Sample Of Susu Agreement

The concept of Susu is used worldwide and has more than 200 different names that vary from country to country. Funds are usually raised with a specified amount paid by family or friends each week. [2] It is estimated that three-quarters of Caribbean immigrants to New York participated in Susus in the 1980s. [3] CPEC has developed an enterprise agreement to create its own team of susu collectors who act as agents under the CPEC banner. As part of the agreement, new collectors can now use CPEC branding and the CPEC mobile app for collections and distinguish them from existing independent collectors. Under the Enterprise Agreement, CPEC Susu collectors can earn an average of USD 10/day, paid by a royalty collected by customers for a total of 1/31 of the savings paid. As the government takes tough action against independent collectors in Susu, partnering with an organization like CPEC becomes its only option in the medium term to stay in business. A susu or sou-sou or “asue` (also known as The Carousel[1]) is a form of rotating savings and credit association, a kind of informal savings-club agreement between a small group of people who, alternatively, “throw their hands”, as the partners call it. The name is used in Africa (especially in West Africa) and the Caribbean. The basic principle is that each member of the group makes a standard contribution to a mutual fund once a period. Then, in each period, the total contributions are paid to a single member of the group. The recipient changes each period in a rotating way, so that all members of the group are finally recipients.

The detailed laws used to form the agreement and for interpretation in the event of a challenge. Insert all specific references, such as manuals. Government rules, tax rules or rules for financial institutions. Take concrete steps to address non-justice issues. Make available to all parties involved a place where they can sign, either as a direct participant or as a secondary interest. Distinguish between personal assets and busness in a small business without legal personality or outline the structure of the business. File a copy of the agreement with an appropriate regulator, z.B.dem Internal Revenue Service. Provide copies to all parties involved and keep them in a safe place, such as a company safe or safe. Make sure the company`s financial advisor or accountant has a copy to provide information on a tax return or other activity form. Identify all parties to the agreement, including beneficiaries or residual interests that could at any time attempt to influence the terms of the contribution.