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InSky Bike Delivery Position Deposit Agreement.
1. This Patient Buyer Deposit Agreement is made and entered into on
between InSky and the undersigned Buyer. Buyer desires to buy and InSky wishes to sell, a delivery position for an InSky Bike Vehicle. This Agreement is subject to the terms and conditions contained herein and on the InSky.aero website. This Agreement secures a delivery position for one InSky Bike and is not a purchase agreement for an InSky Bike vehicle. Buyer may enter into additional Deposit Agreements to reserve additional delivery positions. An additional initial deposit of $1,000 and an additional Deposit Agreement are required for each additional delivery position. Each Deposit Agreement must be signed, returned and confirmed for it and the additional deposit to be binding and effective. The InSky Bike Deposit Agreement program is subject to cancellation at any time without notice, at the sole discretion of InSky, and Deposit Agreements and deposits received after cancellation shall not be binding on InSky. Based upon the foregoing, InSky and Buyer (also referred to as the "Parties"), desiring to be legally bound, agree as follows: The List Price of the Vehicle, as determined at the end of this Agreement, is in July 2023 U.S. Dollars and is subject to Economic Price Adjustment (EPA) for increases in the consumer price index from July 2023 to the date of delivery. The List Price does not include the price of Optional Equipment.
2. This is a Patient Buyer Delivery Position Deposit Agreement. Deposit due upon Buyer’s execution of this Deposit agreement shall be: $1’000 USD ("Position Deposit"). The deposit shall be applied to the purchase of one InSky Bike (also referred as the "Vehicle") pursuant to an InSky Bike Purchase Agreement to be executed by the Parties (see section 6).
3. The Position Deposit shall be made, in U.S. Dollars by the payment methods accepted on this website.
4. To reserve a delivery position, Buyer must accept this Deposit Agreement and pay the Deposit. No delivery position will be secured until InSky has received the accepted Deposit Agreement from Buyer,to avoid ambiguity, acceptance shall be established whenever a payment has been received by InSky, InSky has confirmed to Buyer InSky's receipt of the Deposit Agreement, and returned a copy of the Deposit Agreement to Buyer. Delivery positions are offered on a first come, first served basis, but always preceded by any Premium Buyer Delivery positions and are subject to prior commitment and availability, as determined by InSky in its sole discretion. A cancellation or dispute of a payment made by a Buyer will void this agreement and any and all rights and responsibilities of the parties thereof. Under no circumstances shall InSky Corporation be held liable for any claims by a Buyer who has disputed a payment.
5. Priority. Subject to the "Premium Buyer" and "Patient Buyer" designations outlined above, your numeric position on the priority list will be established by InSky in its sole and complete discretion. Buyer understands that as a Patient buyer the assigned position will maintain priority only to the respect of the other Patient buyers and will be preceded by any Premium Buyer Position sold up to the notice under Article 6 below. InSky may decline to accept a position purchase to avoid an oversubscription situation or as it deems appropriate. InSky Bikes may be built and distributed for purposes of in-house and third-party testing, evaluation, and display prior to accepting or fulfilling Buyers orders.
6. Within ten business days of InSky's notification to Buyer of intent to deliver the Buyer’s Vehicle within 6 months, Buyer and InSky shall execute an InSky Bike Purchase Agreement and Buyer shall pay the First Deposit of 50% of the Final Delivery price ("First Deposit "), as determined at the time of notification by applying the EPA adjustment.
7. Cancellation. InSky or Buyer can cancel this Agreement and obtain a full refund minus the Payment processing fees of the Position Deposit at any time before and within seven days after delivery of the notice in Article 6. To cancel this Agreement and to receive a refund, Buyer must give written notice to InSky within the period in Article 7 and include a copy of this Deposit Agreement at:
InSky Corporation 5880 SW 73 Ter 7a Miami, Fl 33143 Attn: Position Deposit Agreement
Upon receiving effective notice, and provided that the request is timely submitted, InSky shall refund to Buyer at the Buyer's address set forth on the Signature Page all Deposits previously received from Buyer. InSky shall make the refund within thirty days of receiving effective notice; additionally, the Buyer acknowledges that the Deposits will be collected and held in a non-escrow account, and that no interest will be earned for the Buyer for the duration of the deposits, regardless of the total amount of time since the deposit amounts have been received by InSky.
8. InSky and Buyer shall enter into an InSky Bike Purchase Agreement for the Vehicle (the "Purchase Agreement") no later than six months prior to Vehicle delivery. Upon execution by the Parties, the Purchase Agreement shall govern the purchase of the Vehicle and fully supersede this Agreement. At that time, the Final Delivery Price will be established by including EPA increases estimated to the date of delivery. All Deposits made by Buyer shall be applied to the Final Delivery Price for the purchase of the Vehicle, provided that Buyer has not defaulted or earlier cancelled this Deposit Agreement.
9. 50% of the amount of the Final Delivery Price and the price of Optional Equipment of the Vehicle (as set forth in the Purchase Agreement) will be due upon execution of the Purchase Agreement.
10. The remaining 50% of the amount of the Final Delivery Price and the price of Optional Equipment of the Vehicle set forth in the Purchase Agreement, less the Deposits previously received by InSky, will be due upon delivery.
11. InSky will use customer deposits as an important measure of demand for Vehicle, and will commit to production expenses accordingly; If Buyer defaults on its obligations under this Agreement, including its obligation to enter into a Purchase Agreement for a Vehicle after the expiration of the refund period, InSky will be damaged in a manner that will be difficult to calculate. For these reasons, as liquidated damages for Buyer's default under this Agreement, InSky may cancel Buyer's delivery position and retain all Deposits made to date. If Buyer is unable to fund the Additional Deposit or enter into the Purchase Agreement for reasons that are beyond Buyer's control, then InSky, at its sole discretion, may refund all or a portion of any Deposits that have been received by InSky.
12. Delivery Terms. The estimated delivery dates, final specifications, and acquisition (or any post-acquisition refund) terms and conditions will be established at the time orders from the general public are accepted and are subject to change without prior notice.
13. Limitation of Liability. Under no circumstances will InSky be held liable for, including, but not limited to, incidental, special, or consequential damages arising out of this Agreement or any such other products and services, even if InSky or an InSky representative has been advised of the possibility of such damages. In the event InSky is held liable for any damages related to such matters, the Buyer’s sole and exclusive remedy will be limited to reimbursement for the Position Deposit specified above. The Buyer hereby waives any and all rights to bring any claim or action related to such matters in any forum beyond two years after the first occurrence of the kind of act, event, condition, or omission upon which the claim or action is based.
14. Attorneys' Fees. Should any litigation or arbitration be commenced (including any proceedings in a bankruptcy court) among the Parties or their representatives in connection with this Agreement, the prevailing party in such proceeding as determined by the court or arbitrator will be entitled to reimbursement of its reasonable attorneys' fees, expenses and court costs incurred in the litigation or arbitration.
15. Governing Jurisdiction. This Agreement shall be governed by the laws of the State of Florida, Any and all disputes between the Parties will be heard in an appropriate court located in the State of Florida. The Parties acknowledge that such courts have exclusive jurisdiction and venue under this Agreement and the Parties consent and waive any and all objections that they may have as to jurisdiction and/or venue in any of the above courts.
16. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be signed by facsimile, which shall be considered an original signature.
17. Severability. In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, the provision shall survive to the extent allowed under the applicable law, and all of the other provisions of the Agreement shall remain in full force and effect.
18. Buyer and InSky each acknowledge and agree by execution of this Deposit Agreement that they have read, understood and, agree to the provisions thereof.
19. Transferability. This Agreement (and the rights granted in the Agreement) is not transferable.
20. Modifications. InSky reserves the right to change any of the terms of this Agreement, within the time limits for cancellation, for any or no reason, and without prior notice to you. However, if you are unhappy with any change by InSky, you can terminate your Agreement at any time up to seven days after the delivery of the notice in Article 7 and receive a refund of any Deposit you paid to InSky.
Definition of Terms.
Terms used in the Deposit Agreement and for describing the InSky Bike Deposit Agreement are defined in this section.
Economic Price Adjustment EPA
- these are price adjustments based on cost-of-living increases. The index we use to determine EPA is the national which is on index of U.S. Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics. We will use the figures as published on the date the calculation is made. To calculate future EPA for the date of delivery, we will estimate EPA using the average change in for the most recent six months for which has been published.
- $248,000 in July 2023 U.S. Dollars. List Price is subject to Economic Price Adjustment for inflation from July 2023 to date of delivery. Optional Equipment is not included.
Final Delivery Price
- the price to be established six months prior to Vehicle delivery that will reflect List Price plus Economic Price Adjustment from July 2023 to the projected date of delivery. Optional Equipment will be separately priced and is not included in Final Delivery Price definition as used within this document and in the Deposit Agreement.
- equipment offered for the InSky Bike that is not part of the Standard Equipment List, and for which an extra cost may be charged. Optional Equipment may be announced by InSky at any time and may be added by a customer until six months prior to delivery of the Vehicle.
- InSky Bike training to be provided within the List Price.
This offering herein may be withdrawn or cancelled, as solely determined by InSky, at any time prior to the execution by InSky, at the sole discretion of InSky. Deposits and Deposit Agreements received after cancellation shall not be binding on InSky.
The delivery date for your Vehicle will be established six months in advance of delivery of each Vehicle.
Receipt of the signed Deposit Agreement and your deposit must be verified and confirmed by InSky for your deposit to be accepted and the Deposit Agreement to be binding and effective. InSky will confirm your deposit by assigning a Delivery position on the Signature Page and returning a copy to you.
We will not accept counter offers or modifications to the Deposit Agreement.
Incomplete agreements, modified agreements, or those submitted without deposit are invalid and will either be returned or ignored.
BE SURE TO CAREFULLY READ THE TERMS AND CONDITIONS OF THE DEPOSIT AGREEMENT BEFORE SIGNING AND SUBMITTING YOUR INFORMATION AND DEPOSIT.
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