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Document Preview Joint Production Agreement |
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Title: |
Joint Production Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
10KB total |
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Price: |
$34 |
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ID: |
#879040 |
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Joint Production Agreement
The principal of this agreement is that each party will be rewarded proportionally for their investment into the production of juvenile pearl oysters at the Banyupoh Bali hatchery. The parties referred to are PT Horiko Abadi, the owners of the hatchery and water leases at Banyupoh and Atlas Pacific Limited / PT Cendana Indopearls (ATP/PT CIP). PT Horiko Abadi and ATP/PT CIP agree to the following:
| 1. | ATP/PT CIP will pay PT Horiko Abadi the amount of AUD$30,000 per year to lease facilities (hatchery, accommodation, storeroom, tanks and equipment) land and water. In return for this, PT Horiko Abadi guarantees ATP/PT CIP exclusive access to the Banyupoh site. |
| 2. | PT Horiko Abadi has full responsibility for tax payments in relation to the Banyupoh project, community and government relations and site security. |
| 3. | PT Horiko Abadi and ATP/PT CIP divide the cost of juvenile pearl oyster production (as generally described in the attached costing proposal) seventy percent (70%) ATP/PT CIP and thirty percent (30%) PT Horiko Abadi. To facilitate the transfer of funds, a new bank account will be opened in Bali into which each month ATP/PT CIP will transfer seventy million Indonesian Rupiah (IRP 70,000,000) and PT Horiko Abadi will transfer thirty million Indonesia Rupiah (IRP 30,000,000). |
| 4. | In accordance with point 2, juvenile pearl oyster production from the Banyupoh hatchery, which have reached a minimum size of six (6) cm, will be divided seventy percent (70%) for ATP/PT CIP and thirty percent (30%) for PT Horiko Abadi. |
| 5. | Equipment provided by each respective company remains the property of that company. |
| 6. | Costs that are not directly related to the production of juvenile pearl oysters (Pearl farm projects owned by PT Horiko Abadi) are the sole responsibility of PT Horiko Abadi. Furthermore, PT Horiko Abadi will report any such activity/work undertaken to ATP/PT CIP. Any of the joint production projects money expended by PT Horiko Abadi on its individually owned pearl farm(s) will be repaid into the project account for any expenditure at the end of each month. |
| 7. | Capital expenditure items (long-lines, nets, major machinery etc) will require the written authorization from both parties before such items may be purchased. |
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