BUSINESS PARTNERSHIP AGREEMENT
This Agreement is made on ______________ by and between _______________
(hereinafter referred to as the “Company”) and _________________ (hereinafter
referred to as the “Partner”). Together referred to as “Parties.”
In consideration of the mutual covenants and agreements herein contained, the
Parties hereby agree as follows:
1. Purpose.
It is hereby agreed that the Company, being the complete owner of the warehouse
located at ___________, agrees for the Partner to use the warehouse to sell the
items, products, possessions, etc. belonging to the Partner that is contained in the
said warehouse.
2. Payment.
The Company shall be entitled to 62.5%, and the Partner shall be entitled to 37.5%
of the profit that will be made from the materials sold out of the said warehouse.
The parties agree that the percentages mentioned above are open for future renewal
and/or amendments by agreement between the parties.
3. Term.
This Agreement shall be for one (1) year from August 1 st , 2022 (hereinafter referred
to as the “Effective Date”).
This agreement shall be open for renewal after the expiry.
4. Termination of Agreement
The Parties agree that either Party may terminate this Agreement at any time with
prior written notice to the other Party.
Termination shall be for the following reasons but not limited to; –
i. Improper split of the commission of the profit made
ii. Breach of any term herein.
5. Confidentiality
Parties agree that all terms and conditions of this Agreement and any confidential
information provided by either party during the Term of this Agreement must be kept
confidential unless disclosure is required according to the process of law.
Disclosing or using this information for any purpose beyond the scope of this
Agreement (or beyond the exceptions set forth above) is expressly forbidden without
the Parties’ prior consent.
The Parties’ obligation to maintain confidentiality will survive termination of this
Agreement and remain in effect indefinitely.
6. Indemnity
The parties agree to indemnify and keep indemnified each other from and against
any loss, damage, or liability, whether criminal or civil suffered, and legal fees and
costs incurred by either party in the course of the execution of the obligations under
this Agreement and resulting from any act, neglect or default of either party.
7. Limitation of Liability
Under no circumstances will either Party be liable for any indirect, consequential, or
punitive damages, including lost profits arising out of or relating to this Agreement or
the transactions it contemplates (including breach of Agreement, tort, negligence, or
another form of action) if said damage is the direct result of one of the Party’s
negligence or breach.
8. Amendments
This Agreement may not be enlarged, modified, altered, or otherwise amended
except in writing, signed by the Parties hereto, and endorsed.
9. Dispute Resolution
Each Party hereto agrees to use its best efforts to settle amicably by mediation all
disputes arising out of or in connection with this Agreement or its interpretation.
Any dispute arising out of or in connection with this Agreement incapable of being
resolved by mediation by the Parties shall be referred to arbitration under the
applicable arbitral laws of the State of Virginia.
10. Waiver
A waiver of any right or remedy under this Agreement or by law is only effective if
given in writing and shall not be deemed a waiver of any subsequent breach or
default.
Failure or delay by either Party to exercise any right or remedy provided under this
Agreement or by law shall not constitute a waiver of that or any other right or
remedy, nor shall it prevent or restrict any further exercise of that or any other right
or remedy.
11. Severability
The invalidity or unenforceability of any particular provision of this Agreement or
portion thereof shall not affect the other provisions or parts that shall be severed
from this Agreement. The remaining provisions shall remain in full force and effect.
12. Governing Law.
This Agreement shall be governed, construed, interpreted, and enforced in
accordance with the Laws of the State of Virginia.
13. Entire Agreement
This Agreement constitutes the entire Agreement between the parties. It supersedes
all prior agreements; no statements, promises, or inducements made by either Party
or Agent that are not contained in this Agreement shall be valid or binding.
IN WITNESS WHEREOF, each Party has executed this Agreement, by its duly
authorized representative, as of the day and year set forth below.
Signed by the duly authorized Signatory of
the COMPANY; –
Signature:
_____________________________
Name:
________________________________
Designation:
___________________________
Date:
_________________________________
Signed by the PARTNER; –
Signature:
_____________________________
Name:
________________________________
Designation:
___________________________
Date:
_________________________________
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