Exhibit 10.1
Service Agreement
This Service Agreement is made and entered in to on this the 1st day of May,
2001 by and between Construction and Marine Equipment, hereafter referred to as
CME, and New York Cross Harbor Railroad, hereafter referred to as NYCH.
In consideration of the mutual promises, covenants, and representations,
warranties and guarantees set forth in this agreement, and other good and
valuable consideration, the Parties, NYCH and CME, intending to be legally
bound, hereto agree as follows:
1. CME will provide the loading and unloading of intermodal containers on and
off of railcars at the Greenville Yard In Jersey City, NJ. CME will
provide all of the necessary equipment, materials, and labor to perform
the above services CME will provide all of the maintenance and insurance
covering the equipment.
2. Service Charges. The following is a schedule of charges for the loading
and unloading of containers on and off of railcars:
- $375 per car far cars l through 45, monthly
- $325 per car for cars 46 and above, monthly
- CME will invoice NYCH every 15 days with payment due in 14 days -
CME will be reimbursed up to $5000 for the initial mobilization
of equipment into Greenville Yard with first invoice, but not
more than actual cost.
- CME will xxxx XXXX up to $5000 for the demobilization and
movement of equipment upon cancellation or termination of this
agreement, but not more than actual cost.
- NYCH will guarantee a minimum of 45 cars per month, or 540 cars
annually
3. Term - This service agreement shall commence on the 1st day of May 2001
and terminate on April 30, 2006. By agreement, the term of this lease may
be extended upon terms and conditions mutually acceptable to both Parties.
4. Indemnity - CME agrees as its sole cost to hold NYCH harmless from and
against any liability claim, demand, lien, suit, action or proceeding,
judgment, award, decree, and all costs and expenses incurred therewith,
including attorney's fees for (a) any failure of CME to comply with its
obligation under this agreement and (b) death, injury, or damage to
property or person or any other disability whatsoever arising out of this
agreement.
5. Insurance - CME shall at its sole expense obtain and maintain
Comprehensive or Commercial General Liability insurance. Said policy of
insurance shall be for a minimum amount of three million dollars
($3,000,000) combined single limit for both bodily injury and property
damage. CME shall furnish NYCH with a
Construction and Marine Equipment
Date: May 1, 2001
by Xxxx Xxxxxx
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Xxxx Xxxxxx, President
New York Cross Harbor Railroad
Date: May 1, 2001
by Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, President
