DISTRIBUTORSHIP AGREEMENT
Exhibit 10.3
Portions of this Exhibit 10.3 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
This
DISTRIBUTORSHIP AGREEMENT (“Agreement”) is made and entered into
as of the 5th day of February 2009 (the “Effective Date”) by and
between WILD Flavors,
Inc., a Delaware corporation, whose corporate offices are located at 0000
Xxxxxxx Xxxxxx, Xxxxxxxx, XX 00000-0000 (“WILD”); Sunwin International Neutraceuticals,
Inc., a
Nevada corporation, whose corporate offices
are located at 0 Xxxxxxxxx Xxxxxx, Xxxx, Xxxxxxxx, Xxxxx 000000 (“SUNWIN”)
and Sunwin Stevia International
Corp., a Florida corporation doing business as Sunwin USA whose corporate
address is X.X. Xxx 0000, Xxxxxx, XX 00000-0000 (“Sunwin
USA”).
WHEREAS,
SUNWIN has developed and sells certain herbs and herbal extracts used in
traditional Chinese medicines and veterinary products, including but not limited
to a natural sweetener known as Stevia;
WHEREAS,
SUNWIN wishes to appoint Sunwin USA as a distributor for the Products, as
hereinafter defined, on a world-wide basis (the “Territory”) on the terms and
subject to the conditions provided for herein; and,
WHEREAS,
Sunwin USA desires to distribute the Products in the Territory with direction
and assistance of WILD; and,
WHEREAS,
WILD, by virtue of its capital investment in SUNWIN and its agreement to provide
the services set forth in Schedule A to this Agreement (the “Corporate
Services”), has been appointed manager of Sunwin USA and, as such, operates and
controls Sunwin USA, and WILD is willing and able to assist Sunwin USA in
developing uses for and marketing the Products for use in various
applications in the Territory.
NOW,
THEREFORE, in consideration of the mutual covenants and obligations of the
parties contained herein, the parties agree as follows:
1. Appointment
of Distributor and Services
A.
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Appointment of
Distributor, Certain Defined
Terms
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a.
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SUNWIN
hereby: (i) appoints Sunwin USA as its exclusive distributor for the
resale of the RA 80 Products, as hereinafter defined, in the Territory;
(ii) appoints Sunwin USA as its non-exclusive distributor for the resale
of the RA 40 Products, as hereinafter defined, in the Territory; (iii)
appoints Sunwin USA as its exclusive distributor of the RA 40 Products
upon fulfilment of, and subject to, the terms and conditions set forth in
Section 1.B(d) and (iv) grants Sunwin USA the right to buy all of the
Products in accordance with the terms and conditions of this
agreement. Sunwin USA agrees to act as a distributor of the
Products subject to the terms of this
agreement
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b.
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The
term “RA 80 Products” as used in this Agreement shall mean: the branded
product known as OnlySweet®, Stevia
graded RA 80 and above, including RA 80 and RA 95, all other forms
of Stevia used as a sweetener under development or developed in the future
that have an equivalent or
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Portions
of this Exhibit 10.3 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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better
concentration of sweetness of RA 80 or above and any improvements to these
products.
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c.
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The
term “RA 40 Products” as used in this Agreement shall mean Stevia graded RA 40, RA
50, RA 60 and any other grade of Stevia up to RA 80, but
not including RA 80.
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d.
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The
term “Products” as used in this Agreement shall mean the RA 80 Products
and the RA 40 Products.
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B.
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SUNWIN Commitments to
Sunwin USA:
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a.
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SUNWIN
agrees to deliver to or, as directed by Sunwin USA, for Sunwin USA to
market and sell to all customers in the Territory, and SUNWIN will not
sell the RA 80 Products to any other party in the
Territory.
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b.
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SUNWIN
agrees to refer to Sunwin USA all customers who seek to purchase the RA 80
Products for delivery into the Territory. Sunwin USA shall purchase the RA
80 Products from SUNWIN for all customers in the Territory and from no
other suppliers except as provided for in this
Agreement.
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c.
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SUNWIN
shall provide in its written and / or verbal agreements with its other
business partners that the RA 80 Products produced by or for SUNWIN may
not be sold in the Territory and that only Sunwin USA is entitled to
market and / or sell the RA 80 Products in the
Territory.
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d.
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SUNWIN
agrees to sell RA 40 Products to Sunwin USA on a priority basis as set out
in Section 1.B(g) below. At such time as Sunwin USA’s demand
for the RA 40 Products as evidenced by purchase orders for such amounts
meets or exceeds the full production capacity of SUNWIN for all of the RA
40 Products for a period of 90 consecutive days, SUNWIN will, within 90
days thereafter and the fulfillment of all pending orders for such
products from its other customers of RA 40 Products, grant to Sunwin USA
the exclusive right to distribute the RA 40 Products in the Territory.
Sunwin USA shall have the exclusive right to distribute the RA 40 Products
so long as Sunwin USA is able to purchase all of SUNWIN’s production
capacity at prices to be agreed upon by SUNWIN and Sunwin
USA.
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e.
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SUNWIN
will support Sunwin USA technically with regard to scientific, product
specifications and regulatory aspects and will inform Sunwin USA of the
results of any clinical studies conducted on the
Products.
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f.
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SUNWIN
agrees that its manufacturing facility(ies) shall be able to pass a
quality audit by Sunwin USA and / or by WILD at all times during the term
of this Agreement, and Sunwin USA and WILD agree to assist SUNWIN in
correcting any audit deficiencies.
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g.
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SUNWIN
shall supply all of Sunwin USA’s needs for the RA 80 Products before
selling and / or shipping Products to any other person. SUNWIN
shall supply all of Sunwin USA’s needs for the RA 40 Products before
selling and / or shipping Products to any other person on any order
received after written
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Portions
of this Exhibit 10.3 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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acceptance
by SUNWIN of Sunwin USA’s purchase order for the RA 40
Products. If, for any reason, SUNWIN cannot supply sufficient
volumes of the Products to meet Sunwin USA’s priority rights to volume,
then Sunwin USA shall be free to purchase the Products elsewhere to
satisfy its volume needs until such time as SUNWIN is able to fulfill
Sunwin USA’s orders for the
Products.
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C.
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Sunwin USA Commitments
to SUNWIN:
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a.
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Sunwin
USA, at the direction and with the assistance of WILD, agrees to market
and / or distribute the Products in the Territory and to provide the
Corporate Services.
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b.
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Sunwin
USA, at the direction and with the assistance of WILD, agrees to develop
prototype products containing the Products and exhibit these prototypes in
appropriate trade shows and / or to appropriate
customers.
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c.
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Sunwin
USA, at the direction and with the assistance of WILD, agrees to provide
prototype products containing Stevia to SUNWIN for
its evaluation, when requested by
SUNWIN.
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d.
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Sunwin
USA agrees to achieve a minimum distribution volume of [___]
Metric Tons of the Stevia grade [_______________] which are included in
the Products in the Territory during [_________________________] and each calendar year
thereafter (the “Minimum Distribution Requirement”). In the
event Sunwin USA does not achieve and maintain the Minimum Distribution
Requirement, then the parties agree to discuss how best to increase volume
sales of the Products. If after 60 days after the end of each
calendar year [__________] the Parties have not
reached an agreement to be negotiated in good faith on ways to increase
sales of the Products to meet or exceed the Minimum Distribution
Requirement, then SUNWIN shall be permitted to appoint additional
distributors, after providing written notice to Sunwin USA of its decision
to appoint such additional distributors, to sell the Products in the
Territory, and sell any grade of Stevia or any other
product manufactured or distributed by SUNWIN in the Territory; provided,
however, that if Sunwin USA achieves the Minimum Distribution Requirement
in a subsequent calendar year, then SUNWIN and Sunwin USA will negotiate
in good faith the terms and conditions of reinstatement of the exclusivity
rights provided for in this
Agreement.
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e.
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Sunwin
USA has the right of first refusal to market and distribute anywhere in
the Territory any new forms of Stevia used as a
sweetener that are not included in the definition of the Products which
are developed by SUNWIN (the “New Products”) on the following
terms. If at any time SUNWIN seeks to sell the New Products in
the Territory, then SUNWIN must first offer Sunwin USA the exclusive right
to distribute the New Products in the Territory on terms and conditions to
be negotiated by the parties in good faith. Should Sunwin USA
and SUNWIN be unable to reach mutually agreeable terms for such
distribution within 30 days from receipt of written notice from SUNWIN,
then SUNWIN may sell the New Products on a non-exclusive basis to other
parties in or for distribution into the Territory. However,
this right of first
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Portions
of this Exhibit 10.3 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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refusal
does not obligate Sunwin USA to market and / or distribute any other new
items developed and produced by
SUNWIN.
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2. Prices and
Payment:
A.
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SUNWIN
agrees to sell the Products to Sunwin USA at prices establish by the
following formula (the “Purchase Price
Formula”):
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[__________________________________________________________________________]
=Sale Price to Sunwin USA
The term
“Cost of Goods Sold” shall be computed in accordance with Generally Accepted
Accounting Principles in the United States (“GAAP”).
The term
“Value Added or Other Tax” shall mean the value added tax, duties or levies in
effect at the time of shipment of any products under this
Agreement.
The term
“Operating Expenses” shall mean the operating expenses related to the
production, transportation and insurance, if any, related to the production of
the Products.
The
Purchase Price Formula yields the following prices which shall be the prices to
Sunwin USA from [______]:
Description Price per metric ton (in US
$)
R A
40 [________]
R A
60 [________]
R A
80 [________]
R A
95 [________]
SUNWIN
and Sunwin USA agree to review the above listed prices for the Products
quarterly. If, at any time during the term of this Agreement, Sunwin
USA or WILD discovers that some other producer(s) is / are selling the Products
of equivalent quality to any other person(s) at lower prices than SUNWIN charges
Sunwin USA, then SUNWIN agrees to reduce its markup and sell the Products to
Sunwin USA at or below the other producer(s) market prices. Sunwin
USA shall provide SUNWIN with any reasonably requested documentation to support
Sunwin USA’s claim that other Stevia producers are selling
equivalent grades of stevia at prices below SUNWIN’s
prices. Thereafter, SUNWIN shall have up to 30 calendar days in which
to adjust the Products’ prices to Sunwin USA
to meet the lower priced Products for future orders of
the Products. If SUNWIN does not meet the lower price(s), then Sunwin
USA shall be free to purchase the Products from any other producer, in its sole
discretion and without penalty from SUNWIN, until SUNWIN can match the
competitive price.
B.
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Sunwin
USA and SUNWIN shall have the right to conduct a third party audit to
verify these margin calculations and pricing claims at any
time. Any new prices shall become effective on the 15th
day of the month following the quarterly review and shall be applied to
new purchase orders submitted after such
date.
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
C.
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Sunwin
USA agrees to pay all amounts due, directly to SUNWIN, within 30 calendar
days after Sunwin USA receives each invoice for a delivery of the Products
from SUNWIN. SUNWIN will invoice Sunwin USA and all amounts set
forth in this Agreement are in U.S. Dollars, and Sunwin USA will make all
payments to SUNWIN in U.S. Dollars. If Sunwin USA is in default
of any payment due SUNWIN under this Agreement, and Sunwin USA remains in
default for more than 10 business days after Sunwin USA receives written
notice of the default from SUNWIN: (i) all of SUNWIN’s invoices to Sunwin
USA for the Products purchased pursuant to this Agreement shall become
immediately due and payable; and (ii) SUNWIN may withhold delivery or
continued delivery of the Products to Sunwin USA. These
remedies are in addition to all other remedies provided by law and
available to SUNWIN.
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D.
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[_________________________________________________________________________________________________________________________________]
if any customer contacts SUNWIN and seeks to purchase the RA 80 Products
directly from SUNWIN for delivery into the Territory instead of from or
through Sunwin USA. SUNWIN shall not make any such sale,
without Sunwin USA’s advance written consent to do
so.
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3.
Terms of Sale and Delivery
A. General
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The
terms of this Agreement shall govern all transactions between SUNWIN and
Sunwin USA. Any items or terms not specifically provided for in
this Agreement shall be governed by the Kentucky Revised Statutes version
of the Uniform Commercial Code, as amended from time to
time. In every instance, the terms of this Agreement shall
supersede the terms and conditions of any purchase order or acceptance
document submitted by either party to the
other.
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B.
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Place of
Delivery
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SUNWIN
will provide all the Products to Sunwin USA Ex Works (Qufu, Shandong,
China), and risk of loss shall transfer at SUNWIN’s shipping location in
Qufu, Shandong, China.
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C.
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Inspection; Rejection
and Right of Cure
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Sunwin
USA and WILD shall have the right to inspect all the Products sold by
SUNWIN under this Agreement within ten (10) days after receipt of a
shipment by Sunwin USA. Any Products that do not meet the
Specifications (as hereinafter defined) prior to its shipment may be
rejected by Sunwin USA and / or
WILD.
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4. Warranties:
A.
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SUNWIN
warrants to SUNWIN USA that it will analyze all the Products before
shipment in accordance with methods of analysis agreed upon between
SUNWIN, WILD and Sunwin USA. SUNWIN will send Sunwin USA a
Certificate of Analysis with each shipment of the Products that sets forth
the complete results of all analyses of each Product shipment and shows
that each shipment conforms to all specifications agreed
to
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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by
the Parties (“Specifications”). Specifications may be amended
due to changes in regulations, customer requirements, or other
needs.
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B.
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SUNWIN
warrants to Sunwin USA and its customers that all the Products supplied by
SUNWIN to SUNWIN USA pursuant to this Agreement shall conform to the
Specifications and shall also be in full compliance in any location where
sold or used throughout the Territories with all applicable federal,
state, local and international statutes, ordinances and regulations
including but not limited to all laws concerning the safety of products in
the Territories that SUNWIN’s the Products will be sold or used throughout
the world. Without limiting the generality of the foregoing,
SUNWIN warrants that the Products shall be wholesome and fit for human
consumption at time of delivery and guarantees that all the Products shall
not be adulterated or misbranded within the meaning of any statutes or
regulations of any of the Territories into which SUNWIN’s the Products is
shipped. If, at any time, SUNWIN learns, or is notified, that
any the Products shipped to Sunwin USA or its designees contains hazardous
materials or is otherwise adulterated or unfit for human consumption,
SUNWIN shall immediately notify Sunwin USA and WILD of that
fact.
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C.
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SUNWIN
warrants to Sunwin USA that all facilities it uses to manufacture the Products and all
the Products that it sells to
Sunwin USA will conform to all applicable federal, provincial, state and
local laws and regulations governing food and beverage manufacturing,
hygiene, weights and measures in the target markets in the Territories and
other applications that incorporate or otherwise use the Products and be
completely fit for human consumption, and fully comply and be produced in
accordance with generally accepted Good Manufacturing Practices (as
defined in 21 C.F.R. Part 110) at SUNWIN facilities that have passed
quality audits acceptable to Sunwin USA and WILD. SUNWIN agrees
to submit, at SUNWIN's expense, to such facility or other audits as are
reasonably established from time to time by Sunwin USA or
WILD.
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D.
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SUNWIN
represents and warrants that its manufacture of the Products and the use
and resale of the Products by Sunwin USA and / or WILD will not infringe
upon any third party’s intellectual property rights, including but not
limited to patent and trademark rights. SUNWIN represents and
warrants that it owns the Products’ intellectual property
rights. If the patent rights of SUNWIN should be infringed by
any third party, only SUNWIN is obligated to take legal steps against this
infringement.
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5.
Force Majeure
Notwithstanding
any other provision of this Agreement, none of the parties hereto shall be
liable to the other parties for any loss, injury, delay, damage, or other
casualty suffered or incurred by the other parties due to strikes, labor
disputes, riots, wars, storms, fires, explosion, natural occurrences, foreign or
domestic embargo, acts of government authorities, lack of usual means of
transportation, or any other cause which is beyond the reasonable control of the
party the performance of whose obligations is affected by such cause (a “Force
Majeure Condition”) provided, however, that, this Section shall not apply to the
payment of any sums of money required to be paid by Sunwin USA
hereunder.
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
6.
Intellectual Property Rights
A.
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SUNWIN
acknowledges Sunwin USA’s proprietary rights and copyrights to all price
lists, and other documents prepared or used to promote the Products by
Sunwin USA or by WILD on Sunwin USA’s
behalf.
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B.
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If
Sunwin USA or WILD funds research on Stevia used in food and
beverage or dietary supplement applications, and as a result of this
research Sunwin USA creates new intellectual property (“IP”), such new IP
shall belong exclusively to Sunwin USA or WILD, as the case may be,
however, Sunwin USA and Wild shall have an unrestricted, irrevocable,
royalty-free, nonexclusive world-wide license for the term of this
Agreement to use, copy and modify such IP for the use and development of
Stevia based
products. If SUNWIN funds research on Stevia used in food and
beverage applications, and as a result of this research SUNWIN creates new
IP, such new IP shall belong exclusively to SUNWIN. If Sunwin
USA, WILD and SUNWIN jointly fund research on Stevia used in food and
beverage applications, and as a result of this research Sunwin USA, WILD
and SUNWIN jointly create new IP, such new IP shall belong jointly to
Sunwin USA, WILD and SUNWIN and each party shall have an unrestricted,
irrevocable, royalty-free, nonexclusive world-wide license to use, copy
and modify such IP for the use and development of Stevia based
products.
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7.
Confidentiality – Non-Use
SUNWIN,
Sunwin USA, and WILD each recognize that the other’s products, marketing
strategies, business plans, product development, research methods, product
testing, product sourcing methods, the actual costs of materials and products
are trade secrets of SUNWIN, Sunwin USA and WILD,
respectively. Therefore, each party covenants and agrees that it
shall use the other party's trade secrets only in pursuit and performance of the
legitimate business interests of the other parties in connection with and only
during the term of this Agreement. Each party agrees not to share the
trade secrets of the others with any third party, unless agreed in advance
between the parties. In no event shall any of the parties to this
Agreement be obligated to offer or make available to the other parties any
proprietary information (including know how) concerning the
Products. The rights and obligations of this Section 7 shall survive
any termination of this Agreement.
8. Term and
Termination:
A. The
term of this Agreement shall commence on the Effective Date and shall expire 60
months following the Effective Date (the “Initial Term"). Thereafter,
this Agreement will automatically renew itself for twelve (12) successive 36
month periods (“Renewal Terms”), unless and until either party terminates this
Agreement pursuant to Section 8.B, below.
B. This
Agreement may not be terminated except as follows:
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i.
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Upon
a material breach of the terms of this Agreement, including non-payment of
amounts due under this Agreement, the non-breaching party may terminate
this Agreement by giving written notice to the breaching party
specifically describing such breach and providing a 30 calendar day
opportunity to cure such breach; or
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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ii.
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Upon
the filing of a petition in bankruptcy, either voluntary or involuntary
(which, in the case of an involuntary filing, is not dismissed within 60
calendar days after the filing), the commencement of proceedings for
receivership, or the filing of any action seeking dissolution or
protection from creditors by either party, the other party may terminate
this Agreement by giving 10 days prior written
notice.
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C.
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Except
for the payment of amounts due under this Agreement, the Parties agree
that the termination of this Agreement is the sole remedy for a breach of
this Agreement. In the event of a termination of this
Agreement, Sunwin USA may continue to distribute the Products on a
non-exclusive basis for a period of 24 months on terms and prices to be
mutually agreed on by SUNWIN and Sunwin USA and to be negotiated by the
parties in good faith.
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9.
Severability; Governing Law
If any
provision of this Agreement shall be determined to be illegal or unenforceable
by any competent authority, the remaining provisions shall be severable and
enforceable in accordance with their terms. This Agreement shall be
governed by, and construed in accordance with, the laws of the Commonwealth of
Kentucky applicable to agreements made and to be performed in Kentucky, without
giving effect to the conflicts of law principles thereof.
10.
Notices
All
notices and other communications required under this Agreement shall be in
writing and shall be considered given when delivered personally, or by prepaid
facsimile, overnight courier or certified U.S. Postal Service letter postage
prepaid and addressed to the parties at the following addresses:
If to WILD Flavors, Inc.:
Attn: Chief
Operating Officer
0000
Xxxxxxx Xxxxxx
Xxxxxxxx,
XX 00000-0000
Facsimile: 000-000-0000
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With a Copy to:
WILD
Flavors, Inc.
Attn: General
Counsel
0000
Xxxxxxx Xxxxxx
Xxxxxxxx,
XX 00000-0000
Facsimile: 000-000-0000
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If to Sunwin USA:
Sunwin
USA
Attn: President
& CEO
X.X.
Xxx 0000
Xxxxxx,
XX 00000-0000
Facsimile: 000-000-0000
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Attn: President
and Chairman
0
Xxxxxxxxx Xxxxxx
Xxxx,
Xxxxxxxx, Xxxxx 000000
Facsimile: (00)
000-000-0000
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
11.
Modification
Except as
otherwise expressly provided herein, neither this Agreement nor any provision
hereof can be modified, amended, changed, discharged, or terminated except by an
instrument, in writing, signed by all of the parties hereto. All
waivers must be in writing signed by the waiving party.
12.
Transfers and Assignments
This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and permitted assigns. None of the
parties shall assign its rights or delegate its duties under this Agreement,
except with the express written consent of the other parties, which consent
shall not be unreasonably withheld. Notwithstanding anything to the contrary
provided for in this agreement, one or more subsidiaries of SUNWIN may fulfill
SUNWIN’s obligations under this Agreement.
13.
Indemnification, Limitation of Damages and Insurance
A.
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Subject
to the terms of this Agreement hereof, each Party (the “Indemnifying
Party”) shall indemnify and hold the other Parties, their Affiliates, and
their respective representatives, officers, directors, shareholders,
employees, and agents (the “Indemnified Parties”), harmless from any and
all liability, claims, causes of action, damages, and expenses, including
reasonable attorney’s fees and costs (“Damages”) which the Indemnified
Parties may become liable for, or may incur, or may be compelled to pay as
a result of claims by any third parties arising from or in connection with
(i) the negligent, reckless or willful acts of the Indemnifying Party, its
agents, employees or contractors; or, (ii) the breach by the Indemnifying
Party of any material term, warranty or covenant to which the Indemnifying
Party is bound by this Agreement.
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B.
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Promptly
after receipt by an Indemnified Party of notice of any action, proceeding,
claim or potential claim (any of which is hereafter referred to as a
“Circumstance”) which could give rise to a right to indemnification
pursuant to any provision of this Agreement, the Indemnified Parties shall
give the Indemnifying Party written notice describing the Circumstance
in reasonable detail and a copy of any correspondence, court
papers or other writings setting forth the Circumstance for which
indemnification is sought. The Indemnifying Party shall have
the right, at its option, to compromise or defend, at its own expense and
by its own counsel, any such matter involving the
Circumstance. If an Indemnifying Party shall undertake to
compromise or defend any such Circumstance, it shall promptly notify the
Indemnified Parties, and the Indemnified Parties agree to cooperate fully
with the Indemnifying Party and its counsel in the compromise of, or
defense against any such Circumstance. All costs and expenses
incurred in connection with such cooperation (other than the cost of
outside counsel or internal personnel of the Indemnified Parties) shall be
borne by the Indemnifying Party. The Indemnified Parties shall
have the right at their own expense to participate in the defense of such
Circumstance. In no event shall the Indemnified Parties
compromise any such Circumstance without the written consent of the
Indemnifying Party, unless the Indemnifying Party fails or refuses to
indemnify or fails or refuses to take reasonable and prompt (after 20 days
written notice) action in defense of such
Circumstance.
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C.
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No
party to this Agreement shall be liable for incidental, consequential,
special, punitive or exemplary damages in connection with the goods or the
services rendered hereunder
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
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even
if notice was given of the possibility of such damages and even if such
damages were reasonably
foreseeable.
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D.
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Sunwin
USA agrees to procure and maintain in force during the term of this
Agreement, with companies reasonably acceptable to SUNWIN, a comprehensive
general public and products liability insurance policy in an initial
amount not less than Three Million ($3,000,000.00)
Dollars. Sunwin USA agrees to review the amount of insurance
coverage on the annual anniversary date of this Agreement to ensure that
coverage levels remain acceptable. Sunwin USA shall provide a
certificate of insurance to the other parties within 20 business days
after all parties have signed this
Agreement.
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14.
Remedies
Any
dispute arising under or relating to this Agreement shall be settled under the
Commercial Arbitration Rules of the American Arbitration Association by a single
arbitrator selected in accordance with such Rules. The place of
arbitration shall be in the City of Erlanger, Kentucky, USA. The
expenses of the arbitration shall be apportioned between the parties as
determined by the arbitrator, who in his / her discretion may also award
attorney’s fees to the prevailing party. Either party may file a
lawsuit seeking a temporary restraining order or preliminary injunction in aid
of arbitration. The arbitrator shall be empowered to issue equitable
relief such as injunctive relief and specific performance in addition to money
damages.
15.
Captions
The
captions herein are inserted for convenience only and shall not define, limit,
extend, or describe the scope of this Agreement or affect the construction
hereof.
16.
Counterparts
This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which taken together shall constitute one
and the same instrument.
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Portions
of this Exhibit 10.21 marked by a [__] have been omitted
pursuant to a request for confidential treatment filed separately with the
Commission.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Effective Date first stated above intending to be legally bound.
SUNWIN International Neutraceuticals, Inc. | Sunwin Stevia InternationalCorp. d/b/a Sunwin USA | |||
/s/
Xxxxxxxx Xxx
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/s/
Xxxxxxx Xxxxxxxx
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Xxxxxxxx
Xxx, Chief Executive Officer
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Xxxxxxx
Xxxxxxxx, President and CEO
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Date: February 5, 2009 | Date: February 5, 2009 |
WILD Flavors, Inc. | ||||
/s/
Xxxxx
X. Xxxxx
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Xxxxx
X. Xxxxx, Chief Operating Officer
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Date: February 5, 2009 |
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