Effective Date: [Insert Date]
This Independent Business Owner Agreement ("Agreement") is entered into between GREYSTAR BIOTECH PRIVATE LIMITED, CIN: U47190BR2024PTC068150, having its registered office at DS1D, Ward No. 12, Village Post Begampur, Samastipur, Bihar – 848101 ("Company"), and the individual registering as an Independent Business Owner ("IBO").
Upon approval of the application and successful completion of registration requirements, the Company grants the applicant a non-exclusive, revocable right to participate in the Company's Direct Selling Program as an Independent Business Owner (IBO).
The IBO is an independent contractor and not an employee, agent, franchisee, partner, legal representative, or joint venture partner of the Company.
Nothing in this Agreement shall create an employment relationship between the Company and the IBO.
The IBO shall provide the following documents whenever required:
The Company reserves the right to suspend or terminate any account where KYC verification remains incomplete or false information is submitted.
The Company operates a legitimate product-based direct selling business.
The IBO agrees that income opportunities are derived primarily from lawful product sales and related business activities.
The IBO shall not represent the business as:
The Company may offer compensation through various business activities including:
The compensation plan may be revised, modified, suspended, or withdrawn by the Company at any time without prior notice.
The Company does not guarantee any earnings, profits, commissions, bonuses, incentives, or financial success.
Actual earnings depend upon individual efforts, sales performance, customer development, leadership, market conditions, and compliance with Company policies.
Participation in certain business activities may require minimum product purchases as specified by the Company from time to time.
All purchases must be made for legitimate product consumption, retail sales, or business development purposes.
The IBO shall not:
The IBO may promote products through lawful means including social media platforms such as Facebook, Instagram, YouTube, and other approved channels.
The IBO shall not post misleading income claims, false testimonials, fake reviews, or unapproved advertisements.
All commissions and bonuses are subject to:
Minimum withdrawal amount shall be INR 500 or such amount as determined by the Company.
Approved withdrawals are generally processed within seven (7) working days.
Applicable TDS and statutory deductions shall be deducted as required by law.
Administrative charges up to 10% may be applied where permitted by Company policy.
The IBO shall be entitled to product returns and buyback benefits only in accordance with:
All trademarks, logos, compensation plans, software, designs, content, marketing materials, and business systems are the exclusive property of the Company.
Unauthorized use, reproduction, distribution, or modification is strictly prohibited.
The IBO shall maintain confidentiality regarding business information, compensation structures, customer databases, distributor data, and internal Company materials.
During active participation and for a period of twelve (12) months after termination, the IBO shall not directly solicit Company distributors for competing direct selling businesses.
The Company reserves the right to suspend or terminate any IBO account immediately for:
Termination may result in forfeiture of future commissions, bonuses, incentives, and business privileges subject to applicable law.
The Company's total liability shall not exceed the actual amount paid by the IBO to the Company during the preceding twelve months.
The Company shall not be liable for indirect, incidental, consequential, special, or punitive damages.
The Company reserves the right to amend, modify, replace, or update this Agreement at any time.
Continued participation in the business shall constitute acceptance of such modifications.
This Agreement shall be governed by and interpreted in accordance with the laws of India.
All disputes arising from this Agreement shall be subject to the exclusive jurisdiction of the competent courts located in Samastipur, Bihar.
By registering as an Independent Business Owner, the applicant confirms that he/she has read, understood, and agreed to:
The applicant further confirms that all information submitted is true, complete, and accurate.
