AGREEMENT
This Agreement is made as of the 23rd of November, 1999, ("The
Effective Date") by Xxxxx Xxxxxxxxx, individually and
collectively known as, Xxxxx Technologies with address at 0000 X.
Xxxxx Xx., Xxx Xxxxxxx, XX 00000 ("Hereinafter referred to as
`RT'") and Mr. Xxx Xxxxxx, individually and collectively known
as, eConnect and or SafeTpay with address as 2500 Via Cabrillo
("Hereinafter referred to as `ECNC'").
The parties hereby represent and warrant that the individuals
executing this Agreement on their behalf are authorized to do so
and will bind the parties to the terms and conditions of this
Agreement.
1.01 It is agreed that an "outstanding balance" in the amount of One
Hundred and Sixty Eight Thousand dollars (USD$168,000.00) exists
payable to RT for which ECNC is responsible to pay under the
terms of the previously signed Payment Schedule dated October 23,
1999.
2.01 In consideration of the item mentioned herein in Paragraph 1.01,
ECNC agrees that the MRS and or SafeTpay software, which was
designed and created by RT, remain under the owndership and full
control of RT. However, RT agrees to allow ECNC to utilize its
software, and provide instruction to SafeTpay for the Merchant
Plug-in integration so that SafeTpay may sign on new Merchants
(for the purpose of moving monies across the Internet for a
transaction fee).
3.01 For the service provided to ECNC and SafeTpay by RT, ECNC agrees
to pay fees to RT as follows:
a. A non-refundable fee of Five Thousand Dollars ($5,000.00) upon the
signing of this Agreement.
b. The hourly rate of Four Hundred Fifty dollars ($450.00)
per hour, per Programmer for any additional work, instruction or advice.
4.01 ECNC agrees that the payments mentioned in Paragraph 3.01 above,
Does Not satisfy the "outstanding balance" mentioned in Paragraph
1.01 and said Payment Schedule dated October 23rd, 1999 will
still remain effect until completely and fully satisfied.
IN THE WITNESS WHEREOF, Both Parties have executed this Agreement
on the date first written above.
Agreed and Accepted:
By: /s/ Xxxxx Xxxxxxxxx By: /s/ Xxx Xxxxxx
Xxxxx Xxxxxxxxx, President Xxx Xxxxxx, CEO
Xxxxx Technologies eConnect
Date: November 23, 1999 Date: November 23, 1999
