Art Supplier Guide

 

 

Art Supplier Guide

All capitalized terms shall have the meaning prescribed to them in the Terms and Conditions between you and Niio.

Art Supplier

  1. When you use the Platform and the Services as a Registered User with the intention to share, distribute or monetize your Digital Art (through Selling, Transferring, Lending or Consigning – whether for consideration or not, creating or showcasing in a Curated Channel such as ArtCast or Catalog), you do so as an art creator or proprietor, including if you have acquired such proprietary rights by entering into a contract with any of the former (a “Supplier”).

Art Supplier Consideration

  1. Supplier is entitled to Supplier’s Fee of the Transaction derived out of the Net Revenue (as define below) (the “Supplier’s Fee”).

 

  1. For the purpose herein “Net Revenues” means the total amount of revenues that Niio actually receives for any type of transaction through the Niio Platform (such as sale, loan,  lease, individual syndication, collective syndication, subscription of the Artworks), less any transaction costs, including, taxes, discounts, returns, and other third-party charges or sales commissions paid by Niio.

 

  1. Supplier’s Fee shall be in accordance with the table below:

Supplier Type

Subscription Plan

Supplier‘s Fee for Sale (out of Net Revenues)

Supplier‘s Fee for

Loan & Lease (out of Net Revenues)

Supplier‘s Fee for

Subscriptions & Collective Syndication (out of Net Revenues)

Artist

PRO (Verified)

50%  

50%

30%

Gallery

PRO (Verified)

90%

50%

30%

 

The applicable VAT shall be added to the above amounts.

  1. Niio may modify the Supplier’s Fee for each of the Subscription Plans from time to time at its sole discretion. Niio shall provide you with a prior notice before such modifications come into effect. Note that any such change will not affect the Supplier’s Fee with respect to Transactions which came into effect prior to such change.

Payment

  1. We define Payment Periods (“Payment Period”) in the course of which we calculate, report and approve the Transactions entitling the Suppliers to payments of Supplier’s Fees. To date the Supplier’s Fees due to a Supplier are calculated and paid to the Suppliers on an Annual basis.

 

  1. Within thirty days of the end of each Payment Period the following shall occur:
  1. Niio shall provide the Supplier with a written statement of the Transactions performed on the Platform with respect to any of the Digital Artworks (the “Periodical Payment Statement”). If not disputed by the Supplier within fourteen days (14) of the receipt thereof, the Periodical Payment Statement shall serve the final account for any and all amount due to the Supplier with respect to the Transaction of the Digital Art in the preceding period.
  2. Transfer the Supplier’s Fee in accordance with the Periodical Payment Statement to a bank account provided by the Supplier.
  3. Niio shall withhold taxes from the Supplier’s Fee in accordance with the applicable law.
  4. Each party shall be liable to pay the applicable taxes.

Last Revised July 16, 2018

 

 

 

 

 

Close Menu