Signing the NRT Agreement
After the project passes verification, the Primary Contact will sign the RT Agreement. The RT 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 RT to the current selling price ($20) and is a commitment to sell at least 15% of the issued RTs on the Nori Marketplace. Up to 85% of the RTs 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 RT agreement is signed, RTs will be issued and are able to be sold on the Nori Marketplace.
Below is a list of terms of the RT agreement:
- Suppliers are paid exclusively in cash.
- NRTs are sold for no less than $20.
- 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.