EXHIBIT 10.14
AGREEMENT
THIS AGREEMENT, made as of this day of December 1999, (the "Agreement")
between Kadampanattu Corp. (hereinafter referred to as "K Corp.") and Trailer
Bridge, Inc., ("hereinafter referred to as "Trailer Bridge").
WHEREAS, in August, 1999 K Corp. and Trailer Bridge entered into an
agreement regarding the reimbursement by K Corp. of approximately $3.7 million
in additional expenses incurred by Trailer Bridge as a result of the failure of
the loading ramp system provided by K Corp.; and
WHEREAS, the parties sought to accomplish this reimbursement through
the assignment of insurance proceeds related to the loading ramp structure
formerly used in Jacksonville, Florida; and
WHEREAS, payment under that insurance policy has been delayed;
NOW THEREFORE, in consideration of the mutual covenants and agreements
to be kept and performed on the part of said parties hereto, respectively as
herein stated, hereby agree as follows:
1. K Corp. agrees to fully pay the reimbursement of expenses agreed
to in August, 1999 directly to Trailer Bridge prior to March 30,
2000.
2. Upon such full payment Trailer Bridge agrees to rescind or return
the assignment of the insurance policy related to the ramp
formerly used in Jacksonville and waive for the benefit of K
Corp., any amounts due under such policy.
IN WITNESS WHEREOF, K Corp. and Trailer Bridge have caused this
Agreement to be executed as of the date and year first above written.
KADAMPANATTU CORP.
/s/ Xxxx X. XxXxxx
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By: Xxxx X. XxXxxx
Title: President
TRAILER BRIDGE, INC.
/s/ Xxxx X. XxXxxx
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By: Xxxx X. XxXxxx
Title: Chairman of the Board and CEO
