth is a crowd-farming platform that enables anyone to own livestock in the farms listed on our platform, and earn income from sales of offspring or the sale of the free-range beef.

Livestock Wealth PTY LTD. is a private company registered in the Republic of South Africa. Our registration number is 2015/123862/07.

Terms and Conditions of Sale:
1. These terms constitute the entire agreement (“Agreement”) between
Livestock Wealth (Pty) Ltd (“Livestock Wealth”) and the purchaser of a cow(“Owner”) concerning the purchase, farming, calving and sale of the cow.

1.1 A cow in this context refers to a bull, a heifer, a calf, an oxen or a combination of the aforementioned, subject to agreement between Livestock Wealth and the owner.

1.2 Livestock Wealth in the context of farming services refers to farmers that farm on behalf of Livestock Wealth

2. This Agreement shall become effective on the date on which the

Owner purchases a cow from Livestock Wealth, subject to (i) the Owner paying the price in full or (ii) the Owner paying the full price for fractional ownership or (iii) the Owner and Livestock Wealth reaching written terms of agreement on payment of the current price in instalments wherein, the final price of the cow will be based on the prevailing market price at the end of the instalment period.

3. The Owner purchases a cow from Livestock Wealth. The identity of the cow shall be determined and recorded on purchase, with specificity on the status of the cow disclosed at the point of investment. The pregnancy status of the cow is based on the best available information as received from the farmer. The Owner shall acquire all of the rights of ownership of the cow on purchase except for the following rights which shall remain with Livestock Wealth:

3.1 Livestock Wealth shall retain the sole and exclusive right to sell or
dispose of the cow on behalf of the Owner, which it shall exercise in
accordance with the Terms of this Agreement;

3.2 Livestock Wealth shall retain the sole and exclusive right to possession of the cow;

3.3 Livestock Wealth shall be the sole and exclusive provider of farming services (“Farming Services”) to the cow.

4. The price of the cow shall be the prevailing market price at the time
of purchase, as agreed between the parties.

5. A cow may be purchased by pre-payment on back-order in the event that delivery of the cow to the Livestock Wealth farm is not possible at the time of purchase. In that event this Agreement will become effective on date of allocation. However, the final price of the cow may vary due to fluctuations in the market price of cows. Livestock Wealth’s obligation to perform under this Agreement will in that case become effective on date of delivery of the cow to the Livestock Wealth farm and/or allocation to its owner. Livestock Wealth will endeavour to fulfil a purchase on back-order within four calendar months of payment, however timing shall not be of the essence to this Agreement and the delivery time period is not guaranteed.

6. Livestock Wealth shall provide Farming Services to the cow on behalf of the Owner. In the context of the ownership of breeding cows, farming Services shall also be rendered to the cow’s calves to the extent that the calves remain in the care of Livestock Wealth in terms of this Agreement.
Farming Fee Services where applicable, shall be constituted by:

6.1 Farm rental in productive livestock areas in South Africa, vaccinations, veterinarian services, feed, security, fencing, geo-fencing, , tracking, herdsmen, breeding and management;

6.2 The maintenance of the cow in a good and healthy condition in a
farm operated by Livestock Wealth;

6.3 The branding of the cow, recording its possession to Livestock
Wealth;

6.4 The tagging of the cow, recording its ownership to the Owner;

6.5 The conducting of an ongoing authenticity audit of ownership of the cow in favour of the Owner by a reputable firm of auditors;

6.6 The operation of a website that enables the Owner to remotely keep track of the vital status of the cow – its weight, pregnancy, calving, pictures etc;

6.7 The provision of quarantine facilities for the cow if it is sick.

6.8 Farming services shall be payable annually in advance or monthly in advance via debit order where applicable.

6.9 The farming fee invoice and statement shall be emailed to the Owner of the cow(s)

7. The Owner agrees that Livestock Wealth will provide Farming
Services to the Owner’s cow at a Livestock Wealth farm in terms of this Agreement until the calf is weaned and sold in the case of a pregnant cow or until the calf is ready for slaughter in the case of the free-range cow. This Agreement will renew indefinitely thereafter subject to 30 days’ notice of termination.

7.1 Where applicable, in the event that the farming fees are unpaid to the equivalent of a third of the value of the cow, Livestock Wealth will sell the cow to recover outstanding farming fees and any credit balance credited to the customer’s account.

8. Livestock Wealth reserves the right to upgrade all previous cattle ownership agreements to the current market positioning. This will be done in a fair and equitable manner to benefit both Livestock Wealth and the investor.

9. When a free-range cow has reached slaughter-weight (400kg to 550kg), Livestock Wealth retains the exclusive right to market the beef at its discretion to local and international markets.

9.1 Livestock Wealth shall be entitled to deduct a market related profit-share for services rendered in marketing of the beef.

10 The nett-income from the sale of the free-range cows will be pooled and divided equally amongst the owners of the cows within the batch that was sent for slaughter.

11. When a calf of the pregnant cow is between 6 to 7 months old and/or has achieved a weaning weight of approximately 200kg, Livestock Wealth shall and is authorized to:

11.1 Sell the calf on behalf of the Owner at the prevailing market price;

11.2 Apply the proceeds of the sale communally, together with the proceeds of all other calf sales from the Livestock Wealth farm in a given cycle, to the meeting of the selling and marketing costs to the Owner and the other owners of cows and/or calves on the Livestock Wealth farm in the same year; and

11.3 Divide and pay out the remainder of the proceeds of the calf sales communally between the Owner and the other owners of cows on the Livestock Wealth farm according to the number of cows they own, regardless of whether their cows have calved in that year (“Income”).

12. The Income is a financial return to the Owner that comes from the income earned from the sale of calves.

13. In the event that the Owner’s cow suffers death or sickness, injury or disability, fails to calve or rejects the calf with the result that it is
terminated or, in the discretion of Livestock Wealth exercised in the best interests of the performance of this Agreement, it stands to be replaced, then Livestock Wealth shall and is authorized to:

13.1 Sell the cow on behalf of the Owner at the prevailing market price,
and

13.2 Apply the proceeds of the sale to the purchase in the name of the
Owner of a replacement cow

14. Livestock Wealth shall not be liable to the Owner for any
losses or damages suffered by the Owner in the event of farm-wide
catastrophic disasters, unless the cause for such a circumstance is the intentional or negligent conduct of Livestock Wealth or its employees or contractors.

15. In the event that the cow is stolen, suffers death or sickness, injury or disability, fails to calve or rejects the calf in reference to the breeding cows, at the discretion of Livestock Wealth as exercised in the best interests of the performance of this Agreement, this cow will be replaced through the requisite insurance cover included in the compulsory farming fees, where applicable.

16. The Owner is not entitled to terminate this Agreement or sell the
Cow while it is pregnant and/or before it weans a calf. In the case that the Owner has invested in a Free-Range cow, the Owner is not entitled to terminate this Agreement or sell their individual cow up until it goes to its slaughter.

17. Livestock Wealth shall have a lien (i.e. right of retention) over the
cow, its calves and/or free-range cow until all amounts owing by the
Owner to Livestock Wealth in terms of this Agreement, including but not limited to all unrecovered Farming Services costs, bank charges and usual administrative expenses, are paid in full.

18. In the event that the Owner terminates this Agreement
before the end of the investment period.

18.1 Livestock Wealth shall be entitled to recover from the
proceeds of the sale all amounts owing by the Owner to
Livestock Wealth in terms of this Agreement, including but not
limited to all unrecovered Farming Services costs, bank charges and the 7% (percent) administrative cost for the facilitation of the sale.

18.2 Livestock Wealth will endeavour to complete the
divestment process within a 30 working-day timeframe, however timing shall not be of the essence to this Agreement and the divestment time period is not guaranteed.

19. The Owner may not use the cow or its calf as collateral or security
for any transaction, or sell or dispose of the cow or calf or any of the
Owner’s rights therein without first obtaining the written approval of
Livestock Wealth.

20. In the event that the Owner would like to visit the Livestock Wealth farm to view the cow, a prior appointment with Livestock Wealth shall be made on reasonable notice.

21. The interest earned on all monies held by Livestock Wealth on
behalf of the Owner in terms of this Agreement shall accrue to Livestock Wealth.

22. If any of the parties breach any provision of this Agreement
(“Defaulting Party”) and, if such breach is capable of being remedied,
fails to remedy the breach within 10 days after written notice has been
given to the Defaulting Party by the other party requiring the breach to
be remedied (“Aggrieved Party”), the Aggrieved Party shall be entitled, without prejudice to any other rights it may have, to:

22.1 Seek an order for specific performance against the Defaulting Party; or

22.2 To claim any damages suffered by the Aggrieved Party.

23. The Owner shall be liable for all costs and expenses (calculated on attorney fees and own client scale) incurred as a result of or in connection with any breach.

24. This Agreement shall in all respects (including its existence, validity,
interpretation, implementation, termination and enforcement) be
governed by the law of South Africa.

25. This Agreement constitutes the whole agreement between the
parties relating to the subject matter hereof and supersedes all other
discussions, agreements and/or understandings regarding the subject
matter hereof.

26. No amendment or consensual cancellation of this Agreement or any provision hereof, and no settlement of any disputes arising out of this Agreement, and no extension of time, waiver or relaxation or suspension of or agreement not to enforce or to suspend or postpone the enforcement of any of the provisions of this Agreement, shall be binding unless first recorded in writing and signed by the parties.

27. To the extent permissible by law, no party shall be bound by any
express or implied or tacit term, representation, warranty, promise or
the like not recorded herein, whether it induced the contract and/or
whether it was negligent or not.

28. Any provision in this Agreement which is or may become illegal,
invalid or unenforceable, be ineffective to the extent of such prohibition or unenforceability and shall be treated as if it had not been drafted and severed from the balance of this Agreement, without invalidating the remaining provisions of this Agreement.

29. This Agreement shall be binding upon all the parties and upon their estates, executors, administrators, liquidators or curators.

30. The rights and obligations of the Owner in terms of this Agreement
may not be ceded or assigned without the prior written permission of
Livestock Wealth.

 

31. Livestock Wealth commitment to customer privacy

Livestock Wealth knows that you expect a high level of privacy and security for the personal information that you have shared or intend sharing with us. This privacy notice is designed to inform you of the types of information we collect from our customers, how we use that information, and the circumstances under which we will share it with third parties. By visiting livestockwealth.com and supplying us with your information, you are accepting the practices described within this privacy notice.

 

Livestock Wealth is strongly committed to ensuring that the personal information you provide to us is treated securely and responsibly. We appreciate the fact that you are aware of your rights as an individual relating to personal information and thus will not act in a manner that would potentially lead to negative impacts on your financial well being.

Livestock Wealth promises to treat all of your personal information carefully and responsibly.

  1. Personal information includes any information that lets Livestock Wealth identify you as a unique individual, such as your name and surname combined with your physical address, contact details and/or passport/identity number.
  2. Personal information (in South Africa) also refers to the personal information that identifies a legal entity uniquely, such as the trading name of a company combined with the company registration number.
  3. Personal information also includes details about your religious and philosophical beliefs, political persuasion, trade union membership, health or sex life, biometric information, or any alleged criminal activities.
  4. Personal information may be given to or collected by Livestock Wealth, including in writing as part of a written application form, electronically (email), telephonically, online or via the Livestock Wealth app.
  5. Processing of personal information includes any initial processing that Livestock Wealth does when it first collects your personal information. It also includes any further and ongoing processing that Livestock Wealth is allowed to carry out legitimately in terms of the reasons. The term ‘processing’ includes collecting, using, altering, merging, linking, organizing, disseminating, storing, retrieving, disclosing, erasing, archiving, destroying or disposing of personal data.

Your personal information is an important part of Livestock Wealth’s relationship with you

Livestock Wealth collects and processes your information in order to give you the product and/or service that you want and it takes seriously its responsibility to safeguard your privacy.

Livestock Wealth will only collect and process the personal information it needs in order to provide products and/or services to you, or to enable it to comply with the requirements of specific laws that it is governed by.

Livestock Wealth may also process your personal information in order to protect your or its legitimate interests. Livestock Wealth will not collect and process personal information about you that it does not need for this purpose. The general purpose for which it collects and processes your personal information includes,

Sending Cow Owner/Investor a certificate of ownership of his/her cow to his/her physical address

Sending Cow Owner/Investor a cash cow to his/her physical address

knowing the beneficiaries person who will inherit the wealth in the event of death

process information about orders received and payment made to be able to process their orders once the payments have been received

communicating with the investor/cow owner effectively when there is emergency

Furthermore, Livestock Wealth will not process your special personal information unless:

You have consented to Livestock Wealth processing it;
It is necessary to exercise or defend a right or obligation in law;
It is necessary to comply with an international legal obligation of public interest;
It is for certain historical, research or statistical purposes that would not adversely affect your privacy; or


You have deliberately made the information public yourself.
There are some personal information fields that you have to fill in if you want Livestock Wealth to provide you with your chosen product and/or service. This information can be provided in writing, electronically or telephonically, but it must be accurate and complete. These fields are indicated by an asterisk on the respective forms/websites. If Livestock Wealth does not receive the necessary personal information, it will not be able to continue with your application. If you are already a client and Livestock Wealth asks you for this information and you do not provide it, Livestock Wealth will have to suspend the provision of the product and/or services for a period of time, or even terminate its relationship with you.

In most cases, personal information will be collected directly from you, but there may be other instances when Livestock Wealth will collect personal information from other sources. These may include: public records; places where you may already have made your personal information public (for example, on social media), credit bureaus, or individuals/directors whom you have appointed as your representative.

Livestock Wealth will, in most instances, collect and process your personal information internally. However, there are times when Livestock Wealth needs to outsource these functions to third parties, either within Livestock Wealth or external to Livestock Wealth, including parties in other countries. Livestock Wealth may also need to share your data with credit bureaus or other regulatory or industry bodies, so that it can meet its due diligence or regulatory requirements. When Livestock Wealth decides to transfer your personal information to other parties, it will only provide it to companies that have the same data privacy policies as Livestock Wealth or are subject to laws relating to the processing of personal information that are similar to those that apply to Livestock Wealth.

As a customer, if you have opted out of receiving electronic marketing communication, Livestock Wealth will not market to you using electronic media. However, if you are receiving marketing via electronic communications, you have the right to opt out at any time by following the instructions on the relevant marketing material.

As a non-customer, if you would like to receive marketing information from Livestock Wealth, please submit your details to Livestock Wealth in writing.

The customer can also help maintain the security of his/her information by:

Not sharing the customer's Email address or password with anyone
Changing the customer's password regularly
Remembering to sign off after an online session
Not leaving the customer's computer unattended while conducting online transactions
Helping Livestock Wealth maintain accurate records by letting Livestock Wealth know when changes occur in the customer's situation so Livestock Wealth can update its records accordingly
Not sending any confidential information via non-encrypted email
Not supplying the customer's personal and financial information to any site he/she doesn't know or trust