Examples of Buying Agency Agreement in a sentence
This Agreement, on and after the Effective Date, supersedes and replaces in its entirety that certain Buying Agency Agreement, dated February 1, 2007, between LE and SHGS (the “Prior Agreement”).
We have set annual caps for the maximum aggregate commission payable under the Buying Agency Agreement between the Li & Fung Group and the Group of US$125 million, US$150 million and US$164 million for 2014, 2015 and 2016, respectively.
Under the Buying Agency Agreement, members of Li & Fung (the “Li & Fung Group”) will provide sourcing and supply chain management services to members of the Group from time to time in the ordinary and usual course of our business.
The services to be provided by the Li & Fung Group under the Buying Agency Agreement include: (i) providing product samples and price quotations from potential suppliers; (ii) assisting us with negotiating pricing and commercial terms with suppliers; (iii) liaising with suppliers on our behalf at all stages of the production process; (iv) carrying out quality assurance and quality control inspections on suppliers; and (v) facilitating import and customs documentation for finished products.
Under the Buying Agency Agreement, the total commission we pay to Li & Fung Group shall not exceed 7% of the FOB price on all products and components we source through members of the Li & Fung Group.
Dr. Xxxxxxx Xxxx Xxxx Xxx, being a Director, is considered to have a material interest in the transactions contemplated under the Second Amended and Restated Buying Agency Agreement by virtue of his directorships in Li & Xxxx and therefore abstained from voting on the board resolutions in respect of the Second Amended and Restated Buying Agency Agreement and the transactions contemplated thereunder.
The transactions contemplated by the Second Amended and Restated Buying Agency Agreement will benefit the Group in maximizing operational efficiency and management effectiveness, enhancing versatility in sourcing requirements of the Group in terms of both volume and complexity of product type, and providing high level of service and dedicated resources required by the Group.
Under the Existing Buying Agency Agreement and the Amended and Restated Buying Agency Agreement (the “Buying Agency Agreements”), the Li & Fung Group will provide sourcing and supply chain management services to members of the Group from time to time in the ordinary and usual course of our business.
The Company will convene a special general meeting to seek approval from the Independent Shareholders in respect of the Second Amended and Restated Buying Agency Agreement and the transactions contemplated thereunder (including the corresponding annual caps relating thereto).
The Company is party to a Buying Agency Agreement with Nissho Iwai American Corporation ("Nissho") pursuant to which Nissho provides the Company unsecured credit, the amount of which varies annually at Nissho's discretion, and acts as a buying agent on behalf of the Company.