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Document Preview Development and Purchase Agreement |
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Title: |
Development and Purchase Agreement |
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Date: |
2001 |
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Preview shows 2KB of 7KB total |
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Price: |
$36 |
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ID: |
#924469 |
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DEVELOPMENT AND PURCHASE AGREEMENT
This agreement (the "Agreement") for the development and production of an electronic module to be used in an electric meter (the "Product") is by and between Pacific Systems Control Technology Inc. ("PFSY"), a Delaware Corporation located at 22320 Foothill Boulevard, Suite 260, Hayward, California and International Utility Information Systems Corporation, a Delaware Corporation (hereinafter "Utility Systems"), located at 380 El Pueblo Road, Scotts Valley, California 95066, is entered on August 17, 2001.
Whereas,
PFSY desires that Utility Systems develop the Product over a specified time period to an agreed specification (the "Specification"), and,
PFSY desires to purchase such Product in 2002 under the terms and conditions of a Purchase Order (the "Order"), and
Utility Systems is in the business of developing such product and manufacturing such product,
Therefore, the parties agree as follows:
1. This agreement supercedes in all respect any and all agreements between Utility Systems, Holley and affiliates, ACEI, John Heibel and Yuen Kong, including but not limited to agreements entered by these parties dated July 8, 2001.
2. PFSY shall pay Utility Systems on or before August 22, 2001 the sum of $300,000 by wire transfer.
3. PFSY and Utility Systems shall agree on or before September 1, 2001 to the Specifications.
4. PFSY shall provide on or before September 15, a Letter of Credit, confirmed on Utility Systems' bank, securing payment under two milestones described in paragraphs 6 and 9 below.
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