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Memorandum of Agreement PFCC

The Memorandum of Agreement is between Sorosoro Ibaba Development Cooperative (SIDC) and Polayagan Farmers Credit Cooperative to provide yellow corn trading services. SIDC will provide staggered cash advances to Polayagan Cooperative based on a delivery schedule. In return, Polayagan Cooperative will use their property as collateral, and SIDC will pay 50% of the appraised value. Polayagan Cooperative will repay the cash advance in dried yellow corn grains within 3 months, using SIDC's quality standards. The agreement is valid for 3 months from the signing date.

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Howard Untalan
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198 views

Memorandum of Agreement PFCC

The Memorandum of Agreement is between Sorosoro Ibaba Development Cooperative (SIDC) and Polayagan Farmers Credit Cooperative to provide yellow corn trading services. SIDC will provide staggered cash advances to Polayagan Cooperative based on a delivery schedule. In return, Polayagan Cooperative will use their property as collateral, and SIDC will pay 50% of the appraised value. Polayagan Cooperative will repay the cash advance in dried yellow corn grains within 3 months, using SIDC's quality standards. The agreement is valid for 3 months from the signing date.

Uploaded by

Howard Untalan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Agreement entered into this ____ day of __________, 2022 by and between:

SOROSORO IBABA DEVELOPMENT COOPERATIVE (SIDC), a duly registered cooperative under


the Cooperative Development Authority and with business address at Sorosoro Ibaba, Batangas City
represented by its Chief Executive Officer, HON. RICO B. GERON, hereinafter referred to as the FIRST
PARTY;
-AND-
       POLAYAGAN FARMERS CREDIT COOPERATIVE, a duly registered cooperative and existing
under the laws of the Republic of the Philippines represented by its Chairperson, MR. ABDULAGFOR
BONA with business address at Polayagan, Almada, South Cotabato hereinafter referred to as the
SECOND PARTY;

WITNESSETH;
WHEREAS, the SECOND PARTY is engaged in the services yellow corn trading and other related
services and has the expertise of providing the same to its patron;
WHEREAS, the FIRST PARTY is a duly registered agri-based cooperative / feedmilling-accredited
farmers association - and is located at Sorosoro Ibaba, Batangas City, Batangas;
WHEREAS, the parties engaged specifically to yellow corn commodity and supply;
WHEREAS, SECOND PARTY shall submit as a requirements, CDA Registration, Board Resolution of
Authorized Representative and a Signed Letter from the landowner of the property giving rights to the
SECOND PARTY to use the property as a collateral in favor of the FIRST PARTY;
WHEREAS, the SECOND PARTY will make use of their property as a guarantee/ collateral which the
FIRST PARTY agreed to pay the appraised value of the property wherein the SECOND PARTY shall
payback in the form of goods (dried yellow corn grains) in a specified period of time;
NOW, THEREFORE, for and in consideration of the foregoing, this Agreement is entered by and
between the FIRST PARTY and the SECOND PARTY with the following covenants, to wit:

1. The SECOND PARTY will receive a release of staggered cash advance based on the delivery and
volume schedule that the FIRST PARTY will provide;
2. The FIRST PARTY shall give/pay the equivalent to 50% of the appraised value of the property in
favor of the SECOND PARTY, original title of the subject property is for safe keeping of the FIRST
PARTY;
3. The subject property will be used as a collateral by the SECOND PARTY but only subject for
approval by the CIBI.
4. SECOND PARTY will make use of additional collateral, the property that they acquired through
donation;
5. Payment by the SECOND PARTY will be in a form of dried yellow corn grains base on the value of
cash advance made by the SECOND PARTY;
6. The value of the dried yellow corn grains will be the lowest among the prevailing and ceiling price
declared in SIDC Feed Mill (October-November) and such products must be delivered in excellent
quality and based on the standard of the SECOND PARTY. If not met, it can be negotiated.

SIDC Feed Mill Quality Standard

Parameters Acceptance Level


Moisture NMT 13.0 %
Aflatoxin NMT 50 ppb
Damaged / Broken / Spoiled Grains + impurities NMT 10 %
Free from insect , birds/ rodents infestation

7. The parties agreed that the buying/selling point will be at SIDC Feedmil and the risk of delivery is
the responsibility of the SECOND PARTY during transit; rights and ownership will be transferred
only to the SECOND PARTY once the delivery is accepted. Trucking (delivery) will be arranged by
either party bu the expenses will be shouldered by the FIRSTY PARTY thru an Official
Receipt(O.R.) to the FIRST PARTY and will be deducted to the total sales for a particular delivery.
8. The term of payment by the SECOND PARTY shall be for a period of three(3) months.
9. In case of delay or default of payment, a penalty of 2% per month of delay will be charged until the
property is transferred to the FIRST PARTY; subject property will automatically be foreclosed, 15
days after the contract period.

10. This Memorandum of Agreement shall take effect upon signing by the Parties to the Agreement.
This Agreement will be valid for three(3) months covering from __________ 2022 to ___________
__________ subject to renewal upon mutual consent of both parties herein.
11. The terms and conditions of this AGREEMENT have been thoroughly discussed by the FIRST
PARTY and the SECOND PARTY in English, Filipino and to their dialect of convenience and both
parties signify that they fully understand the same.

IN WITNESS WHEREOF, the parties hereto have affixed their respective signatures this ____
day of ______________, 2022 in __________________ Philippines.

SOROSORO IBABA POLAYAGAN FARMERS


DEVELOPMENT COOPERATIVE CREDIT COOPERATIVE
By: By:

_______________________ _______________________
HON. RICO B. GERON MR. ABDULGAFOR BONA
First Party Second Party

SIGNED IN THE PRESENCE OF:

_________________________ __________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)


____________________________) S.S.

BEFORE ME, this _______ day of ________ 20____ in the __________________, Philippines personally
appeared the following:

Name Gov’t issued ID Number Date and Place Issued


1. HON. RICO B. GERON ___________ ____________________
2. MR. ABDULGAFOR BONA ___________ ____________________

Know to me to be the same persons who executed the foregoing instrument, and they acknowledged to me
the same is their free act and deed.

This Memorandum of Agreement consisting of __________ (__) pages, including the page on which this
acknowledgement is written, has been signed in the left margin of each and every page thereof by the
herein parties and their witnesses, and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereto set my hand on the day, year and place above the written.

NOTARY PUBLI C

Doc No. _________;


Page No. ________;
Book No. ________;
Series of 20_______.

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