Sponsor agrees to establish a scholarship by donating the amount of the selected scholarship face value (award) plus administrative fees to DACS Services L3C. If the Scholarship is not consummated within the time provided in this Scholarship Sponsorship Agreement, this Agreement shall be null and void and all monies donated shall be considered a general donation.
This Agreement shall take effect on the date (the “Effective Date”) when approving authorities have (1) received the completed and signed Scholarship Sponsorship Agreement; (2) approved the Scholarship Sponsorship Agreement; and (3) received a minimum of $300.
Sponsor authorizes DACS Services L3C to establish; promote; collect applications; select recipient(s); and distribute the funds for the Scholarship established in this agreement.
Sponsor accepts and understands the total amount of the awarded scholarship is the total donation minus the administrative fee.
Sponsor agrees to release and hold harmless DACS Services L3C and affiliated parties from any liability, claims or actions of any kind whatsoever, which may result from the selection, promotion, or misrepresentation of scholarship winners.
Ineligibility. (1) Sponsors are not eligible to win or be selected as a recipient of the scholarship established in this agreement (2) Employees and committee members of the above mentioned Sponsoring Organization are not eligible to win or be selected as recipients of the Scholarship established in this agreement. (3) Immediate family of the above mentioned Sponsor are not eligible to win or be selected as recipients of the Scholarship established in this agreement. (4) Employees, Scholarship Committee Member, and immediate family of DACS Services L3C are not eligible to win or be selected as recipients of the Scholarship established in this agreement.
Immediate family is defined as a parent; sibling; child by blood, adoption, guardianship, or marriage; spouse; grandparent or grandchild. This also, includes spouse’s parent; sibling; child by blood, adoption, guardianship, or marriage; grandparent or grandchild.
Image. Sponsor of this agreement hereby give DACS Services L3C, and any and all employees and/or agents of DACS Services L3C, the right and permission to use and/or publish photographs, images, logo uploaded or submitted, as part of this agreement, for promotional purposes including but not limited to, advertising, publicity, commercial or display of use.
Photo Requirements: Sponsors agrees to adhere to the photography, image, and logo submission requirements listed in this agreement.
Recognition: Scholarship may be publicized and listed on the internet on various sites.
Promotional Videos: Sponsor of this agreeement hereby give DACS Services L3C, and any and all employees and/or agents of DACS Services L3C, the right and permission to use and/or publish logo, photographs or images uploaded, as part of this agreement, for promotional purposes including but not limited to, advertising, publicity, commercial or display of use.
Increase the Scholarship Award. The Sponsor, or other persons/organizations, may at any time add and increase the Face Value of the scholarship. If accepted by the DACS Services L3C, the increase, shall become subject to all the covenants, terms and conditions of this agreement. Additional Fees will apply.
Total Donation Amount Due. The sponsor agrees to donate the total donation amount listed in this agreement. The total donation shall be due six (6) months after DACS Services L3C approval authorities have received, accepted, reviewed, and approved this agreement. If the total donation due is not received within six (6) months, the donations received will be transferred to a lower Scholarship Sponsorship Package as DACS Services L3C deems appropriate. An attempt will be made to notify the Sponsor in writing via USPS mail or email prior to the transfer of funds.
Investment of Donations. DACS Services L3C shall have authority and discretion to invest and reinvest all donations, scholarship donations, or said donations (with any other donation owned or held by it absolutely or in its fiduciary capacity) in undivided interests in obligations, or separately in whole interests, or in any other manner, the choice of such investments to be determined by the DACS Services L3C or its employees/members at its discretion; pay all expenses from scholarship donations incurred in the management and/or administration of the scholarship donation investment, including reasonable compensation to the DACS Services L3C for its services, and reasonable compensation to members, employees, and counsel, including investment counsel; exercise all general authority not otherwise provided for herein in its discretion for the administration, control and management of the scholarship established in this agreement.
Administrative Fee. The Sponsor agrees to pay to DACS Services L3C a non-refundable administrative fee equal to 15 to 20 percent (%) of the scholarship face value. The Administrative Fee is intended to defray some of the initial set-up, preparation costs and other expenses incurred in entering and maintaining this Scholarship Sponsorship Agreement. This Administration Fee is non-refundable under any circumstances.
Right to Reject: DACS Services L3C shall have the right at anytime to review the receivables acquired pursuant to this agreement and to reject any receivables or donations which in DACS Services L3C's opinion are not consistent with its ethical guidelines. DACS Services L3C shall have the right at anytime to review the receivable acquired pursuant to this agreement and to reject any receiveables or donations which in DACS Services L3C opinion can not perform the duties in this agreement. Any receivable which is rejected shall be refunded to the sponsor of this agreeement. Any receivables or donations not rejected within three months of are deemed accepted and approved.
Nonrefundable. Any and all received, accepted, reviewed and approved receivables, payments, contributions, investments, donations, fees, monies made under this Agreement shall be non-refundable and non-creditable, including in the event of any termination or expiration of this Agreement.
If, at any time in the future, DACS Services L3C determines a need does not exist for this scholarship sponsorship, then DACS Services L3C shall have the authority to select an appropriate use for the scholarship, which in DACS Services L3C's exclusive determination will be representative of the wishes of the Sponsor.