JAXX
INTERPRETATION OF THE AGREEMENT BETWEEN CHAD KNIGHT AND MIGHTY
JAXX
- Grant of license
Chad Knight allows Mighty Jaxx to develop, manufacture, market, promote, and
distribute the licensed products. - Payments
Mighty Jaxx will pay Chad on or before the end of the 30 th day of each quarter of the
year. Mighty Jaxx shall retain all documents relating to the payment, Chad can inspect
them upon serving Mighty Jaxx sufficient notice. - Licensed Products
Mighty Jaxx will show Chad the preliminary drawings of proposed models of the
Licensed Product. Chad will review the concepts and drawings and respond
before 7 days expiry. For toys with a retail market of below USD 1000, Mighty
Jaxx will provide Chad with 10 samples whereas those above USD 1000, Mighty
Jaxx will provide Chad with 2 samples. The samples provided to Chad will not be
resold by him.
Mighty Jaxx can sub-contract the manufacture and distribution of licensed
products.
Mighty Jaxx has the sole discretion of setting the prices for the products. - Marketing Obligations
Both Parties will apply their best efforts in marketing and promoting the sale of
the licensed product. Chad allows Mighty Jaxx to use, alter, and touch up or
Record Chad’s work.
Chad agrees to feature in any videos or blog posts in order to market the
products - Confidentiality
Both parties agree to keep the aspects of the agreement and any material
information confidential. - Chad’s Representations and Warranties
Chad represents that he is the sole and exclusive owner of all intellectual property rights
in relation to the licensed products.
- Termination and Renewal
This Contract will be from 30 th November 2020 to 30 th December 2020. If parties wish to
renew, it will be from 1 st January 2024 to 30 th December 2025. However, the Contract
can be terminated earlier if the following instances:
a. Chad gives Mighty Jaxx a written notice detailing, Mighty Jaxx’s breach of the
contract, if after 14 days Mighty Jaxx does not cure the default, the contract will
be terminated.
b. If Mighty Jaxx manufactures or sells Chad’s licensed products without obtaining
prior permission from Chad.
c. If Mighty Jaxx fails to pay Chad any amounts due to him.
d. If Mighty Jaxx becomes bankrupt.
Mighty Jaxx may terminate the Contract if:
a. Chad commits any material breach of the agreement and within 14 days’ notice,
Chad does not correct the breach.
b. Chad manufactures or sells or appoints a third party to manufacture and sell
merchandise similar to that of Mighty Jaxx.
c. If Chad transfers his rights to a third party with relation to licensed products.
d. If Chad engages in conduct that adversely affects the reputation and value of the
Licensed Products.
e. If Chad is declared bankrupt.
IF THE CONTRACT TERMINATES
a. All design fee due as on the date of termination will be calculated on a pro rata
basis and shall be payable to Chad within 30 days from the effective date of
termination.
b. Mighty Jaxx shall stop the manufacture of Licensed Products
c. Mighty Jaxx shall prepare an inventory indicating the Licensed Products in his
possession. - Others
The Agreement will be governed and construed according to Singapore laws.
Chad is an independent contractor and is not an employee of Mighty Jaxx.
Therefore, he is not entitled to any employee benefits.
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