SERVICES AGREEMENT
Exhibit 10.11
THIS SERVICES AGREEMENT (the "Agreement") is made and entered into as of December 31, 2010 (the "Effective Date") by and between China Bull Management, Inc., a Nevada corporation ("Management Company") and China Bull Holding, Inc., a Nevada corporation ("Operating Company").
Management Company and Operating Company wish to establish an "arms length" agreement for the provision of services to be provided to Operating Company by Management Company.
Operating Company is in the business of providing various corporate management services primarily to Chinese companies operating in the United States (the “Business”).
Operating Company has requested Management Company to provide certain services related to the operation of the Business and Management Company desires to provide such services to Operating Company during the Term (as defined hereinafter).
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Receivable collected, the persons from whom such Accounts Receivable have been collected and, if specified by the payor, the invoice number and date to which such Accounts Receivable are to be applied. Management Company further agrees to make all information relating to the collection of the Accounts Receivable available to Operating Company upon reasonable request therefore.
e. Collection Procedures. Management Company will collect all payments on invoices rendered by Operating Company. Management Company shall post all funds received to the corresponding invoice and make any appropriate deduction or adjustment in accordance with the procedures set forth by Operating Company. Management Company shall remit to Operating Company all cash collected on invoices, to the extent they are Accounts Receivable of the Business.
a. Management Company shall cease performing Services and shall submit an invoice for any amounts which may be due Management Company under this Agreement as of the date of termination if there are any funds available from Business’ operations; and
b. Management Company shall deliver to Operating Company all information related to the operation of Business in Management Company’s possession or under Management Company’s control.
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g. Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with the laws of the State of Florida, without regard to choice of law principles thereof.
China Bull Management, Inc.
By: /s/ Xxxxxx Xxxxx
Name: Xxxxxx Xxxxx
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China Bull Holding, Inc.
By: /s/ Xxxxxx Xxxxx
Name: Xxxxxx Xxxxx
Title: Chief Executive Officer