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Document Preview Assignment of Contract |
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Title: |
Assignment of Contract |
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Date: |
2003 |
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Preview shows 3KB of 11KB total |
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$35 |
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ID: |
#1563297 |
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ASSIGNMENT OF CONTRACT
THIS ASSIGNMENT AGREEMENT (the "Agreement"), is dated as of May 22, 2003 by and
between Omniscent Corp, Inc., a Florida Corporation, through its Chief Executive
Officer, and Sharon Lallouz, collectively, the undersigned Assignors
("Assignors") and Nimbus Group, Inc. a Florida Corporation. The undersigned
Assignee ("Assignee").
WITNESSETH:
WHEREAS, as of January 5, 2003 Assignors entered into a certain
licensing Agreement (the "License") pursuant to which they agreed to enter into
a certain license to develop, sell and market a fragrance under the brand name
known as Phantom (The "Brand")
WHEREAS, Since January 5, 2003 and as contemplated by the Agreement,
Assignors developed the brand.
WHEREAS, Assignee desires to acquire the License and Assignors desires
to assign the rights to the License to Assignee as set forth herein;
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, Assignors hereby assigns, transfers and
sets over to Assignee all rights, title and interest held by the Assignors in
and to the License:
The Assignors warrants and represents that said License is in full force and
effect and is fully assignable.
The Assignors warrants that the License is without modification, and remains on
the terms contained.
The Assignors further warrants that it has full right and authority to transfer
said License and that the License rights herein transferred are free of lien,
encumbrance or adverse claim.
The Assignee hereby assumes and agrees to perform all the remaining and
executory obligations of the Assignors under the License and agrees to indemnify
and hold the Assignor harmless from any claim or demand resulting from
non-performance by the Assignee.
The Assignee shall collect 100% of the royalties under the License. Assignee
will be entitled to keep 70% of royalties and remit to Assignor 30% of the
monies it collects
under the License and shall remit it to Assignors 5 business days after receipt
of monies under the License. Assignee is not entitled, and will not share to any
other monies received by Assignors Prior to, nor after the assignment date of
this agreement, (Assignment) for the development rights of the brand which
rights are not assigned herein.
ASSIGNMENT AND DELIVERY OF CERTAIN ASSETS.
The Assignee shall cause the issuance of 2,500,000 Shares of Assignee's
Preferred Convertible Stock to Assignors and Assignors shall deliver to Assignee
the License Agreement in the form attached hereto as Exhibit A.
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