ASSIGNMENT OF GUABER AGREEMENT
ASSIGNMENT
OF GUABER AGREEMENT
THIS
AGREEMENT (the "Agreement"), is dated as of November 10, 2006 by and between
OmniReliant Corp., a Florida Corporation (the "Company" or "OmniReliant") and
Reliant International Media, LLC., a Florida limited liability Corporation
("Reliant").
WHEREAS,
Reliant has entered into an International Marketing and Distribution Agreement
dated September 25, 2006 (the "Guaber Agreement") with Guaber S.p.A ("Guaber")
to develop and market SPA in a Can.
WHEREAS,
Reliant wishes to assign its interest in the Guaber Agreement to
OmniReliant.
WHEREAS,
OmniReliant wishes to assume the Guaber Agreement from Reliant;
NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties
and agreements herein contained, the parties hereto agree as follows
FOR
GOOD
AND VALUABLE CONSIDERATION, OmniReliant agrees to assume the Guaber
Agreement.
OmniReliant
hereby warrants that it has received a copy of the Guaber Agreement, that it
is
aware of all the terms and conditions therein, and that it agrees to assume
said
agreement and hold harmless Reliant of any claims.
OmniReliant
hereby assumes and agrees to perform all of the remaining and executory
obligations of Reliant under the Guaber Agreement with Guaber, including any
payments as prescribed in the Guaber Agreement.
DISPUTE
RESOLUTION
Arbitration.
Any
controversy or claim arising out of or relating to this Agreement, or any breach
thereof, having not been cured within the time prescribed herein , arising
out
of or relating to the relationship between Reliant (including any of its
parents, subsidiaries, officers, employees, affiliates, agents, and
representatives, and the officers and employees of all such entitles) and
OmniReliant (including any of its parents, subsidiaries, officers, employees,
agents or affiliates, and the officers and employees of all such entities)
including, without limitation, any claim that any terms in this Agreement are
unenforceable or otherwise avoidable, shall be submitted to binding arbitration
and shall be determined in accordance with the rules of the American Arbitration
Association. Such Arbitration shall be conducted in English before a sole
arbitrator who shall be a United States national, selected in accordance with
said rules. The Arbitration, including the rendering of the award shall take
place in Florida. The conflict of law rules of the State of Florida shall be
applicable. Judgment upon the award of the Arbitrator may be entered in any
court having jurisdiction thereon. The parties acknowledge that this Agreement
and any award rendered pursuant to it shall be governed by the 1958 United
Nations Convention on the Recognition and Enforcement of Foreign Arbitration
Awards. This clause shall not, however, limit Reliant's right to institute
or
join in any petition or action before a federal bankruptcy court, as may be
necessary in Reliant's sole subjective judgment, to seek to receive from
OmniReliant payments due under this Agreement. Furthermore, this clause shall
not limit OmniReliant’s or Reliant's right to obtain any provisional remedy,
including, without limitations, injunctive relief, writs for recovery of
possession or similar relief, from any court of competent jurisdiction, as
may
be necessary in Reliant's sole subjective judgment, to protect its trademark
or
other property rights including liens and security interests. The existence
and
outcome of any arbitration proceedings shall be kept confidential except to
the
extent necessary to obtain judgment on or enforce any arbitration award. Either
party may invoke this paragraph after providing thirty (30) days written notice
to the other party. All costs of arbitration shall be divided equally between
the parties. Any award may be enforced by a court of law.
(a)
Entitlement to Costs. If any legal action or dispute arises under this
Agreement, arises by reason of any asserted breach of it, or arises between
the
parties and is related in any way to the subject matter of the Agreement, the
prevailing party shall be entitled to recover all costs and expenses, including
reasonable attorneys' fees, investigative costs, reasonable accounting fees
and
charges for experts. The "prevailing party" shall be the party who obtains
a
final judgment in its favor or a provisional remedy such as a preliminary
injunction or who is entitled to recover its reasonable costs of suit, whether
or not the suit proceeds to final judgment; if there is no court action, the
prevailing party shall be the party who wins any dispute. A party need not
be
awarded money damages or all relief sought in order to be considered the
"prevailing party" by a court.
(b)
Governing Law. All questions concerning this Agreement, the rights and
obligations of the parties, enforcement and validity, effect, interpretation
and
construction which are governed by state law shall be determined under the
laws
of the State of Florida United States federal law shall apply to all other
issues.
This
agreement shall be binding upon and inure to the benefit of the parties, their
successors and assigns.
OmniReliant Corp. | Reliant International Media, LLC | |
/s/ Xxxxx X. Xxxxxxxx | /s/ Xxx Xxxxxxxxxx | |
By: Xxxxx X. Xxxxxxxx
Its: Chief Executive Officer
Printed Name: Xxxxx X. Xxxxxxxx
|
By: Xxx Xxxxxxxxxx
Its:
President
Printed Name: Xxx
Xxxxxxxxxx
|