BUSINESS PARTNERSHIP AGREEMENT.
This Business Partnership Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between ______________ Contact Info: ________________ (hereinafter referred to as the “Company”), and ___________, Address ___________ (herein referred to as the “Client”).
WHEREAS, the Company is a tech-startup based and operating in ______________ that manufactures the product PIM unit.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period _____ [Days/Weeks/Months], commencing on the Effective Date herein.
The Company’s product PIM unit shall be installed at the Client’s business premises. The Client shall ensure that the PIM unit is connected to power source and internet 24/7 so as to receive any payments from the Company.
- Payment requests shall be submitted to be executed and the funds shall be disbursed within 6 hours of receiving the payment request, at the market value at the time of the request. The Client acknowledges that the funds received shall be equal to 10% of the units computed currency value.
- The payment shall be made upon deduction of at least Five Hundred Dollars ($500) for insurance of the PIM unit against theft, damage or equipment non-return.
The Parties acknowledge and understand that all the rights, title and interest in any profits made by the PIM unit shall be owned by the Company at all times during the term of this Agreement. The Client shall have no right to claim any of the right, title or interest over the PIM unit, and shall not have the license therein to transfer such rights to a third party.
The Company shall be responsible for any and all liability claims relating to the theft and/or vandalism of the PIM unit, unless such theft and/or vandalism are as a result of the Client’s negligence. The Company shall indemnify and hold the Client blameless for any such liability issues.
- WAIVER AND ASSIGNMENT.
- The waiver by either Party of any breach or failure to enforce any of the terms and conditions of this Agreement at any time shall NOT in any way affect, limit, or waive such party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- No Party shall assign its rights or obligations under this Agreement without prior Notice or consent by the other Party.
- Parties agree that either Party can terminate/cancel this Agreement at any given time, provided that the intending Party provides the other Party a ______ Day Written Notice on the termination/cancellation. Upon the termination/cancellation of this Agreement, the PIM unit shall be returned to the Company.
- Any remaining funds in the account after the termination/cancellation of this Agreement shall be maintained for a period no longer than Two Years. If there is no attempt to recover funds from the Company upon the expiry of the Two Years the funds shall be absorbed.
- AMENDMENT/ENTIRE AGREEMENT.
- No amendment, supplement or modification of this Agreement is binding unless approved by both Parties hereto in writing, and any amendment, supplement, modification, or approval so approved in accordance with this agreement shall be binding upon each of the Parties, provided that, the Parties agree to such amendments to the Clauses attached hereto from time to time as may be necessary to reflect permitted changes in the Agreement.
- The Parties agree and acknowledge that this Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and may only be varied by further written agreement signed by both Parties. It is acknowledged and agreed that there are no oral representations or warranties of any kind between the Parties.
- This Agreement may be executed by the Parties in counterparts and may be executed and delivered by any electronic modes, and all such counterparts and facsimiles together constitute one agreement.
- REPRESENTATIONS AND WARRANTIES.
Each Party represents and warrants that he or she is not a party to any other agreement that would restrict such Party’s ability to perform its obligations as set forth in this Agreement.
- GOVERNING LAW AND JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the ____________ [State/Country]. Exclusive jurisdiction and venue shall be in _____________ [State/Country].
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
COMPANY: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
CLIENT: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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