BUSINESS AGREEMENT
BETWEEN
MORGANS BEAUTY SUPPLY (PARTY 1)
AND
LIONEL LEONARD DAVIS (PARTY 2)
THIS AGREEMENT is made on the _ day of ___________20,
(hereinafter, “Effective Date”) entered into by Party 1 and Party 2 (Party 1 and Party 2
collectively referred to as the “Parties” or individually as the “Party”) and includes that
Party’s successors and assigns.
In consideration of covenants and agreements contained in this agreement, and other good and
valuable consideration, the receipt of which is hereby acknowledged, Parties agree to the
following terms and conditions and to be bound thereby:
- TERM
This agreement shall be valid from the Effective Date for a period of one year. - CONSIDERATION
Party 2 desires to store his products “AA’s Products” in Party 1’s store, and Party 1 is
agreeable to this arrangement subject to monthly payments by Party 2 of 10% of the profits
generated from Party 2’s products. - INDEMNIFICATION
Party 2 agrees to indemnify, hold harmless and defend Party 1 and its directors, officers,
employees, and agents from and against any incidental, consequential, indirect or special
damages, or for any loss of profits or business interruptions caused or alleged to have been
caused by the performance or nonperformance of the services. - NON-ASSIGNMENT
Party 2 shall not transfer or assign this agreement without Party 1’s consent. However, Party 1
may transfer or assign this agreement or subcontract its obligations hereunder at any time
without Party 2’s consent. - DISPUTE RESOLUTION
Parties agree to settle disputes under this Agreement through (select one)
☐Negotiation ☐Mediation ☐Arbitration
☐Litigation. - TERMINATION
Either Party may in writing, terminate this Agreement at any time. The termination of this
agreement shall not discharge the liabilities accumulated by either Party. 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. - CONFIDENTIALITY
All non-public, confidential, or proprietary information of a Party (Disclosing Party), whether
disclosed orally or disclosed or accessed in written, electronic or other form or media, and
whether or not marked, designated or otherwise identified as “confidential” in connection
with this Contract is confidential, solely for the use of performing this Contract and may not
be disclosed or copied unless authorized in advance by the Disclosing Party in writing. Upon
the Disclosing Party’s request, the other Party (Recipient Party) shall promptly return all
documents and other confidential materials received from Disclosing Party. Disclosing Party
shall be entitled to injunctive relief for any violation of this Section. This Section does not
apply to information that is: (a) in the public domain; (b) known to Recipient Party at the time
of disclosure, or (c) rightfully obtained by Recipient Party on a non-confidential basis from a
third party.
- FORCE MAJEURE
For this Agreement, “Force Majeure” means an event which a diligent party could not have
reasonably avoided in the circumstances, which is beyond the control of a party and includes,
but is not limited to, war, riots, civil disorder, earthquake, storm, flood or adverse weather
conditions, strikes, lockouts or other industrial action, terrorist acts, confiscation or any other
action by government agencies. A Party’s failure to fulfill its obligations due to Force Majeure
shall not be considered a breach of this Agreement, provided that the Party has taken all
reasonable precautions, due care, reasonable alternative measures, and minimal delay all to
carry out the terms of this Agreement. - DRAFTING RESPONSIBILITY
Neither party shall be held to a higher standard than the other party in the interpretation or
enforcement of this Contract as a whole or any portion hereof based on drafting
responsibility. - CHANGES TO THE AGREEMENT
Either Party may request changes to the agreement, but they will only be effective if agreed in
writing, and signed by all Parties. If any ambiguity is found in the agreement or various
documents forming this agreement, the Parties shall issue any necessary clarification or
instruction. - NO WAIVER
Except where otherwise provided, failure by Party 1 to enforce any of these terms or
conditions shall not be a waiver of their right to enforce them. No waiver by Party 1of any
breach of, or of compliance with, any condition or provision of this Agreement by Party 2
shall be considered a waiver of any other condition or provision or of the same condition or
provision at another time. - SEVERABILITY
The provisions of this agreement are severable. If any provision is held to be invalid or
unenforceable, it shall not affect the validity or enforceability of any other provision. - COUNTERPARTS
This agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original and all of which taken together shall constitute one instrument. - ENTIRE AGREEMENT
This agreement constitutes the entire agreement between the parties. It supersedes all prior
oral or written agreements or understandings between the Parties concerning the subject
matter of this agreement. 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. The Parties will exercise utmost good faith in this agreement. - HEADINGS
The article and section headings in this agreement are for convenience; they form in no part of
this agreement and shall not affect its interpretation. - PRONOUNS
All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular, or plural, as the identity of the person or entity may require. As used in this
agreement: words of the masculine gender shall mean and include corresponding neuter
words or words of the feminine gender, and words in the singular shall mean and include the
plural and vice versa.
- NOTICES
Any notice required to be given between the Parties pursuant to the provisions of this
Agreement shall be in writing and shall be deemed duly given:
(i) if delivered by hand and receipted for by the party addressee, on the date of such
receipt,
(ii) (ii) if mailed by domestic certified or registered mail with postage prepaid, on the
third business day after the date postmarked, or
(iii) sent by email.
at the following addresses or such changed address as the Party shall have specified by
written notice, provided that any notice of change of address shall be effective only upon
actual receipt.
Any notice delivered by email shall request a receipt thereof confirmed by email or in writing
by the recipient, and the effective date of such notice shall be the date of receipt, provided
such receipt has been confirmed by the recipient.
Morgans Beauty Supply:
Lionel Leonard Davis: - GOVERNING LAW
This Agreement shall be governed in all respects by the laws of Arkansas, and its Courts
without regard to its conflict of law provisions.
IN WITNESS WHEREOF, each of the Parties has executed this agreement, as of the day
and year set forth below.
Signed by the authorized representative of
PARTY 1
Signature:
Name: …………………………………………
Designation: ……………………………………
Date: …………………………………………….
Signed by PARTY 2
Signature:
Name: Lionel Leonard Davis
Date:
…………………………………………….
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