Agreement

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Agreements
February 28, 2024

AGREEMENT FOR THE ESTABLISHMENT OF A CARGO VAN/FREIGHT COMPANY

This Agreement (“Agreement”) is made and entered into on [INSERT DATE] by and between [PARTIES A] and [PARTIES B], hereafter referred to individually as “Party” and collectively as “Parties,” for the purpose of establishing a cargo van/freight transportation company (‘Company”).

  1. NAME AND LOCATION OF THE COMPANY

The name of the Company shall be decided by mutual agreement of the Parties. The Company will be located in [INSERT CITY/TOWN] and operate within the State of [INSERT NAME STATE], unless otherwise agreed.

  1. PURPOSE OF THE COMPANY

The purpose of the Company is to engage in the transportation of goods and freight by cargo van, truck, or any other mode of transportation deemed necessary by the Parties.

  • OWNERSHIP

The Parties agree to establish the Company as equal owners with [50/50] ownership in the Company.

  1. CAPITAL CONTRIBUTIONS

 

  1. The Parties shall contribute equal capital to the Company.

 

  1. All contributions shall be used for the acquisition of cargo vans/trucks, insurance, licenses, permits, and other necessary equipment or expenses required for the operation of the business.

 

  1. In case of additional capital requirements, the Parties shall agree to the amount and distribution of any necessary additional investment.

 

  1. REVENUE SHARING

The revenue generated by the Company shall be split on a 50-50 basis between [PARTY A] and [PARTY B].

  1. RESERVE FUNDS

The Parties will not pay themselves if the Company reserve funds are below 15%. The reserve funds will be 15% of the value of the Company vehicles’ values.

  • DONATIONS

The Company will donate 10% of their earnings each month to a combination of a church, charity, or non-profit organization. Any of these three (3) must worship God or give back to people or the community.

  • MONTHLY EXPENSES

The Parties will pay the Company’s monthly expenses before paying themselves. The Company’s expenses will include bills, operating costs, gas, repairs and short-term debt.

  1. VEHICLE USE
  2. The Company vehicle(s) shall be used for business purposes only. The Company vehicle(s) will not be used for regular personal use.

 

  1. The Company vehicle(s) is/are not allowed to be used by family, friends and/or associates unless a business contract is understood and signed.

 

  1. PAYMENT TO THE PARTIES

Once the above conditions have been met, the Parties will pay themselves on a monthly basis.

  1. Reasonable Expenses: Both parties will pay 50% of reasonable and discussed items. If both don’t agree on something then it will not be purchased.

 

  1. MANAGEMENT AND CONTROL

Each Party shall have equal rights and decision making and management and shall be actively involved in the day-to-day operations of the Company. Decisions by the Management shall be made unanimously.

  • TAX LIABILITY

The Parties shall be responsible for taxes relating to the Company as per the applicable laws.

  • BANK ACCOUNTS

The Parties shall establish a banking account in the name of the Company. Checks and drafts drawn on the account shall be signed by both Parties.

  • BOOKS AND RECORDS

The Parties shall keep accurate and complete books and records of the Company’s operations for each fiscal year. [PARTY B NAME] shall be responsible for maintaining the financial records of the Company.

  1. MEETINGS

The Parties shall meet annually to review the performance of the Company and to formulate a plan for the next fiscal year.

  • CONFIDENTIALITY

Both Parties agree to keep any confidential information regarding the Company and its operations confidential. They shall not disclose any such information to third parties without the consent of the other Party.

  • GOVERNING LAW.

This Agreement shall be governed by and construed in accordance with the laws of the State of [INSERT STATE NAME], without giving effect to any choice or conflict of law provision or rule.

 

  • DISPUTE RESOLUTION.

 

  1. Any dispute relating directly or indirectly to this Agreement between the Parties shall be resolved through consultation and negotiation.

 

  1. Failure to resolve the dispute through consultation and negotiation, the Parties agree that the dispute shall be litigated in the courts, state and federal, of the State of [INSERT STATE NAME] and the Parties hereby consent to jurisdiction before such courts.

 

  • GENERAL PROVISIONS.

 

  1. Binding Agreement
  2. This Agreement is binding upon the Parties, their participating Affiliates, and their respective successors and permitted assigns.
  3. Entire Agreement
  4. This Agreement constitutes the complete and exclusive statement of the agreement between the Parties as to the subject matter hereof and supersedes all previous agreements, negotiations and understandings between the Parties.
  5. Severability

If any provision of this Agreement is held to be unenforceable or invalid, the other provisions shall continue in full force and effect.

  1. No Waiver

The failure of either Party to insist on strict performance of any of the provisions hereunder shall not be construed as the waiver of any subsequent default of a similar nature.

  1. Survival

All rights and obligations of the Parties under this Agreement that, by their nature, do not terminate with the expiration or termination of this Agreement shall survive the expiration or termination of this Agreement.

  1. Amendment

Any amendments, changes, or additions to this Agreement shall be made in writing and signed by both Parties. Any such changes will be added as an addendum to this Agreement and will be captured on video and audio.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date and year first above written.

_______________________________________

[INSERT PERSON A NAME]                (date)

 

 

_______________________________________

[INSERT PERSON B NAME]             (date)

 

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