JOINT VENTURE TERMS. (a) The Purchaser further agrees to conduct a work program on the herebefore mentioned Idaho claims in the minimum amount of $250,000.00 (TWO HUNDRED AND FIFTY THOUSAND) dollars per year in each of the calendar years started January 1, 1998, January 1, 1999, and January 1, 2000.
JOINT VENTURE TERMS. The equity interest of, and share of each Joint Venture in, the assets, profits and losses, liabilities and obligations of the Joint Venture shall be as follows: Purchaser 51% Vendor 49% The Joint Venture will be a Nevada Limited Liability Company and will be named "Megamat", or other name as mutually agreed by the Purchaser and the Vendor. Prosecution of, and costs related to, the Purchased Assets, including patent expenses, will be the responsibility of the Purchaser. The Purchaser shall retain all right, title and interest in and to and under all of the Purchased Assets and the Intellectual Property. For greater certainty, the Joint Venture will not own any right, title, or interest in or to or under any of the Purchased Assets. Prosecution of, and costs related to, funding based on new approved patent/patents developed by the Joint Venture will be the responsibility of the Purchaser. The Purchaser shall retain all right, title and interest in and to and under all updated or new approved patents (the "New IP"), including all part and future income, royalties, damages and payments due (including, rights to damages and payments for past, present or future infringements or misappropriations) with respect thereto, in each case, of the Vendor in all countries relating to the New IP. All decisions of the Joint Venture will be made by the officers of the Joint Venture company (the "Management") comprised of one nominee of each Joint Venturer, under the supervision of the board of directors of the Joint Venture company which will consist of two directors, with each Joint Venturer being entitled to appoint one director and the original directors being Xxxxxx XxXxxxxxxx and Al Rich. . The Joint Venture will pay the Purchaser a royalty of 1% of total aggregate gross sales of Megamat, based on the selling manufacturing price per square foot of MegaMat or sold under current or new patent number or patents created.
JOINT VENTURE TERMS. Tax Advice Waiver
JOINT VENTURE TERMS. Defined Terms The words and terms as defined in the Agreement to which this Appendix “C” is attached shall have the same meaning for the purposes of this Appendix “C” unless otherwise specifically indicated. Structure The structure of the joint venture (the “Joint Venture”) will be definitely settled by the Parties taking into consideration advice from the respective Parties’ tax and legal advisors. The Parties will cooperate to implement a joint venture structure that maximizes efficiency, and is consistent with industry standards, so long as the structure does not adversely impact either Party. Interest Upon formation of the Joint Venture, Alamos (or its designate, subject to the Vista’s consent (not to be unreasonably withheld)) will have and hold a 51% participating interest in the Joint Venture and Vista (or its designate, subject to the Alamos’ consent (not to be unreasonably withheld)) will have and hold a 49% participating interest in the Joint Venture (each being the respective Party's “Interest”). Initial Capital Contribution At the commencement of the Joint Venture, Alamos shall be deemed to have made an initial capital contribution of $__________ [such amount shall be equal to Alamos’ prior exploration and development costs in connection with the Underground Resources] and Vista shall be deemed to have made an initial capital contribution in the amount of $__________ [such amount shall be determined in accordance with the following formula: A = (49 * B) 51 Where: B is Alamos’ prior exploration and development costs in connection with the Underground Resources] Costs and Share of Minerals Each Party will contribute to all costs attributable to the development and mining of the Underground Resources through a formal cash call process to be established, and take its share of production, if any, from the Underground Resources in proportion to its Interest from time to time. VAN01: 4766874: v22C-1 Management Committee All strategic planning and operations on and in connection with the Underground Resources shall be managed by a committee (the “Management Committee”) consisting of two (2) representative of each of the Parties. The Management Committee will decide every question, other than those matters included under the heading “Matters to be Decided” which may only be decided with the consent of each Party holding greater than a 20% Interest, submitted to it by simple majority with the representative or representatives of each Party being entitled...
JOINT VENTURE TERMS. (a) The Purchaser agrees to contribute all future capital required in the further exploration, and if required, mining operations of the said herebefore mentioned Idaho claims as is required by annual budgeted property exploration and development work programs.
JOINT VENTURE TERMS. The following §00 xxxxxxx §00 apply to the Joint Venture.
JOINT VENTURE TERMS. 1. In accordance with Section 7.2 of the Option Agreement to which this Schedule C is attached, it is the intention of the Parties to enter into the Joint Venture Agreement upon formation of the Joint Venture. The terms and conditions set out herein will be included in the Joint Venture Agreement.
JOINT VENTURE TERMS. Figure 1 shows the location of the tenements now controlled by Medusa and Figure 2 shows the Bunawan JV tenements in the Co-O area. The key terms of the Heads of Agreement are: ▪ Medusa has the right to earn a 70% interest by:
