Signing the NRT Agreement
After the project passes verification, the Primary Contact will sign the NRT Agreement. The NRT agreement is a 10 year commitment to update farm records each year and verify at least every three years. The agreement sets the price of the NRT to the current selling price ($20) and is a commitment to sell at least 15% of the issued NRTs on the Nori Marketplace. Up to 85% of the NRTs can be listed on another marketplace. The agreement is in place to ensure the carbon remains in the ground for the duration of the contract (though there are clauses for events due to weather, etc). After the NRT agreement is signed, NRTs will be issued and are able to be sold on the Nori Marketplace.
Below is a list of terms of the NRT agreement:
- Suppliers are paid exclusively in USDC.
- NRTs are sold at the current selling price, $20.
- 25 % percent of USDC payment will be restricted and unlocked daily and linearly over the course of the contract to ensure that carbon remains sequestered in the ground for the 10 year term.
- The term of the contract will be 10 years.
- Updated data input is required each year by March 31.
- Verification is required once every three years, at minimum, plus a closing verification at the end of the 10 year period.