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Joint Venture Agreement

 

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Title:

Joint Venture Agreement

Entities:

Utix Group Inc

Date:

2006

Size:

Preview shows 6KB of 22KB total

Price:

$41

ID:

#1535826

 

 

► Corporate ► Venture ► Joint Venture Agreements

 

 

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<SEQUENCE>2

<FILENAME>c42019_ex10-1.txt
<TEXT>
JOINT VENTURE AGREEMENT

This Joint Venture Agreement is entered into as of this 17th day of
March 2006 by and between Utix Group, Inc. with its principal offices at 7 New
England Executive Park, Suite 610, Burlington, Massachusetts 01803 ("Utix") and
Overtoun Holdings, Inc., with its principal offices at 675 Third Avenue, New
York, New York 10017 ("Overtoun").

WHEREAS, Overtoun has significant relationships with major league,
minor league and collegiate sports teams operating in North America and also
with stadiums, arenas and automobile racing facilities, horse and dog tracks in
North America and with museums and aquariums operating in North America with New
York City Broadway theaters and night clubs operating in North America, and

WHERAS Utix desires that Overtoun nurture those relationships in an
effort to secure sales and develop programs which utilize the Utix ticket
platform system ("Utix Platform" or "Platform") and use its business skills for
the advancement of the business of Utix, which may include the sales and
distribution of the Utix existing experience based product line ("Utix Products"
or "Products"),

NOW THEREFORE, for valuable consideration, receipt of which is hereby
acknowledged, the parties agree as follows:

1. MARKETS: Overtoun shall have the exclusive right to market the
Utix platform program for the term to the entities listed below;
provided however, that such exclusive right is not and shall not
include any commercial or corporate sponsors of the entities.

a. Major League, Minor League, and Collegiate sports teams and
organizations participating in the activities of baseball,
football, hockey, and soccer, operating in North America,

b. Stadiums and arenas in operation in North America,

c. Automobile racing facilities, Horse and Dog Tracks in
operation in North America,

d. Museums and Aquariums in operation in North America,

e. Broadway theaters and entertainment centers, located in New
York City.

f. Night clubs in operation in North America.


1
<PAGE>

Overtoun will also at the direction of the Utix management
assist on a non-exclusive basis with the promotion and
distribution of Utix Products in other markets subject to
the same commission arrangement as set forth in paragraph 7
hereof.

2. ORDERS: Utix shall provide Overtoun with sales brochures, sample
cards, and order forms. Overtoun shall provide Utix with copies
of any orders from any customers introduced by Overtoun no later
than five business days following the day when the orders are
received.

3. PUBLIC ANNOUNCEMENTS: Overtoun will use its best efforts to
obtain the consent from each customer providing an order to
permit the use of the customer's name, likeness and/or logo, in
Utix press releases and on the Utix website in the event Utix
decides it wishes to do so.

4. MARKETING EXPENSE ADVANCE: To assist Overtoun with the expenses
relating to the staffing, travel, and marketing during the
initial period of this Agreement, Utix will make advances to
Overtoun of $35,000 upon execution of this Agreement and $10,000
per month on May 1, 2006, June 1, 2006, July 1, 2006, August 1,
2006 , September 1, 2006 and October 1, 2006 (collectively,
"Marketing Advances").


5. QUARTERLY MARKETING REPORTS: Overtoun shall provide on or before
the first day of each quarter commencing on April 1, 2006 a
report to Utix outlining the marketing targets for that quarter.


6. TERM: This Agreement shall commence on April 1, 2006 and continue
in effect to April 1, 2008. As long as the gross revenue relating
to business introduced by Overtoun exceeds U.S. $2,000,000 during
each two-year period the Agreement shall be automatically renewed
for additional two year terms. Gross revenue shall be calculated
by gross value of all Utix Program revenue and Utix Product sales
generated by Overtoun on the market segments described in
Paragraph 1 hereof and the revenue generated with Overtoun's
assistance pursuant to the request of Utix's management.


EXCEPT AS PROVIDED, NEITHER PARTY WILL BE LIABLE TO THE OTHER
PARTY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OR THE LOSS OF
ANTICIPATED PROFITS ARISING


 

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