Anniversary Date
Means the day you actually become a part of International World of Vacations Business Opportunity and agree to the “Terms and Conditions” set forth as a condition of becoming a home-based agent for IWV.
Basic Training Bonus
Means that when a new home-based agent goes through a simple basic training (IWV Travel University) on the International World of Vacations travel model, we will immediately put $50.00 in valuable Vacation Credits into your own “Vacation Credit Bank Account” to go towards your own exciting getaway.
Bookings vs. IR Commissions
Means that IWV earns International World of Vacations Commissions and pays the IR commissions and Vacation Credits on tour and travel product sales. When a booking is made, money changes hand from the traveler to the travel provider. In most cases, the actual commission will not be paid until the tour and travel product is actually used, which may be months later. So it is important to understand that an IR will be paid when IWV is paid and when the travel is completed. Please note: there are situations where IWV is paid its commission before the actual travel date. However, to avoid recalling any commissions from the IR, the IR will not be paid until the 20th of the month following completion of travel.
Commissionable Sales
Are defined as all sales on which IWV pays commission to the IRs. This excludes airlines, taxes, port fees, and other non-commissionable items.
Equipment
Means the equipment (Hardware, Network Infrastructure, and System Software), on which the System will be installed.
Fast Start Bonus
Was put into place in order to induce excitement and a fast start for our newly recruited IRs. If the IR recruits two (2) new IRs AND makes two (2) of any travel bookings in the first thirty (30) days after signup, the Company will give the IR $100 in Vacation Credits.
Independent Representative (IR)
Means home-based users accessing the IWV system in order to sell IWV travel and travel related products and services.
International World of Vacations (IWV)
Means the corporation’s marketing focal point.
International World of Vacations Commissions
Means IWV receives commissions for travel products sold by our IRs. These commissions, earned by the IWV, are referred to as International World of Vacations Commissions.
IR Commissions
Means that that portion of the IWV Commission that is shared with the IR. The amount of that commission is calculated at time of booking and will appear on the booking page of the website.
Leisure Lifestyles Inc. (LLI)
Means the corporate entity.
Maintenance Services
Means the services to be provided by in accordance with the Agreement.
Release(s)/Version(s)
Means any updated version of the System that replaces all prior versions of the System or one or more Subsystems, or part of them, which may be released from time to time.
Service
Means any type of service (Flight, Car, Accommodation, Excursion, Transfer, Cruises, Trip Insurance, Event Tickets and etc. {but not limited to these}) reserved (Booked) in the System by any International World of Vacations member, IR, SCA, affiliates and or any subsidiaries.
Service Fees
Means that IWV will share net Service Fee Income with the IRs. The IWV Web site will list the IWV Net Service Fees to be earned in Dollars. These earnings are not eligible for additional Vacation Credits.
Supplier #
Means a number assigned to a supplier (vendor) by IWV when that supplier becomes a partner of IWV or if not a partner, when the first booking is made through the System. IWV will supply vendors with a list of these numbers.
Support Centers (SC) and Support Center Administrators (SCA)
Means the users of the IWV System who provide an additional level of support for recruiting, training, and ultimately retaining (IRs).
Teams and Team Leaders
Means that IWV’s compensation plan includes bonuses paid to those IRs who have developed a team. This is Step Two of the “Two-Step Compensation Program.
The Business Opportunity Kit (Training Kits)
Means a mandatory promotional and training item sent to each IR and SCA upon entering into the IWV System (the System).
The License
Means the limited term license granted to International World of Vacations that is a monthly payment requirement by our home-based agents (IR’s) as a condition.
The System
Means the current version of the application software for travel and tourism services in machine-readable form, in Single Provider set-up mode and its Documentation. This includes (where applicable, and under the conditions of the International World of Vacations agreement) all Releases or Versions developed by Company.
Two Step Compensation Program
Is the IWV compensation program designed to allow an Independent Representative or Support Center Administrator to earn Cash Commissions and bonus Vacation Credits in direct proportion to user’s success in developing his/her home-based vacation marketing business. The first step is direct commissions paid for the individual’s own product sales; the second step (Dynamic Networking) is the mechanism by which product commissions are shared between the Team Leader and other Independent Representatives based on team performances.
Vacation Credits
Means IWV has created an incentive for our IRs to take vacations by creating a Vacation Credit program. One Vacation Credit is equivalent to one U.S. Dollar. There are not any restrictions involving Vacation Credits on travel unlike most points programs. Under this program, any new IR receives Vacation Credits for “Basic Training” ($50) and additional Vacation Credits in the way of a “Fast Start Bonus” ($100), when qualified, which are deposited directly into the IR’s Vacation Credit Bank Account. Also, whenever an IR earns an IR Commission, either by direct commission or team bonus commission, an additional 10% of that commission is a Vacation Credits Bonus that is paid into the IR’s Vacation Credit Bank Account. This Bonus will be put into the IRs Vacation Credit Bank Account and can be used 90-days after the IR has joined IWV (Anniversary Date) and is deemed by the Company to be in good standing.
Vacation Credit Bank Account
Means that Vacation Credits will be deposited into an IRs personal Vacation Credit Bank Account. IWV’s unique online tracking system located on the IWV Web site allows IR’s and SCAs to monitor their personal Vacation Credits on a continual basis.