License Agreement
This License Agreement dated April 26, 2012
BETWEEN:
Vital Products Supplies, Inc.
0000 Xxxxxxxx Xxx
Xxxxx Xxxxxx, Xx. 00000-0000
(The "Licensor")
and
Vital Products Inc.
00000 Xxxxx Xxxxx Xxx
Xxxx Xxxxx, Xx. 00000
(The "Licensee")
The licensor has agreed to grant the Licensee the right to market the products
of the Licensor as well as the right of use of the facilities of the Licensor
including but not limited to the sales and distribution facilities.
Duration- the duration of this agreement shall be for a period of Twelve
months commencing on April 26, 2012 and thereafter on a month-by-month basis
unless sooner terminated by the Licensor as provided for in this agreement.
License Fee- The Licensee will pay to the Licensor, without and deduction,
abatement or setoff whatsoever, a fee equal to 1.5% of all sales generated
plus a 1.5% management fee based on the total monies paid for employee
salaries, benefits and commissions. Said fees to be paid within forty-five
days following the closing of each month's sales activities.
Termination- The licensor may at any time in it's sole discretion, with sixty
(60) days prior notice terminate this agreement and revoke the license granted
herein for any reason whatsoever and upon such termination the Licensee shall
immediately stop the use of the facilities as described above.
Entire Agreement- This agreement contains all the obligations, representations
And warranties in respect of the Licensed Facilities and the entire agreement
between the parties concerning the subject matter of this agreement .The
Licensee expressly disclaims reliance on any promises, inducements,
representations, warranties, collateral agreements or conditions in entering
into this agreement other as expressly set out in this agreement. Time is of
the essence of this Agreement. This Agreement shall be governed by and
construed in accordance with the laws of the State of California.
Licensor: Licensee:
Vital Products Supplies, Inc. Vital Products Inc.
Per /s/Xxxxx Xxxxxx Per /s/Xxxxxxx Xxxxxx
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Xxxxx Xxxxxx Xxxxxxx Xxxxxx
