Literally, wadi'ah means deposit. Legally, it is a contract whereby a depositor leaves the depositor's property with another for the purpose of safekeeping. Through wadi'ah, a person empowers another to keep and protect the property.

This Safekeeping Agreement (“Agreement”) is made effective as of May 30, 2013 by and between Maxwell Simon, Inc. (“Maxwell”) and Mill City Ventures III, Ltd., a Minnesota corporation (“MCVT”).

The term bailment refers to the transfer of personal property to another person for safekeeping, or for the other person to control or use temporarily. A bailment is a form of contractual relationship, even if no contract has been signed.

A depositor places property with another party for safekeeping. A Wadiah Yad Dhamanah is a contract of Wadiah with a repayment guarantee. Under a Wadiah Yad Dhamanah the depositary guarantees the return of the deposited property.