LETTER OF COMMITMENT
This letter made as of the 23rd of October, 1999, ("The Effective
Date") by and between 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 at 0000 Xxx Xxxxxxxx,
Xxx Xxxxx, XX ("Hereinafter referred to as "EC")
1. EC agrees that it presently owes RT the sum of One Hundred Sixty
Eight Thousand Dollars ($168,000.00) for services rendered and
completed for MRS software and safeTpay system server as of the
date of this contract.
2. EC agrees that RT has, to the date of this contract, fulfilled
its contract obligation to EC, completed the MRS software and
safeTpay system server and is ready to ship.
3. EC also agrees that any additional technical support regarding
the MRS software or safeTpay server will be an additional cost to
EC.
4. In the event that EC or any of its affiliates request any of RT's
staff to travel for the purpose of technical support or advice
for the Integration of the safeTpay server, EC will pay for all
airfare, hotel and perdium (at a rate of $100.00 per day) for
each person.
5. In addition, in the even EC requests RT Technical support to
travel for the Integration of the safeTpay server to the Host, EC
shall pay each programmer the rate of $1,500.00 per day for a
maximum of three (3) days in advance (before they leave) for
services rendered.
6. XX agrees to pay RT the sum mentioned in Paragraph 1 as follows:
a. The sum of Forty Thousand Dollars ($40,000.00) by Monday,
November 1st, 1999;
b. The sum of Sixty Four Thousand Dollars ($64,000.00) by Friday,
November, 19th, 1999;
c. The sum of Sixty Four Thousand Dollars ($64,000.00) by Tuesday,
November 30th, 1999.
7. In the event that EC fails to meet the above payment schedule
(mentioned in Paragraph 6 - a, b, c, EC shall pay, in addition to
the fees mentioned in Paragraph 6 - a, b, c, to RT as follows:
a. For Monday, November 1st, 1999, a late charge of 60,000 free
trading shares of ECNC;
b. For Friday, November 19th, 1999, a late Charge of 100,000 free
trading shares of ECNC;
c. For Tuesday, November 30th, 1999, a late Charge of 500,000 free
trading shares of ECNC.
Agreed and Accepted:
By: /s/ Xxxxx Xxxxxxxxx By: /s/ Xxx Xxxxxx
Xxxxx Xxxxxxxxx, President Xxx Xxxxxx, CEO
Xxxxx Technologies eConnect
Date: October 23, 1999 Date: October 23, 1999
