Exhibit 10.1
AGREEMENT
This agreement is made as of August 8, 1997 at Walnut Creek, California, between
InterBet, Inc., a Nevada Corporation having its principal office in Walnut Creek
, California (InterBet), and The Big Lagoon Rancheria Tribe (Tribe), a federally
recognized tribe located in Trinidad, California.
Whereas: The Big Lagoon Rancheria is governed by the Tribal Council which
is empowered to enact all ordinances and resolutions necessary
for adopting Gaming ordinances, and such ordinance has been
adopted, and;
Whereas: The National Indian Gaming Commission has approved the tribal
gaming ordinance adopted August 5, 1994 by the Tribe, and;
Whereas: InterBet desires assist in the conduct of a Bingo for cash game
on the World Wide Web Internet in conjunction with the Tribe and
by agreement with the Tribe to share in the net proceeds of such
gaming.
NOW, THEREFORE, the parties agree as follows:
-Article One-
USE OF LICENSE
1.1 Tribe agrees to use its gaming license to conduct, via the World Wide Web
Internet, Bingo for cash and such other games as may be approved for gaming on
Indian lands as defined in the Indian Gaming Regulatory Act (IGRA).
-Article Two-
FEES
2.1 InterBet agrees to pay all costs associated with the establishment and
operation of thisenterprise, and to pay to the Tribe no less than sixty percent
(60%) and no more than seventy percent (70%) of net proceeds, whichever shall be
allowed by the guidelines of the National Indian Gaming Commission.
2.2 A bank such as Monument National Bank of Ridgecrest, California, shall
receive and hold all funds payable to the Tribe as determined by monthly audit.
2.3 InterBet agrees to pay the sum of Five Thousand Dollars ($5,000.00) to the
Tribe at the time of signing this agreement. 2.4 InterBet agrees that, upon
approval of the contract between InterBet and the Tribe, the first Fifty
Thousand Dollars ($50,000.00) received from the conduct of the Bingo-for-cash
game on the World Wide Web shall be paid to the Tribe, without regard to the
distributioformula of paragraph 2.1 herein.
-Article Three-
Approval
3.1 Tribe agrees to promptly submit this agreement for approval of any agency or
regulatory body which might be required by Big Lagoon Rancheria Constitution or
the IGRA, or the National Indian Gaming Commission.
-Article Four-
TERM
4.1 This Agreement shall commence on the date first written above and shall
continue for the period of five years, unless earlier terminated as follows:
4.2 Either party may terminate this Agreement in the event of a breach by the
other party orany of its obligations contained herein if such breach continues
uncured for a period of ten (10) days after written notice of such breach to the
other party.
4.3 Either party may terminate this Agreement upon written notice to the other
party if termination is required by action of any Indian, federal or state
regulating body, court , or agency.
-Article Five-
SEVERABILITY
5.1 If any provision of this Agreement shall be held to be illegal or
unenforceable, such provision shall be severed from this Agreement and the
remainder thereof shall remain in full force and effect.
-Article Six-
ENTIRE AGREEMENT
6.1 This Agreement constitutes the entire Agreement of the parties, and
supersedes all previous understandings between the parties with respect to the
subject matter hereof. There are no oral representations.
BIG LAGOON RANCHERIA INTERBET, INC.
By: /s/Xxxxxx Xxxxxxxxx By: /s/Xxxxxx Xxxxxxxxx
Xxxxxx Xxxxxxxxx, Chairperson Xxxxxx Xxxxxxxxx, Chairman
Big Lagoon Rancheria InterBet, Inc.
