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Title: |
Consulting Services Agreement |
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Date: |
2006 |
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Price: |
$39 |
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ID: |
#2577269 |
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CONSULTING SERVICES AGREEMENT
WHEREAS, this Consulting Services Agreement ("Agreement") is entered into as of October 25, 2006 ("Effective Date") between Jerry Bailey ("Consultant"), an individual having his principal place of business at 101 Ironwood Ct., Middletown, New Jersey 07748 and the New York Mercantile Exchange, Inc. ("NYMEX"), a Delaware corporation having its principal place of business at One North End Avenue, New York, NY 10282 (Consultant and NYMEX are collectively referred to herein as the "Parties" and individually as a "Party").
WHEREAS, NYMEX wishes to utilize Consultant's services and abilities on a temporary basis to perform the Scope of Work set forth below during the term of this Agreement and any extension thereof; and
WHEREAS, Consultant is willing to render such consulting services to NYMEX on a temporary basis upon the terms and conditions contained in this Agreement.
NOW THEREFORE, in consideration of the promises contained herein, the Parties agree as follows:
1. SERVICES
A. SERVICES. Exhibit A shall describe the services to be performed ("Services"), which shall be rendered according to the terms and conditions of this Agreement. The terms and conditions of this Agreement shall govern with respect to the Services. Should the terms of this Agreement conflict with the terms in Exhibit A, the terms of this Agreement shall control.
B. NYMEX SUPERVISOR. Consultant shall report to and receive direction only from such NYMEX employees or officers as are listed in Exhibit A or as designated by such employees or officers ("NYMEX Supervisor").
C. ACCEPTANCE. The Services shall be subject to a verification of acceptability by NYMEX to ensure that such Services satisfy NYMEX's requirements. Unless otherwise specified on Exhibit A as Specific Acceptance Criteria, the acceptability of any of the Services shall be based on NYMEX's satisfaction or dissatisfaction with the Services, in NYMEX's sole discretion. The Services shall be deemed completed and accepted by NYMEX only when approved in writing.
2. PERIOD OF AGREEMENT. This Agreement shall commence on the Effective Date and will continue until December 31, 2006, unless earlier terminated in accordance with Article 5 hereof. The Agreement may be extended by the parties on mutual consent.
3. PAYMENT TERMS
A. NYMEX agrees to pay Consultant according to terms set forth in the attached Exhibit A ("Payment Terms").
B. Consultant will submit an invoice bi-weekly setting forth the time spent, Services rendered, and any Deliverables (as defined in Exhibit A below, if any) accepted. NYMEX will pay Consultant the amount invoiced within fifteen (15) days of receipt of such invoice, provided that there is no dispute as to the amount invoiced. Consultant shall also be reimbursed for any reasonable expenses incurred in performing the Services provided that such expenses have been previously approved by NYMEX in writing.
C. NYMEX will pay all sales, use, transfer, privilege, excise or other taxes and all duties, whether international, national, state or local, however designated, which are levied or imposed by reason of the transactions contemplated hereby; excluding, however, income taxes on profits which may be levied against Consultant.
4. RELATIONSHIP BETWEEN THE PARTIES
A. Consultant acknowledges and agrees that Consultant has been retained solely as an independent contractor in a temporary capacity and not as an agent or employee of NYMEX. Nothing in this Agreement shall be construed to create a partnership, joint venture, or agency relationship between the Parties. Consultant is not authorized to enter into contracts or agreements on behalf of NYMEX or to otherwise create obligations of NYMEX to third parties. Consultant shall be solely responsible for the payment to any of its employees of compensation, expenses, and benefits associated with employment, workers' compensation payments, state disability insurance and claims, and unemployment, social security and other payroll taxes, as applicable.
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