ENGAGEMENT TO CONDUCT
A PRELIMINARY RISK ANALYSIS AND ASSESSMENT
THIS ENGAGEMENT TO CONDUCT A PRELIMINARY RISK ANALYSIS AND ASSESSMENT
("Agreement") is made and entered into as of 16 Sept., 2006, by and between
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Powered Corporation, a company organized and existing under the laws of the
State of Texas, USA ("Powered"), and Khalid Al-Sunaid, an individual who is a
citizen of and resides in Riyadh, Kingdom of Saudi Arabia. ("Client"). (Powered
and Client are hereinafter collectively referred to as the "Parties").
WITNESSETH:
WHEREAS, Powered provides consulting services focused on the development of
international energy related projects and related analyses and assessment of
risk, infrastructure, feasibility and economics; and
WHEREAS, Client is active in facilitating infrastructure development throughout
the Arabian Gulf Region and desires to engage the consulting services of Powered
to conduct a preliminary risk analysis and assessment relating to the
development of an electric power plant in The Republic of Yemen; and
WHEREAS, the Parties desire to enter into this Agreement in order to set forth
the agreements between them in respect of the Investment.
NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements set forth herein and in reliance upon the representations and
warranties contained herein, the parties hereto covenant and agree as follows:
1. Client hereby agrees to pay Powered a total of Twenty Five Thousand US
Dollars ($25,000 USD) to engage the consulting services of Powered at a
cost of $25,000 to conduct a preliminary risk analysis and assessment for
the development of an electric power plant in Yemen.
2. The $25,000 USD shall be paid to Powered
2.1 no later than 18 Sept., 2006.
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2.2 Payments are to be paid as agreed with Xx. Xxxxx Xxxxxxx,
Co-Chairman, and CEO ME/Africa (as agent for Powered Corporation) as
follows:
Name: Xxxxx Xxxxxxx
Bank: Emirates Bank
Branch: Xxxxxxx Xxxxxx, X.X. Xxx 00000 Xxxxx
Account No.: 0000-000000-000
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4. GENERAL Provisions
4.1. Confidentiality/Non-Circumvention. Each party agrees to keep
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confidential the fact that negotiations exist between them except to
the extent disclosure is required by law or in order to fulfill its
rights or obligations hereto. Additionally, each party agrees to keep
confidential the identity of parties introduced to the other and that
for a period of five years from the date of execution hereof, will not
make contact with said introduced parties without the direct
involvement of the other.
4.2. Assignability. Parties may assign its respective benefits,
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privileges, rights and obligations under this agreement only with the
express written consent of the other party. Such consent shall not be
unreasonably withheld.
4.3. Entire Agreement. Each Party acknowledges that it has read this
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Agreement, understands it, has had the benefit of counsel of its own
choosing, and agrees to be bound by the terms of the Agreement. The
Parties further agree that the Agreement is the complete and exclusive
statement of the Agreement between the Parties, which supersedes all
prior proposals, understandings, and all other agreements, oral and
written, between the Parties relating to the subject matter of this
Agreement. The Agreement may not be modified or altered except by a
written instrument duly executed by both Parties. The Agreement shall
not be presumptively construed against either Party.
IN WITNESS HEREOF, this Agreement is effective as of this, the 16 day of Sept.
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2006.
For: CLIENT For: Powered Corporation
/s/ Khalid Al-Sunaid /s/ Xxxxx Xxxxxxx
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By: By:
Khalid Al-Sunaid Xxxxx Xxxxxxx
Client CEO, ME& AFRICA
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