Agreement
Agreement
Party A: Yaboo Agriculture (Taizgou) Co, Ltd
Legal Representative: Xxxxxx Xxxxx
Party B: Hailing Modern Agricultural Demonstration Zone Administration Office.
Legal Representative: Xxxxx Xxx
Through friendly negotiation, both Parties agree on the following:
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A.
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Defined Objective
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1.
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Party A will transfer the Qilin Bay Restaurant to Part B, operational 3000 sq meters.
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2.
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Party A will transfer all fixtures, space, equipment, and tools to Party B (see List)
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B.
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Term
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From February 2012 to August 31, 2014.
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C.
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Payment
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1.
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Qilin Bay Restaurant’s lease payment will be re-negotiated By Party B with Taizhou Sunny Agriculture Development Co.; Ltd.
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2.
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Other Expense: Party B will be responsible for management fee, utilities, taxes, disposal, and all operational cost related to restaurant operation.
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D.
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Part A’s Responsibility
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1.
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Party A will transfer all Qilin Bay Restaurant’s license, seals, and all other approvals to Party B, to ensure Party B’s independent operation;
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2.
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Party A will provide restaurant operational space, equipment, tools (see List)
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3.
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Party A will have right to inspect the restaurant’s quality, safety, price and services.
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E.
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Party B’s Responsibility
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1.
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Party B will be responsible for the restaurant operation, and accept local government’s inspection and supervision.
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2.
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Party B will be responsible for the restaurant’s equipment and fixtures maintenance and repair;
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3.
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Timely make payment
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4.
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Party A will be responsible for the liabilities incurred prior this Agreement; Party B will be full responsible for the liabilities incurred after this Agreement.
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5.
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Party B will be responsible for all restaurant employees’ insurance, health, accident and injury, safety, and benefit.
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1
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F.
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Default
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1.
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The Agreement will not be terminated; if defaulted, the defaulted Party will pay the penalty to another Party. The termination of the Agreement will be treated as default.
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2.
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Party A will not terminate the Agreement. If Party A want to terminate, Party A must give 3 month writing notice to Party B. After termination, Party A will pay Party B the penalty deposit;
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3.
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Within the period of this Agreement, Party A will be not responsible for Party B’s liability.
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G.
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Amendment
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This Agreement may be amended from time to time by supplement agreement.
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H.
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Irresistible Force
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If there is any irresistible force which result in delaying or cannot execute this Agreement, one party must inform another party within 3 days in writing.
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I.
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Arbitrary
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If there is any dispute, both parties may discuss to resolve issues. If not, either Party may file petition to local Chinese court.
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J.
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Effective
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The Agreement will be effective after both Party’s signature plus seals
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K.
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Other
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This Agreement executed in 3 copies, with equal legal right.
| Party A: | Baoguao Jiang | ||
| Signature and seal | |||
| Party B: | Xxxxx Xxx | ||
| Signature and seal |
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