US Quest Limited addressStreet14040 Lakepoint Drive CityWillis, StateTexas PostalCode77318 Phone: 936.856.'2215 Fax: 936.856.2418
US Quest Limited
addressStreet14040 Lakepoint Drive CityWillis, StateTexas PostalCode77318
Phone: 936.856.'2215
Fax: 000.000.0000
Xxxxx XxXxxxx
Global Tech International
June 8, 2006
RE: Global Tech International agreement dated April 8, 2006
Dear Xx. XxXxxxx:
This letter is to formally notify you of the name of the company that is to be used for the agreement dated April 8, 2006. The company name is US Quest Limited The mailing address, phone and fax numbers are listed above.
Sincerely
Xxxxx Xxxxxx
(Sent Via fax transmittal, email and US mail)
AGREEMENT
This agreement is by and between the pre-incorporators of a new StateNevada corporation to be formed in the placecountry-regionUnited States (hereinafter known as NEWCO), and Global Tech
(hereinafter known as GT).
Whereas, it is understood and agreed to by and between (NEWCO) and (GT) that (GT) possesses exclusive licenses, know-how and manufacturing technologies that produce all types of construction material, construction supplies, building supplies and components, including the ability to manufacture and produce industrial products and supplies related to both industries and modular and Don-modular construction, industrial products, and
decorative items.
Whereas, it is understood and agreed to by and between (NEWCO) and (GT) that (NEWCO) shall have the rights to manufacture, produce, distribute, sell, and have access and use of the proprietary licenses, exclusive licenses, know-how and manufacturing technologies of (GT);as related to paragraph (2) above.
Whereas, it is understood and agreed to by and between (NEWCO) and (GT) that these excusive and proprietary licenses, know-how and manufacturing technologies of (GT), as related to paragraph (2) above, shall be granted to (NEWCO) for the territory defined to encompass only the North American Free Trade Area (NAFT A) hereinafter defined as meaning the United States of America, Canada and Mexico, but also to include the
placeCaribbean on an exclusive basis.
Whereas, it is understood and agreed to by and between (NEWCO) and (GT) that the Home Depot project/agreement is to be excluded from this agreement, except that (NEWCO) shall have the option and first right of refusal to manufacture these products
for (GT).
Whereas, it is understood and agreed to by and between (NEWCO) and (GT) that (NEWCO) will pay a royalty of 10% on any use of the exclusive licenses, know-how or manufacturing: technologies to (OT), as consideration for (GT) entering into this
agreement.
Whereas, it is also understood and agreed between (NEWCO) and (GT) that if (NEWCO) grants a sub-license in respect 10 any of the exclusive licenses, know-how or manufacturing technologies of (GT), (NEWCO) will pay two-thirds of any sub-license
fee to (GT) and two-thirds of any royalty fee to (GT). It is also agreed and understood between (NEWCO) and (GT) that (NEWO) and (GT) shall mutually agree upon any sublicenses as it relates to all rerritory or products covered in this agreement. It is also agreed and understood between (NEWCO) and (GT) that (NEWCO) shall have the right to contract the production of these products to other entities with the permission of (GT),
and shall not be unreasonably withheld.
1
Whereas, it is understood and agreed to by and between (NEWC) and (GT) that these
rights and licenses shall be granted for a period of (5) years and shall continue for .
successive (5) year term automatically, as long as (NEWCO) shall be in full compliance
in payment of fees, licensing and royalties payable to (GT) and/or Assignees.
AGREED TO BY:
__/s/ Xxxxx Xxxxxx_____________
__/s/ Xxxxxx Xxxxxx________
April__8___, 2006
NEWCO
WITNESS:
__/s/ Xxxxx XxXxxxx___________
__/s/ Xxxxxx XxXxxxx________
April__8___, 2006
Global Tech (GT)
WITNESS:
