Apply to become a partner

1. Parties and purpose

This Referral Partner Agreement (the "Agreement") is between LendrIQ Inc. ("LendrIQ") and the person or business named in the partner application (the "Partner"). It sets out how the Partner may refer Canadian businesses to LendrIQ for financing, and how LendrIQ pays the Partner when a referred business is funded.

LendrIQ is a business financing marketplace. LendrIQ is not a lender. Funding decisions, terms and rates are made and set by third-party lenders.

2. What the Partner does

The Partner may introduce businesses it has a genuine, pre-existing relationship with (each a "Referral") to LendrIQ by sharing the Partner's referral link or by an email introduction to LendrIQ.

The Partner is an independent referrer. The Partner is not an employee, agent, broker or representative of LendrIQ or of any lender, and must not present itself as one.

3. What the Partner must not do

The Partner must not: (a) quote, estimate or imply any interest rate, factor rate, fee, term, amount or approval; (b) name any lender to a Referral or describe which lender may fund a file; (c) collect, hold or transmit a Referral's bank statements, identification, financial statements or other personal or financial documents; (d) promise or suggest any outcome; (e) refer contacts from purchased, rented or scraped lists, or contacts with whom the Partner has no real relationship; (f) advertise LendrIQ or use LendrIQ's name or marks in any advertising, social media or paid promotion without LendrIQ's written approval; (g) charge a Referral any fee in connection with an introduction to LendrIQ.

A breach of this section ends the Agreement immediately under section 9 and forfeits any unpaid commission on the affected Referrals.

4. What LendrIQ does

LendrIQ receives the Referral's application, reviews the file, requests what lenders will need directly from the Referral, places the file with lenders whose criteria it fits, and manages the file to funding or decline. LendrIQ decides, in its sole discretion, whether and where any file is submitted.

LendrIQ provides the Partner with a referral link, a partner dashboard showing each Referral and its stage, and commission statements.

5. Attribution

A Referral is attributed to the Partner when the business applies through the Partner's referral link, or when LendrIQ receives an email introduction from the Partner before the business applies, or when the business names the Partner on its application and LendrIQ has no earlier attribution on file.

Attribution lasts 12 months from the Referral's first application. Where two partners claim the same Referral, the earlier attribution on LendrIQ's records governs.

6. Commission

When a Referral is funded and the lender pays LendrIQ its fee for that funding (the "LendrIQ Take"), LendrIQ pays the Partner a percentage of the LendrIQ Take as follows.

Partner tier, fewer than six funded Referrals in total: 40% of the LendrIQ Take where the Partner closed the Referral; 20% where LendrIQ closed the Referral.

Senior Partner tier, six or more funded Referrals in total: 50% of the LendrIQ Take where the Partner closed the Referral; 30% where LendrIQ closed the Referral.

"Closed" means the Referral applied through the Partner's introduction and the Partner was the Referral's point of contact until the application was submitted. Where a business applies to LendrIQ on its own and later names the Partner, LendrIQ closed.

Commission is calculated on the LendrIQ Take actually received from the lender, net of any lender fees or deductions, and is shown on the Partner's statement for that Referral. No commission is owed on files that do not fund, on renewals or top-ups unless LendrIQ is paid a new fee by the lender, or on any amount LendrIQ does not receive.

7. Payment

LendrIQ pays commission every two weeks, or sooner, for funded Referrals on which the lender has paid LendrIQ. Some lenders pay LendrIQ up to a month after funding; commission on those files is paid in the first cycle after LendrIQ is paid.

Payment is by electronic transfer to the account the Partner designates. The Partner is responsible for its own taxes. Where required, LendrIQ will issue tax reporting for amounts paid.

8. Clawback

If a lender reverses or claws back its fee on a funded Referral (for example because the business defaults inside the lender's clawback period, or the funding is unwound), the Partner's commission on that Referral is reversed in the same proportion and deducted from the Partner's next payout or payouts. If there are no further payouts, the Partner will repay the reversed amount within 30 days of LendrIQ's written notice.

9. Term and ending the Agreement

This Agreement begins when LendrIQ approves the Partner's application and continues until either party ends it. Either party may end it at any time by written notice, including by email. LendrIQ may end it immediately for a breach of section 3 or section 10.

Commission earned on Referrals funded before the Agreement ends remains payable, subject to section 8. No commission is owed on Referrals that fund after the Agreement ends unless the Referral applied before the end date.

10. Confidentiality and non-circumvention

Information the Partner learns about LendrIQ's lenders, pricing, processes and files is confidential. The Partner must not use it for any purpose other than this Agreement and must not disclose it.

For the term of this Agreement and 12 months after, the Partner must not introduce a Referral directly to a lender it learned of through LendrIQ, or otherwise arrange financing for a Referral around LendrIQ, in respect of any file LendrIQ has worked on.

11. Privacy

The Partner will only share a Referral's name and contact details with LendrIQ after telling the Referral it is doing so and with the Referral's consent. LendrIQ handles Referral information under its Privacy Policy and Canadian privacy law.

12. General

This Agreement is governed by the laws of Ontario and Canada. It is the entire agreement between the parties on its subject and replaces any earlier discussion or program description. LendrIQ may update the commission schedule on 30 days' written notice; changes apply to Referrals that fund after the notice period. The Partner may not assign this Agreement.

By signing, the Partner confirms it has read this Agreement, that the information in its partner application is true, and that it agrees to be bound by these terms.