Sample Storage Contract
STORAGE, INSURANCE, AND TRANSFER AGREEMENT
This Storage, Insurance, and Transfer (S.I.T.) agreement terminates on: _________________ and is made effective when the Digital Owner’s Token is created by Trumart.com for the Vendor: ____________________, hereinafter referred to as the “Vendor,” and is between the Vendor and the current holder of the Digital Owner’s Token representing the physical asset: ___________________. The Smart Contract’s address for creation and ownership of this physical asset is: ____________________, and all transactions related to this smart contract and asset can be viewed on Polyscan at the following URL: _______________________
The Vendor agrees to hold the paid-for merchandise, known as the Asset, for the term limit agreed upon in this contract. The Asset will be securely stored in a vault or safe by the Vendor throughout the storage term. The Asset is described as follows:_____________________, with accurate and comprehensive pricing and pedigrees.
The Vendor undertakes to ensure the safekeeping and security of the Asset during the agreed storage term, refraining from displaying or removing the Asset while it is tokenized. The Vendor shall maintain comprehensive insurance coverage for the Asset, protecting against loss, theft, and any damages. Additionally, the Vendor will maintain “out of business insurance, bankruptcy and/or additional type coverages which protect property and customers rights” which includes 36 months of additional storage in a bank vault in the event of the Vendor closing shop or going out of business. If the Asset remains unclaimed upon the expiration of the storage contract, the Vendor will retain it for an additional ______________ days, subject to a storage fee of ______________. While not obligated, the Vendor may make reasonable attempts to contact the current Asset Token holder through registered email address, push notification, purchasing wallet address, or any other necessary means to prevent the forfeiture of the physical asset. Failure of the owner to respond within 60 days will result in the physical item becoming the property of the Vendor, rendering the Asset Token VOID and no longer linked to the physical asset.
Customers may redeem their Asset/Owner’s Token at any time to have their merchandise sent to them. It is highly advisable for customers to contact the Vendor before claiming their merchandise to obtain all relevant details, including shipping arrangements and applicable taxes. The redemption process involves sending the Asset Token to Trumart’s Burn Wallet, located at the footer of Trumart.com. Customers are strongly advised against sending their Asset Tokens to any other crypto wallet address, as doing so may lead to the loss of funds and/or the asset.
The Vendor commits to maintaining a stringent level of security and shall not release an item without the two-step authorization and verification from Trumart. The Vendor will receive encrypted communication from Trumart when an Asset Token is redeemed, signifying that a collector is claiming their physical asset. Once an Asset Token has been issued, Vendors are strictly prohibited from displaying, showing, offering, or removing physical items.
The Vendor assumes full liability for physical items and is obligated to carry individual item insurance that covers the latest purchase price of the Asset Token, encompassing insurance against theft, loss, damages, and other relevant incidents. The Vendor shall provide all pertinent insurance information on the tokenized asset’s product page on Trumart.com.
EXPIRATION OF AGREEMENT:
All Storage, Insurance, and Transfer Agreements expire. Should a Vendor request to burn the asset token linked to the physical item before a sale is completed within 30 days of listing, a fee equal to 1% of the offered sales price of the item shall be applicable. However, if the Vendor’s burn request is made after 30 days from an Owner’s Token creation date, no charges will apply.
The undersigned parties have read and agreed to the terms of this Contract. By signing below, the Vendor and Customer acknowledge that they have received a copy of this Contract and affirm its binding nature on both parties.
Vendor Signature: ______________________ Vendor Store Name: __________
Trumart Authorized Signature: ______________________ Position:________________
TOKENIZATION AND MORE
TOKENIZATION & DISTRIBUTED ASSETS
The solution is migrating reserves to more stable assets, such as U.S. treasury bonds, to negate this risk – but that requires these assets to be readily available on-chain, which requires a credible tokenization process… and regulation for trading those assets.
Bringing blockchain solutions to traditional asset classes will be a key enabler of web3. It will unlock countless use cases for DeFi, among them stock trading.
Consider keeping assets separate. Depending on the state in which you live and the source of your windfall, if you deposit the money into a joint account with your spouse, this money could instantly become half theirs. For some, this isn’t an issue, but for others, this could pose a problem. For example, if you have children from a previous marriage and commingle an inheritance you receive with your new spouse, your children may get less than you expect when you pass away. This problem becomes even more damaging if you are contemplating a divorce.
The tokenized gold market surpassed $1 billion in value last month as the tokenization of real-world assets gathers pace, Bank of America (BAC) said in a research report Thursday.
Tokenization is the process of putting ownership of tangible assets, such as precious metals, on the blockchain, and offers the convenience of buying and selling these assets around the clock because the transactions do not involve traditional brokers.