VENDING MACHINE AGREEMENT.
This Vending Machine 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 __________, Contact Info: ___________, (herein referred to as the “Client”).
WHEREAS, this Agreement is for the installation of the Company’s vending machines at the Client’s location at _______________________________________________________.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be for a period ______ [Months/Years] commencing on the Effective Date herein.
- CONDITION.
- The Company shall put up/install its vending machine at the Client’s location. The machine specification are as follows: _________________________________________________, the machine shall be dispensing _______________________________________________________.
- The Client shall receive 20% of all profits made by the Company from the vending machine. Payments shall be made by the _____ Day of each month to the Client’s ______ Account.
- OWNERSHIP.
The Parties acknowledge and understand that all the rights, title and interest in the profits made by the vending machine 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 vending machine, and shall not have the license therein to transfer such rights to a third party.
- LIABILITY/INDEMNITY.
The Company shall be responsible for any and all liability claims relating to the theft and/or vandalism of the vending machine, 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.
- ASSIGNMENT/WAIVER.
- This Agreement shall be binding upon and inure to the benefit of the Company and the Client and their respective successors and assigns, provided that the Client may not assign any of their obligations under this Agreement without the Company’s prior written consent.
- 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.
- EXCLUSIVITY.
The Client shall not, during the term of this Agreement, allow the installation of a vending machine that is similar to the Company’s vending machine and/or dispensing the same products as the Company’s products.
- TERMINATION/CANCELLATION.
The Parties acknowledge that either Party can terminate/cancel this Agreement by providing a ______ Day written Notice on the same. The Client can at any time and without notice terminate/cancel this Agreement if the Company dispenses any illegal drugs and/or substances from the vending machines. The Company shall ensure to pay the Client all unpaid/due payments before the termination/cancellation is made effective.
- MODIFICATIONS.
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.
- DISPUTE RESOLUTION, GOVERNING LAW AND JURISDICTION.
In the event of issues arising regarding the execution of this Agreement, the Parties shall resolve them through arbitration before filing lawsuits. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, USA. Exclusive jurisdiction and venue shall be in New York, USA.
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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