Step 1 - Martin Jetpack Production Waiting List Terms and Conditions
1.0 PARTIES
1.1 Buyer: You – the depositor.
1.2 MAC : Martin Aircraft Company Ltd.
46 Curries Road
Christchurch 8022
New Zealand
2.0 PURPOSE
This document describes the terms and conditions associated with placing an order for one or more Martin Jetpacks™. The deposit secures a production position for one or more Martin Jetpacks™ and is not a purchase agreement.
3.0 PRICE
The guide price for the recreational version of the Martin Jetpack™ is US$100,000 (plus delivery, and tax and duties if any) and may be subject to adjustment by MAC prior to execution of the Purchase Agreement.
4.0 FIRST DEPOSIT
4.1 Buyer shall place a NZ$5,000 deposit with MAC (“First Deposit”). The deposit shall be applied to the purchase of the Martin Jetpack ultralight aircraft (also referred to as the “aircraft”) pursuant to the Purchase Agreement to be executed by the Parties as set forth in Section 10.0.
4.2 The First Deposit may be made by international money transfer or by credit card in NZ Dollars. The date of order will be recognised as the date of receipt of funds by MAC.
5.0 PRODUCTION POSITION
To reserve a production position, Buyer must agree to these terms and conditions and pay the First Deposit.
These are subject to prior commitment and availability as determined by MAC in its sole discretion. No production position will be secured until:
5.1 MAC has received the signed Martin Jetpack Order Form from the Buyer.
5.2 MAC has cleared receipt of the First Deposit funds.
6.0 DEPOSIT IN TRUST
MAC will keep Buyer’s deposit in a trust account overseen by an independent certified public accountant until actual production of Buyer’s aircraft commences. The deposit may bear interest, however, this interest will be retained by MAC.
MAC shall not use the Buyer’s deposit other than for the costs associated with the manufacture of Buyer’s aircraft, and these funds shall only be transferred to MAC’s nominated bank account after a Purchase Agreement between the Buyer and MAC is signed.
MAC is audited annually by PriceWaterhouseCoopers and as such the Deposit Trust Account will also be subject to audit.
7.0 CANCELLATION BY BUYER
Any time prior to signing the Purchase Agreement the Buyer may cancel this arrangement and obtain a refund of the deposit. In the event of a refund under this provision Buyer agrees that a cancellation fee of NZ$500 will be withheld.
8.0 REFUND PROCEDURE
To obtain a refund, Buyer must give written notice to MAC. The notice must specify the refund event that gives rise to Buyer’s desire for a refund and must include a copy of your Martin Jetpack Order Form.
Upon receiving effective notice MAC shall refund to Buyer original credit card or bank account, deposits previously received from Buyer less the NZ$500 cancellation fee. MAC shall make the refund within thirty days of receiving effective notice.
To reduce the risk of fraud, if a refund request can no longer be paid to the original credit card or bank account, the company reserves the right to seek additional verification of proof of identify from the depositor before any refund is given.
9.0 CANCELLATION BY MAC
MAC may cancel this arrangement at any time if it determines that the program should be terminated or if it decides, in its sole discretion, that it wishes to terminate its relationship with Buyer. In that situation Buyer’s deposit shall be refunded in full within 30 days.
10.0 PURCHASE AGREEMENT AND ADDITIONAL DEPOSIT
10.1 Before the start of production of the Buyer’s jetpack, MAC shall contact the Buyer to enter into a Purchase Agreement. This agreement will require an additional deposit that, together with the First Deposit, equals 50% of the delivery price agreed in the Purchase Agreement
10.2 Upon execution by the Parties, the Purchase Agreement shall govern the purchase of the aircraft and fully supersede this arrangement. At that time the final delivery price will be established.
10.3 All Deposits made by Buyer shall be applied to final delivery price for the purchase of the aircraft, provided that Buyer has not defaulted or earlier cancelled this deposit arrangement.
10.4 Buyer understands that the Purchase Agreement will include clauses requiring that Buyer take and pass the training course to be provided by MAC and requiring Buyer to sign a standard release and waiver of liability.
11.0 EXCHANGE RATE RISK
This deposit arrangement allows for money to be deposited in New Zealand Dollars. If the deposit is refunded under clauses 7 and 9, or applied via the Purchase Agreement to the final delivery price, the Buyer will bear any gains or losses in exchange rate and associated bank transaction fees in respect to the conversion of these money’s to the Buyer’s currency.
12.0 SOLICITOR’S FEES
Should any litigation be commenced among the parties or their representatives in connection with this arrangement, the prevailing party in such proceedings as determined by the court will be entitled to reimbursement of its reasonable solicitors fees, expenses and court costs.
13.0 GOVERNING LAW
This arrangement shall be governed by the laws of the New Zealand, regardless of the choice of law provisions of New Zealand or any other jurisdiction. Any and all disputes between the Parties will be heard in an appropriate court located in New Zealand. The Parties acknowledge that such courts have exclusive jurisdiction and venue under this arrangement and the Parties consent to and waive any and all objections that they may have as to jurisdiction or venue in any of the above courts.
14.0 TRANSFERABILITY
This arrangement (and the rights granted in this arrangement) is assignable or transferable by Buyer, subject only to Buyer’s compliance with MAC's transfer procedure policy, which will be available from MAC.
15.0 MODIFICATION AND WAIVER
15.1 These terms and conditions may be amended or modified, and any terms, covenants representations, warranties, or conditions may be waived, at MAC’s discretion.
15.2 If terms and conditions are changed, Buyers will be notified via email, and will have the opportunity to withdraw their deposits in full within 30 days if the new terms and conditions are unacceptable to current Buyers.