Common use of Fees for Services Rendered Clause in Contracts

Fees for Services Rendered. In consideration of the services to be performed under this letter, it is agreed that the Company will pay the following: i. Monthly Payments: A monthly fee/retainer of US $5,000 payable on the fifteenth day of each month, and beginning in the month of May 1999. You agree to work a minimum of 5 days per month directly on behalf the Compnay as mutually agreed. In the event that Mercantile works less than the 5 day per month minimum, the work in progress fee would be reduced by US $1,000 for every day worked per month less than 5. Note that we forecast our input and advisory services will equate to roughly 90 to 120 principal man-days over the next 9 months in order to get the Project through bankable feasibility and production financing.

Fees for Services Rendered. In consideration of the services to be performed under this letter, it is agreed that the Company will pay the following: i. Monthly Payments: A monthly fee/retainer of US $5,000 payable on the fifteenth day of each month, and beginning in the month of May 1999. You agree to work a minimum of 5 days per month directly on behalf the Compnay Company as mutually agreed. In the event that Mercantile works less than the 5 day per month minimum, the work in progress fee would be reduced by US $1,000 for every day worked per month less than 5. Note that we forecast our input and advisory services will equate to roughly 90 to 120 principal man-days over the next 9 months in order to get the Project through bankable feasibility and production financing.