$234,000.00 Race Banking Details
I am beginning a new thread here on the following, I ask you to please keep your feed back to this only. I welcome your comments and opinions on it, as well if you believe this to be an acceptable format, I would like to see that here as well, even if it were as simple as a yes. If you do not, when posting please indicate any problem you see with this format, as well a solution if you have one to offer. thank you!
http://ca.geocities.com/[email protected]In consideration of the feedback of concerns supplied by this site and others, regarding a safe, and satisfactory manor of collecting funds, managing those funds, disbursements of all Prize money, in relation to actual entrants of this event, and a decision be made to carry the event out, due to achieving the applicable numbers of more than enough interest. The following draft is proposed.
The Goal number of Interested parties is that of 200 interested parties, form completed, filed, reviewed as to authenticity, and accepted by our responding email stating so, which will include a reservation number, this number is important, as it is issued on a first come, first served basis. The offers to entrants are made in the series of order of these reservation numbers for the event itself. ( this completion of this form requires no deposit nor funds from an entrant what-so-ever, and is not binding upon submission to the Interested party). Any person or persons expressing an interest in the event but unsure of who his crew shall be at the time of filing the form of interest, is welcome to do so by placing the word or words "unknown at this time" in the appropriate crew information area (on the form), you may update this at later date, prior the decision to carry out the event. *Note* if you're reservation number is a number of 121 or over you will be placed in an overflow, you also will receive a notice to this effect.
The minimum number of Interested confirmed parties required in a successful decision to carry out this event, shall be that of 150 no less. The date upon which a decision shall be made to carry out the event is January 31st 2007.
No decision shall be made to carry the event out until the appropriate documentation on all 12" Ultimate 20 sail boats" is in hand. ( meaning no boats/no race)
On January 31st 2007 the decision will be made to hold the event providing the above has been met. A "official Notice of Race" will be posted upon a successful decision.
On February 02nd 2007 numbers 1 through 120 shall be sent a 72 hour notice of payment, requiring a 20% deposit be made to a credible bank of Canadian Nationality, the funds are in Canadian Dollars. Failure to do so shall mean your forfeiture to this event.
After the first 72 hour notice has expired, the balance of the 120 entrants required will be offered to those in the overflow, again with a 72 hour notice, these offers will equal that of the balance required. Step 6 will be repeated until such time as the 120 entrants is acquired, the entire timeframe on step 6 shall not exceed Seven days from the date of the First 72 hour notice. Should after this period expire the requirement of 120 entrants not be attained, all deposits shall be refunded by the bank forthwith to the entrants, as not to hold up these same funds for any length of time. Postage costs of the return, shall be deducted from that amount, should this apply.
Final Payment of the entrance Fee, must be paid to the Bank by May 15th 2007 at the latest 4p.m. eastern standard time. Failure to do so shall mean a loss of deposit, cancellations shall also mean a loss of deposit.
In any event of a cancellation prior the event, the overflow shall be re-opened to offer under step 6, as to acquire a replacement.
About the bank
An agreement with the bank shall be drawn up on all the above, and below as to provide a complete and detailed document and or contract on these guidelines, this same document will be posted on the web site and available for download, all details of the bank, their contact names, addresses, telephone numbers as it may apply shall also be made available, as to provide the entrant complete contact with this bank and that money held in trust on this event.
The organizer, organization(s), party(s) or it affiliates to this event, shall at no time have access to prize money collected, and will be reflected in the agreement.
A trust fund or account specific to the event shall be established whereby, the bank shall be both the administrator, as well the payer of all prize money on each event to the respective winners of that event.
A separate account being that of the working account shall be established for the organizer, organization(s), party(s) or it affiliates to this event. The Bank shall not release any money collected to this working account until the date of February 12th 2007, and only upon successful receipt of 120 entrants deposits. Upon this date 20% of the total deposits received shall be released to the working account. The 20% rule shall comply on all payments made towards the event fee's up until the date of May 16th 2007 where any amount owing the working account will be released by the Bank to the said account. The Bank Shall Retain entrust all prize money until such time as a winner is declared for each cash prize.
