The HARD QUESTION concerning PLEDGES

Posted on: Fri, 09/26/2008 - 04:46
The HARD QUESTION concerning PLEDGES

Hi all, good day!

Since no one has asked this... I think I will have to be the one to ask the question no one has dared to ask...

HOW SURE ARE WE THAT THE PLEDGES WILL BE USED FOR THIS... HOW SURE ARE WE THAT AFTER WE GIVE OUR MONEY, NO ONE WILL RUN AWAY WITH ()THIS HAPPENED A LOT IN THE PAST... WHAT WILL PROTECT US OR ENSURE US THAT THE MNONEY GOES TO THIS BUSINESS?

ARE YOU GOING TO USE A BANK THAT WILL ACT LIKE AN ESCROW?

Though I pledged... I may not honor my pledge unless I am assured of this... Yes its only 100 US$ you may say... but it is still money and 100 US$ can feed a family for 2 weeks!

Concerned,


Posted on: Fri, 09/26/2008 - 10:13 #1
Assurance for co-owners

Thanks for the feedback. The added assurance is what we like to provide co-owners as well.

We will be getting a consumertrust trust seal and a singapore government endorsed TrustSg seal before the opening of co-ownership registration. ConsumerTrust is a Global Reliability Programme that aims to encourage best business practices by merchants and to assist consumers in identifying merchants that they can trust. When consumers visit a website bearing the ConsumerTrust trustmark, they will know that this merchant has been audited and meets the standards stipulated in the ConsumerTrust Code of Practice.

As for the managing of funds for the daily running of the business, the interim gogme management team will run the operations until a permanent 'dream' team is selected. We intend to setup a treasury committee from co-owners in Singapore. The treasury committee will oversee all financial transactions and all cheques will require two signatures, one from the interim operation manager and one from the chairperson of the treasury committee. All monthly financial transactions will be published on the website for all co-owners.

Regino, feel free to further elaborate how we can make use of escrow service to fit into the collection of startup contribution and the management of funds.

All site members are encouraged to give suggestions to this very important issue.