This Memorandum of Understanding (MOU) is made this [insert date] between Tenure Inc. (hereafter referred to as “Tenure”), a company providing employee benefits, savings and matching services for businesses in Canada operating out of Ontario, and [Company Name] (hereafter referred to as “Client”).
The purpose of this MOU is to establish a mutually beneficial agreement between Tenure and Client to provide Employee Benefit Services to Client's employees.
Tenure agrees to provide a 75% discount on subscription fees on a per employee basis to Client for a period of 12 months. Tenure required 30-90 days to complete platform from the agreed on date of April 1st, 2023. The discount will be automatically renewed unless notified 30 days prior to contract completion.
Tenure agrees to provide the following services to Client's employees during the duration of the agreement:
- Rounding: Automatically rounding up employee purchases to the nearest dollar, with the spare change going towards their savings or investment accounts.
- Cashback: Providing cashback on eligible purchases made through the Tenure platform.
- Funds Matching: Matching employee contributions to savings or investment accounts up to a certain percentage.
- Goal Setting: Helping employees set and reach financial goals through personalized planning and advice.
- Charitable Giving: Facilitating charitable giving through automatic payroll deductions or one-time donations.
- Personalized Allocation: Allocating funds towards personalized programs offered by Client.
The services outlined in this MOU will be provided by Tenure subject to the following conditions:
- Tenure shall only provide services to Client's employees who have voluntarily enrolled and agreed to participate in the program.
- Client shall provide Tenure with the necessary information and access to its payroll system in order for Tenure to facilitate the services outlined in this MOU.
- Tenure shall use commercially reasonable efforts to provide the services outlined in this MOU, but shall not be responsible for any failures or disruptions in the services due to circumstances beyond its control.
- This MOU shall remain in effect for a period of 12 months and shall automatically renew unless notified 30 days prior to contract completion.
This MOU constitutes the entire agreement between Tenure and Client and supersedes all prior negotiations, understandings and agreements, whether written or oral, between the parties with respect to the subject matter of this MOU.
This MOU may only be amended by a written agreement signed by both Tenure and Client.
This MOU shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.
Signature of Tenure Inc.
Signature of [Company Name]