PROFIT SHARING AGREEMENT.
This Profit Sharing 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 “Business”), and __________, Contact Info: ___________, (herein referred to as the “Contractor”).
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 of Three Years commencing on the Effective Date herein.
The Business has hired the services of the Contractor to develop and market the Business’s Shopify account. The Contractor’s marketing obligations shall include:
The Business shall pay the Contractor 15% commission of any and all sales from the Business’s Shopify store, payment made monthly on the _____ Day of every month.
- COPYRIGHT/INTELLECTUAL PROPRIETARY RIGHTS.
The Contractor acknowledges and understands that their obligation to develop and market the Business’s Shopify account shall not confer upon them any of the Business’s copyright/intellectual propriety rights as pertaining the Business’s logo, brand, trade secrets, materials, services, merchandise, content and any other material as has been copyrighted by the Business. The Business shall have and enjoy the copyright/intellectual proprietary rights as covered under this Agreement. The Contractor shall not, during the term of this Agreement and upon the termination/cancellation of this Agreement, purport to own any of the copyright/intellectual proprietary rights and/or use its association with the Business for any commercial and/or non-commercial purposes without prior written notice from the Business.
- RELATIONSHIP BETWEEN THE PARTIES.
The Contractor shall be retained as an independent contractor. The Contractor shall be fully responsible for payment of their own income taxes on all compensation earned under this Agreement. The Business shall not withhold or pay any income tax, social security tax, or any other payroll taxes on the Contractor’s behalf during the term of this Agreement.
- 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.
- FORCE MAJEURE:
The failure on the part of the Contractor to perform their obligation under this Agreement will not be considered as default if such failure is the result of natural calamities, acts or God, Covid-19, extreme adverse disasters and circumstances beyond the control of the parties. The Contractor shall inform the Business of such inconveniences promptly.
The Parties acknowledge that either Party can terminate/cancel this Agreement at any time provided that they issue a ___ Day Written Notice on the same. The Business shall ensure to clear all and any outstanding payments to the Contractor before the Agreement is effectively terminated/cancelled.
In the event of disputes arising about the execution of this Agreement and/or performance of obligations stated herein, the Parties shall solve such issues through a binding mediation process in accordance with the ADR rules and mechanisms of the State of Wyoming, USA.
This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- GOVERNING LAW/JURISDICTION.
This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming, USA. Exclusive jurisdiction and venue shall be in the State of Wyoming, USA.
Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
BUSINESS: _____________ ___________________ ___________
(SIGNATURE) (NAME) (DATE)
CONTRACTOR: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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