PROFIT SHARING AGREEMENT

 

    PROFIT SHARING AGREEMENT

 

 

 

 

 

BETWEEN

                                                 

 

______________________________________________________                               

 (The Company’s Representative)

 

 

           AND

 

 

 

                                                                                                                                    ______________________________________________________

                                 (“The Company”)

 

 

 

THIS AGREEMENT is made on the ……..…… day of…………..…………20……..…, is entered into by and between the Company’s Representative and the Company  (Company’s Representative and Company collectively referred to herein as the “Parties” or individually as the “Party”).

 

WHEREAS:

 

  • The Company is a skilled and professional operational consulting agency based in Texas that works with small businesses and shares profits at a percentage.
  • The Company wishes to engage the Company’s Representative in a profit-sharing agreement at a rate of {$…….} hourly rate and a {….. %} Gross profit share.
  • The CLIENT :

First Name of the Representative(s):

________________________________________

Surname:

________________________________________

Name of the Company:

________________________________________

Physical Address:

________________________________________

  • The Company’s Representative now wishes to enter into this Agreement with the Company under which the Company.

 

THEREFORE, in consideration of mutual promises, representations, covenants, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree to the following terms and conditions and to be bound thereby:

 

1.In this Agreement, unless the context otherwise requires, any reference to:

  • the singular includes the plural and vice versa;
  • a person includes reference to a body corporate or other legal entity;
  • any written law includes that law as amended or re-enacted from time to time;
  • any agreement or other document includes that Agreement or other document as varied or replaced by the Parties in writing from time to time;
  • a clause is to the relevant clause of this Agreement;
  • any Party includes that Party’s successors and assigns.
    • Clause headings are inserted for convenience only and shall be ignored in construing this Agreement.
    • The identification of certain breaches in this Agreement as being “Material” does not indicate that only those breaches are material.
    • Where the Agreement provides for the giving or issue of any notice, consent, approval certificate, or determination, it shall be in writing, and the words notify, certify or determine shall be construed accordingly. Routine communications relating to the performance of this Agreement may be conducted by electronic mail.

 

  1. application of terms and the Company UNDERSTANDING
    • Save as may otherwise be provided in this Agreement, the terms and conditions set out in this Agreement are the only terms on which the Company’s Representative is prepared to deal with the Company. They shall govern the relationship between the Parties to the entire exclusion of all other agreements entered into with the Company’s Representative concerning the provision of the Services.
    • If any ambiguity is found in the various documents forming this Agreement, the Company shall issue any necessary clarification or instruction.
    • All documents annexed to this Agreement shall be subject to the terms under this Agreement, provided that the Parties append their signatures on the documents.

 

  1. COMMENCEMENT AND DURATION

This Agreement shall come into force upon execution and shall remain in force until either Party terminates this Agreement or until a specified (date).

 

  1. TERM OF THE AGREEMENT
  2. The term of this Agreement (the “Term”) will begin on the date of this Agreement and will remain in full force and effect indefinitely until terminated as provided in this Agreement and, or
  3. The term of this Agreement (the “Term”) will begin on the date of this Agreement and will remain in full force and effect until a specified (date).
  4. In the event that either Party wishes to terminate this Agreement, that Party will be required to provide 30 days’ written notice to the other Party.
  5. Except as otherwise provided in this Agreement, the Company’s obligations will end upon the termination of this Agreement.

 

  1. PROFIT SHARE.

The Company’s Representative shall be entitled to [Insert Percentage] of the profits earned from the Company.

 

 

 

The Company’s Representative shall not be entitled to reimbursement for any expenses except those previously approved in writing by the Company. Should the Company require travel by the Representative, the Company shall reimburse the Representative for such travel expenses, along with reasonable lodging and meal expenses upon presentation of receipts of such expenses.

 

  1. THE OBLIGATIONS of the parties
    1. The Company shall undertake to supply the Company’s Representative all relevant information necessary for the compliance of the Agreement by the Company.
    2. The Company shall share the profits with the Company’s Representative in such a manner and at an interval to be agreed upon by the Parties.
    3. The Company’s Representative shall possess the technical resources necessary for the correct implementation of the Services within the term and under the conditions established in the present Agreement.

 

  1. LIABILITY OF THE PARTIES
    1. No Party shall be held liable for any portion of the Services, or the equipment forming part of the Services, where the same is the subject of a criminal offense caused by the other Party;
    2. No Party shall be held liable for the other Party’s misuse, abuse, or illegal action involving the Services or any product arising from the Services.
  2. WARRANTIES
    1. The Company’s Representative warrants that it is skilled and competent to offer the services.
    2. The Company’s Representative warrants that it will provide the Services with due care and diligence and to such high standard of quality consistent with applicable standards and as it is reasonable the Company to expect in all the circumstances;
  • in accordance with the provisions of this Agreement and such other instructions as may be given by the Company; and
  • in accordance with all applicable laws and consents.
  1. TERMINATION
    1. Either Party shall be entitled to immediately terminate this Agreement upon the breach of its terms by the other Party in the event that the Party in breach fails to rectify the said breach within thirty days upon issuance of a notice to rectify the same.
    2. Either Party may terminate this Agreement upon giving the other Party no less than 30 days’ notice in writing.
    3. Upon termination of this Agreement, the Company’s Representative shall
  2. Deliver all complete and incomplete works to the Company.
    1. Upon termination of this Agreement, the Parties shall share all the profits up until the day of termination.
    2. The termination of this Agreement shall not discharge the liabilities accumulated by either Party.
    3. Any Clauses intended by the Parties or this Agreement to survive the termination of this Agreement shall survive the termination of this Agreement by whatever cause.
    4. This Agreement will automatically terminate when both Parties have performed all of their obligations under the Agreement and all payments have been received.

 

  1. INDEPENDENT CONTRACTOR

The relationship of the parties hereto is that of independent contractors. The parties hereto are not deemed to be agents, partners, or joint ventures of the others for any purpose as a result of this Agreement or the transactions contemplated thereby.

 

  1. INTELLECTUAL PROPERTY

The Parties agree that any ideas, concepts, discoveries, techniques, patents, copyrights or trademarks which are developed or discovered by the Company’s Representative, solely or jointly with others, during the subsistence of this Agreement shall automatically upon their creation become the exclusive property of the Company’s Representative.

 

  1. DISPUTE RESOLUTION
    1. If any dispute arises between the Parties related to this Agreement, it shall be resolved by mediation between and among the parties. Parties shall act in good faith to resolve the dispute.
    2. In the event that a dispute cannot be resolved through good faith mediation, the Parties agree to submit to binding mediation.
    3. In the event of mediation, the prevailing Party will be entitled to its legal fees, including, but not limited to, its attorneys’ fees.

 

 

  1. INDEMNIFICATION

 

The Company’s Representative agrees to defend, indemnify and hold the Company harmless from and against any and all claims, demands, actions, liabilities, costs, or damages arising out of the Company’s provision of services to the Company’s Representative under this Agreement or the Company’s Representative breach of this Agreement, except for claims, demands, actions, liabilities, costs or damages arising out of the Company’s gross negligence or willful misconduct.

 

  1. VARIATION to the agreement

Either Party may request variations to the Agreement. The Parties shall enter into discussions to agree on any required changes, revised pricing, and time for performance.  Such variations will only be effective if agreed in writing by the Parties.

  1. NO WAIVER

Except where this Agreement provides otherwise, the rights and remedies contained in it are cumulative and not exclusive to rights or remedies provided by law. The failure by either Party to enforce at any time or for any period any one or more of the terms or conditions of this Agreement shall not be a waiver of them or of the right at any time subsequently to enforce all terms and conditions of this Agreement.

 

  1. SEVERABILITY

If any provision of this Agreement is declared by any judicial or other competent to be void, voidable, illegal or otherwise unenforceable, the Parties shall amend that provision in such reasonable manner as achieves the intention of the Parties without illegality or at the discretion of the Contractor, it may be severed from this Agreement and the remaining provisions of this Agreement shall remain in full force and effect.

 

  1. COSTS

Each Party shall bear its costs incurred in the negotiation, preparation, and execution of this Agreement.

 

  1. APPLICABLE LAW

The Parties agree that the construction, validity, and performance of this Agreement shall be governed by the State and/or Country in which the duties of this Agreement are expected to take place. In the event that the duties of this Agreement are to take place in multiple States and/or Countries, this Agreement shall be governed by ______________________ law.

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, each of the Parties has executed this Agreement, both Parties by its duly authorized officer, as of the day and year set forth below.

 

 

Signed by the duly authorized Representative of

the COMPANY’S REPRESENTATIVE

 

 

 

 

Signature: ………………………………………………

Name: ……………………………………………………

Designation: …………………………………………..

Date………………………………………..

 

  

Signed by the duly authorized Representative of

the COMPANY

 

 

 

 

Signature: ……………………………………………..

Name: ……………………………………………………

Designation: …………………………………………..

Date…………………………………………………

 

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