Veres One Elector Agreement Overview
The Veres One Elector Agreement is designed to ensure that a healthy ecosystem of active Electors exist for the Veres One Network and that all participants critical to the operation of the Network are properly funded. Learn more about the Electors here.
There are a number of goals that the Elector Agreement is designed to achieve:
- The Elector is a self-directed individual or organization that is granted the limited privilege to participate in the creation of blocks on the Network by the Veres One Project Board of Governors.
- Electors that destabilize the network are easily detected and their privileges on the network are revoked by the Board of Governors.
- Electors are paid for the services they provide as based on the funding model set by the Board of Governors.
- Communication between the Board of Governors and the Electors must be done publicly, with minor exceptions when dealing with extremely sensitive security or legal issues.
Veres One Elector Agreement
This Veres One Elector Agreement (this "Agreement") is made effective as of __________________________________ (the "Effective Date"), by and between The Veres One Project (the "Veres One Project"), of __________________________________ , and __________________________________ (the "Elector"), of __________________________________.
DESCRIPTION OF SERVICES
Beginning on ________________________________ (the "Effective Date"), the Elector will provide the following services (collectively, the "Services"):
A Veres One Node with a 100% uptime guarantee that is capable of participating in the creation of blocks on the network.
Payments will be made electronically as follows:
The Elector compensation formula will be set on a yearly basis by the Veres One Project Board of Governors. The Elector will be paid according to a schedule set by the Veres One Project Board of Governors via ACH Transfer, Wire Transfer, or PayPal Transfer.
No other compensation, fees, and/or expenses will be reimbursed by the Veres One Project. The Elector shall be solely responsible for any and all taxes, Social Security contributions or payments, disability insurance, unemployment taxes, and other payroll type taxes applicable to compensation provided to Elector.
Termination of this agreement will occur as follows:
This agreement will terminate after a month of the Elector no longer holding a valid Elector credential as provided by the Veres One Project.
A regular, ongoing relationship of indefinite term is contemplated. The Veres One Project has no right to assign services to the Elector other than as specifically contemplated by this Agreement. However, the parties may mutually agree that the Elector shall perform other services for the Veres One Project, pursuant to the terms of this Agreement.
RELATIONSHIP OF PARTIES
It is understood by the parties that the Elector is an independent service provider with respect to the Veres One Project, and not an employee of the Veres One Project. The Veres One Project will not provide fringe benefits, including health insurance benefits, paid vacation, or any other employee benefit, for the benefit of the Elector.
It is contemplated that the relationship between the Veres one Project and the Elector shall be a non-exclusive one. The Elector also performs services for other organizations and/or individuals. The Veres One Project has no right to further inquire into the Electors's other activities.
The Veres One Project has no right or power to control or otherwise interfere with the Elector's mode of effecting performance under this Agreement. The Elector's only concern is the operation of their Network Node(s) as outlined in this Agreement. Except in extraordinary circumstances and when necessary, the Elector shall perform the Services without direct supervision by the Veres One Project.
The Elector is a professional who uses its own professional and business methods to perform services. The Elector has not and will not receive training from the Veres One Project regarding how to perform the Services.
PERSONAL SERVICES NOT REQUIRED
The Elector is required to directly render the Services and may not employ others to perform the Services on behalf of the Elector without the Veres One Project's knowledge or consent. If the Elector has assistants, it is the Electors's responsibility to hire them and to provide materials for them.
NO LOCATION ON PREMISES
The Elector has no desk or other equipment either located at or furnished by the Veres One Project. Except to the extent that the Elector works in a territory as defined by the Veres One Project, its services are not integrated into the mainstream of the Veres One Project's business.
NO SET WORK HOURS
The Elector has no set hours of work. There is no requirement that the Elector work full time or otherwise account for work hours.
EXPENSES PAID BY THE ACCELERATOR
The Elector's business and travel expenses are to be paid by the Elector and not by the Recipient.
NO RIGHT TO ACT AS AGENT
An "employer-employee" or "principal-agent" relationship is not created merely because (1) the Veres One Project has or retains the right to supervise or inspect the work as it progresses in order to ensure compliance with the terms of the contract or (2) the Veres One Project has or retains the right to revoke the Elector's credentials on the Network and thus it's limited ability to create blocks on the network if it is in violation of this Agreement. The Elector has no right to act as an agent for the Veres One Project and has an obligation to notify any involved parties that it is not an agent of the Veres One Project.
This Agreement constitutes the entire contract between the parties. All terms and conditions contained in any other writings previously executed by the parties regarding the matters contemplated herein shall be deemed to be merged herein and superseded hereby. No modification of this Agreement shall be deemed effective unless in writing and signed by the parties hereto.
WAIVER OF BREACH
The waiver by the Veres One Project of a breach of any provision of this Agreement by the Elector shall not operate or be construed as a waiver of any subsequent breach by the Elector.
If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
This Agreement shall be governed by the laws of the Commonwealth of Virginia.
This Agreement shall be signed on behalf of the Veres One Project by __________________________________ , Chairperson of the Board of Governors and on behalf of the Elector by __________________________________ , __________________________________
and effective as of the date first above written.
Member, Board of Governors, The Veres One Project
_____________________, The Elector