PROFIT SHARING AGREEMENT

by | Feb 7, 2022 | Samples legal papers

PROFIT SHARING AGREEMENT

This PROFIT SHARING AGREEMENT (‘’this Agreement’’) is entered into between ELITEARK LLC of address 6 Garfield Drive Patterson NY 12563 (“ Company”) and PATRICK BLAIS of address 159 Fenn Ave Toronto Ontario Canada (“The Partner”) on [DATE].

Whereas, the Company is a gaming server company branching out to support mine craft game server;

Whereas, the Company holds ownership of all intellectual property rights in their creations;

Whereas, the Company desires to enter into an agreement with The Partner to split all profits for mine craft profits ONLY

NOW, THEREFORE, in consideration of the premises, and of the mutual promises and undertakings herein contained, the parties, intending to be legally bound, do agree as follows:

  • TERM

This Agreement shall be active for a year (1 yr.) after which the parties may decide to renew this agreement.

  • RESPONSIBILITIES OF THE PARTNER

In consideration for the profit share granted herein, The Partner shall perform the following duties including but not limited to the following:

  • The Partner shall run the server, maintain the server and upkeep it. This includes discord, server configuration, in- game moderating, updates among other duties required of the partner by the Company.
  • PROFIT SHARE
      1. In consideration for the duties performed hereunder, The Partner shall be entitled to 30% of the profits earned on mine crafts only.
      2. The profits will come from in- game purchases through the mine craft server. (MineCreator).
      3. The profits shall be dispensed after all server running costs, art work, developer payments, taxes and fees have been paid for.
      4. In the event where The Partner fails to perform his obligations as required in this agreement, the Company reserves the right to withhold disburse of all his profits.
      5. All payments shall be made via PayPal at the end of every month. 
  • CONFIDENTIALITY.

The Partner shall not, in any fashion, form, or manner, either directly or indirectly:

  • Disclose or communicate to any party any information relating to the Company’s business or the Product including (but not limited to) customer lists, price points, or marketing plans (the “Confidential Information”);
  • Duplicate any Confidential information;
  • Use any Confidential Information other than solely for the benefit of the Company; or
  • Assist a third party in using any Confidential Information in any manner but solely for the benefit of the Company.
  • MODIFICATION 

No modification of this Agreement shall be valid unless in writing and agreed upon by both Parties.

  • TERMINATION
  • This agreement shall be effective on the date first written above and shall continue in force until terminated by either party giving to the other not less than thirty (30) days prior written notice of such termination.
  • Termination of this agreement shall not affect the responsibilities of either party on contracts issued prior to the effective date of termination. This agreement shall be automatically reviewed and considered for termination by the company.
  • In the event where The Partner fails to perform his duties as mentioned in clause 2, the Company may decide to terminate this agreement with immediate effect
  • INDEMNIFICATION.

The Partner agrees to defend, indemnify, and hold harmless the Company from and against any all third party claims (or other actions that could lead to losses by the Company) that are based upon The Partner’s; 

(a) Violation of the law, 

(b) Violation of this Agreement, or 

(c) Violation of any third party’s rights.

  • ENTIRE AGREEMENT.

This Agreement represents the full understanding of the Parties and shall supersede all previous oral or written agreements regarding the subject matter herein.

    1. INTELLECTUAL PROPERTY
  • DISPUTES

Except as otherwise specifically agreed in writing by the Company and the Partner, any dispute relating to any rights and/ or obligations arising from this Agreement which is not resolved by the parties shall be adjudicated by any court of competent jurisdiction.

  • APPLICABLE LAW. 

This Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of New York and subject to the exclusive jurisdiction of the federal and state courts located in New York.

 

In Witness Whereof, this Agreement is duly executed by the duly authorized representatives of the parties as set forth below:

 

___________________________________ ___________________________

Partner’s Signature Date

___________________________________ ___________________________

Company Official Signature Date

 

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