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 also allows the Primary Contact to set their own price to sell the NRT (currently at $20 / NRT) and commit to sell at least 15% of their 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 able to be sold on the Nori Marketplace.
In Q3 or Q4 of 2022, suppliers will be paid exclusively in the $NORI token. When the app opens to this payment model, there will be changes to the NRT Agreement terms. Below is a list of terms that will change, stay the same and may change:
We expect the following terms to change or be added to the contract:
- Suppliers will no longer be paid in cash;
- Suppliers will receive one $NORI for each NRT sold;
- There will no longer be bonus tokens;
- The NRTs will no longer be consigned to Nori and suppliers will no longer set the cash price for the NRT;
- Restricted tokens will included - a certain percentage of $NORI will be restricted to ensure that the carbon remains sequestered in the ground for the 10 year term. The percentage has not been determined as of Q2 2022. Restricted tokens will be released daily and linearly.
We expect the following terms to continue:
- The term of the contract will be 10 years;
- The data collection requirements will remain the same;
- The verification requirements will remain the same.
The following terms may change:
- The FIFO queue may change