Rotating Savings Agreement

Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Rotating Savings Agreement (ROSCA)

This Rotating Savings Agreement (hereinafter referred to as the 'Agreement') is made and entered into on this {{date}} day of {{month}}, {{year}}, by and among the undersigned individuals (hereinafter collectively referred to as 'Members', and each individually as a 'Member').

1. Purpose

The purpose of this Agreement is to establish a Rotating Savings and Credit Association (ROSCA) for the mutual benefit of its Members, enabling regular savings and access to a lump sum fund on a rotating basis.

2. Membership

2.1. The Members of this ROSCA are listed in Appendix A attached hereto. Any new member wishing to join the ROSCA must be approved by all existing Members and must agree to abide by the terms of this Agreement.

2.2. A Member may withdraw from the ROSCA with {{notice_period}} prior written notice, subject to fulfilling all outstanding obligations as per this Agreement.

3. Contributions

3.1. Each Member shall contribute a fixed amount of {{contribution_amount}} {{currency}} ({{contribution_amount_words}} {{currency}}) on a {{contribution_frequency}} basis.

3.2. Contributions shall be made on or before the {{due_date}} of each {{contribution_frequency}}.

3.3. Failure to make a contribution on time may result in penalties as outlined in Section 5.

4. Payout Schedule

4.1. The total accumulated contributions for each cycle (the 'Pot') shall be {{pot_amount}} {{currency}}.

4.2. Members shall receive the Pot in a predetermined order, as mutually agreed upon and documented in Appendix B attached hereto. Each Member shall receive the Pot once per full cycle.

4.3. The payout date for each Member shall be {{payout_date}} or as soon as practicable after all contributions for that cycle have been received.

5. Late Payments and Defaults

5.1. A late payment penalty of {{late_payment_penalty_amount}} {{currency}} shall be levied for every {{late_payment_days}} days a contribution is overdue.

5.2. If a Member consistently defaults on contributions, or fails to make a contribution for more than {{default_days}} days, the remaining Members shall convene to determine appropriate action, which may include suspension or expulsion from the ROSCA and forfeiture of prior contributions, at the discretion of the majority of the remaining Members.

6. Administration and Record Keeping

6.1. A {{role}} (e.g., Treasurer, Secretary) shall be appointed from among the Members to manage the contributions and payouts and maintain accurate records.

6.2. All financial records shall be accessible to all Members upon reasonable request.

7. Dispute Resolution

7.1. Any disputes arising from this Agreement shall first be resolved through amicable discussion among the Members.

7.2. If a resolution cannot be reached, the matter may be referred to an agreed-upon independent mediator or arbitrator.

8. Amendments

Any amendment or modification to this Agreement must be made in writing and signed by all Members.

9. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of {{country_name}}.

Signatures

We, the undersigned Members, hereby agree to the terms and conditions of this Rotating Savings Agreement.

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{{member_name_1}}

{{member_id_1}}

Date: {{date_1}}

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{{member_name_2}}

{{member_id_2}}

Date: {{date_2}}

(Add more signature blocks as needed for each member)