MEMORANDUM OF UNDERSTANDING
Exhibit 10.38
Party A: Online Education College of Renmin University of China
Party B: CMR Web Learning Co., Ltd.
Party C: Xxxxx Century Technology Development Co., Ltd.
Party D: Modern Distance Education Company Limited
Whereas Party A and Party B signed the Service Agreement and its appendixes as of March 31, 2003, and Party C and Party D signed the Joint Venture Contract as of October 22, 2002, the parties reach the following understanding in accordance with the principles of the aforementioned agreements:
| 1. | Party A and Party B shall adjust the total amount of the service fees in the last month of each year, i.e. in the event there is any shortage in the revenue and expenditure of Party A, Party B shall deduct the corresponding amount from the service fees for the year; in the event there is any surplus in the revenue and expenditure of Party A, Party A shall increase the corresponding amount in the service fees for the year so as to promote the expansion of Party A’s online education and the technological development and construction of its online education, and ensure its position as one of the international first-class online universities. |
| 2. | The anticipated cost to be borne by Party A shall be defined as the bonus to the service stations, the administration fee submitted to Renmin University of China accounting for 10% of the gross revenue of the tuition, and part of the fees for teaching management. |
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| Party A: | Online Education College of Renmin University of China | |
| (Seal of Online Education College of Renmin University of China) |
| By: | /s/ Lin Gang | |
| Name: | Xxxxx Xxxx | |
| Date: March 31, 2003 | ||
| Party B: | CMR Web Learning Co., Ltd. | |
| (Seal of CMR Web Learning Co., Ltd.) |
| By: | /s/ Xxxx Xxxxxxxx | |
| Name: | Xxxx Xxxxxxxx | |
| Date: March 31, 2003 | ||
| Party C: | Xxxxx Century Technology Development Co., Ltd. | |
| (Seal of Xxxxx Century Technology Development Co., Ltd.) |
| By: | /s/ Li Jiugao | |
| Name: | Li Jiugao | |
| Date: March 31, 2003 | ||
Party D: Modern Distance Education Company Limited
| By: | /s/ Xxxxx Xx | |
| Name: | Xxxxx Xx | |
| Date: March 31, 2003 | ||
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