Iska Contract
For Monthly Payments
I, the undersigned, have received the
sum of $_________________________from (hereafter referred to as the "Investing
Partner"), to be used for business purposes. I obligate myself to utilize
these funds in a manner which I believe will generate profits. Any profits
realized or losses sustained shall be shared equally between the investing
partner and myself.
Any claim of loss must be verified through
the testimony of two qualified witnesses in, and under conditions acceptable
to, an Orthodox Jewish court of law. Any claim regarding the amount of
profit generated by these funds shall be verified under solemn oath, before
and under conditions acceptable to, an Orthodox Jewish court of law.
The amounts due hereunder, if any, to
the investor shall be payable monthly, on the first of every secular month.
If these profits are being paid in a timely manner, the return of the sum
invested herewith shall not be required until __________________________.
If there are no profits during any given month, the investor shall be notified
of this immediately.
It is specifically agreed that if I
pay, to the investing partner, the monthly sum of ___________________as
payment for his share of the profits
which are generated, then I will not be required to make an oath, nor
will I be required to notify the investing partner regarding the profits
which were realized: Additional profits, if any, shall be my sale property.
The investing partner shall be entitled
to the presumption of credibility in any claim regarding compliance of
the terms herein. This provision shall survive the termination of this
Iska. In the event that the monthly payment or notice which is required
herein is not given, the presumption shall be that the moneys invested
have continued to generate a profit equal to or greater than the amount
required by the monthly payment.
I have received one dollar from the
investing partner as payment for my
services during the term of our partnership.
In the event of any conflict between the terms
of this Iska agreement and the terms of any other agreement signed by the
two parties in regard to these funds, the terms of this agreement shall
prevail.
This agreement shall follow the guidelines
of Heter Iska as explained in Serer Bris Yehudah. It is agreed that any
dispute which may arise in connection with this agreement shall be submitted
before ____________________. Judgment rendered by
the aforesaid authority may be entered in any court having jurisdiction
thereof.
Dated ____________________
Signature of the Recipient _____________________
Signature of the Investor ______________________
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