Exhibit 10.16
July 25, 2001
Triaton GmbH
Attention: Xx. Xxxxx Xxxxxx
Mr. Xxx Xxxxx
Re: Joint Services Agreement dated July 27, 2000
Gentlemen:
I am writing on behalf of Internet Commerce Corporation (the "Company") to set
forth the agreement we reached on Friday, July 20, 2001 in Dusseldorf to modify
the payment schedule and certain other terms of the joint services agreement
dated July 27, 2000 between Hightech International Services GmbH (now,
"Triaton") and the Company (the "Joint Services Agreement").
1. Upon confirmation this week that the Company has fully complied with
the provisions of Section 3.3.1 of the Joint Services Agreement regarding the
Escrow Materials, Triaton will promptly remit to the Company $750,000 by wire
transfer to the Company's account listed below:
Key Bank
Poughkeepsie, New York, USA
Routing # XXXXXXXXX
Acct # XXXXXXXXXXXX
2. Simultaneously, Xxxxxxx will remit to the Company $250,000 by wire
transfer to the above specified account. Such amount shall be an advance against
services and reimbursable expenditures requested by Xxxxxxx that are not
required to be provided by the Company pursuant to the Joint Services Agreement.
To the extent the Company does not complete such services by March 31, 2002, the
Company will subtract such portion from the amount payable by Xxxxxxx as
described in the next paragraph of this letter.
3. For purposes of the payment schedule set forth in Section 8.3 of the
Joint Services Agreement, (a) "Q4 of Year 1" shall mean and refer to the quarter
ended June 30, 2002, and (b) "Year 2" shall commence on July 1, 2002.
Except as set forth above, the terms and conditions of the Joint Services
Agreement remain in full force and effect and by executing and returning a copy
of this letter, we each acknowledge and agree that neither of us is in default
under or breach of the Joint Services Agreement as of the date hereof.
We are pleased that our past differences have been settled and look forward to a
mutually successful and profitable long-term business relationship.
Very truly yours,
/s/ X. Xxxxxxx Xxxxxxx
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X. Xxxxxxx Xxxxxxx,
President and Chief Executive Officer
AGREED:
Triaton GmbH
By /s/ Xxx Xxxxx
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Ton Deutz
