![]() Profits are defined herein as the excess cash after payment of the direct expenses of the Joint Venture. Commencing on the date hereof and ending on the termination of the business of the Joint Venture, all profits, losses and other allocations to the Joint Venture shall be allocated as follows: 50% to GEC and 50% to CRE. This funding will include but not be limited to the set up of testing on site, construction of facilities, operational working capital, marketing expenses and agreed upon travel and fees to accomplish the goals of the Joint Venture.Ĥ.01 Profits and Losses. CRE will provide the funding for the Joint Venture for the testing and implementation of its products and services. GEC will provide all of its products to the Joint Venture for use in the areas contemplated by this agreement along with the necessary consultants, scientists, and financial expertise that is needed by the Joint Venture. Any expenditure of funds not previously approved by the parties will be submitted for approval at the time of the request.ģ.02 Responsibilities. CRE will be responsible for the on-site operations of the business and will disburse funds according to a budget pre-approved by the Parties. The Parties will have joint responsibility for financial decisions and expenditures of the Joint Venture. If the form of funding is a loan, it will be re-paid out of proceeds of this venture and will be used exclusively for the purpose as outlined in 1.01.ĪRTICLE III OBLIGATIONS OF THE JOINT VENTURERSģ.01 Obligations. ![]() It is understood the funding for this project will be in the amount of $2,500,000 but the Parties have agreed that an initial amount of $50,000 will be advanced as seed money for set up and testing for the projects identified in 1.01. Venture actually made by the Parties is defined as cash contributions in the form of equity and/or debt. An Affiliate of an entity is a person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control of such entity.Ģ.02 Capital Contribution(s). The following comprise the general definitions of terms utilized in this Agreement:Ģ.01 Affiliate. However, based on the parties initial proposals, it contemplated that some or all of the projects will continue as long as they are viable and ongoing service is required by the company/end user or agency of the Philippine government. It is the intention of the Parties to automatically extend this Joint Venture Agreement in term each time a new project is identified and added to this Agreement by addendum for the term required to complete that project. It is understood, that this Joint Venture will terminate at the completion of the projects listed in 1.01. This Joint Venture shall commence on the date first above written and shall continue in existence until terminated, liquidated, or dissolved by law or as hereinafter provided. As opportunities are identified and contracts entered into, they will be added as an addendum to this Joint Venture Agreement and will be governed in accordance with this document.ġ.02 Term of the Agreement. Once these projects are under way both parties agree to seek out other mutually beneficial projects in the Philippines and elsewhere throughout Southeast Asia. The projects are as follows:ġ) Decontamination of the Pasig River and bodies of water which feed into the river.ģ) The management of facilities for the production of soil using GECs technologyĤ) Introduction of GECs Mobile Water Purification System to the Philippines The business of the Joint Venture shall be to execute and manage several separate projects in the Philippines. THIS JOINT VENTURE AGREEMENT ("Agreement"), made and entered into as of this 5th day of May, 2009, by and between Global Ecology Corporation ( f/k/a Homeland Security Network Inc.), a Nevada corporation, with offices at 140 Smith Street, Keasbey New Jersey, 08832 (GEC) and Chain Rule Environmental, LLC, a New York limited liability corporation, with offices at 130 Sunset Avenue, Island Park, New York 11558, (∼RE), collectively referred as the Parties.ġ.01 Business Purpose.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |