![]() In witness whereof, the parties to this agreement by signing cause this MoU to be executed. If a provision in this agreement is considered to be unenforceable after determined in a court of law, then it will be restructured in a way that makes it enforceable. The provisions in this understanding are rendered legally enforceable extent under the law. The obligations in this document shall be carried out under the laws of Kenya. Any amendment must be written and agreed by both parties with a signature and stamp. ![]() Neither party shall amend this document without mutual consent. All communications must be in writing, and a party will be deemed to have received them when: No party shall transfer their rights and obligations without the consent of the other party(s). The agreement for non-disclosure entered into by the parties to protect all of its confidential information shall be effective for the specified period of this Memorandum of Understanding. The contract cannot be terminated before the expiry date. If either party involved in this partnership shall feel the need to discontinue the partnership after the expiry of the initial period, they shall do so by writing to the chairman of the joint board of governors at least 60 days before the expiry of the understanding. The partnership is automatically renewable after the expiry of the Memorandum of Understanding. The parties shall deposit the funds into the joint payment account number 4567899907 at the Bank of Africa.Īll profits that arise as a result of the partnership that may not pertain to any of the individual parties will be shared equally. The parties shall contribute the money within a week after notification of the obligation. ![]() In the event of any financial obligation occurring within the term of the partnership such as unexpected losses and other payments, the following shall be the responsibilities of each party:Įach party shall contribute equally to foot such obligations. Financial obligations and sharing of risks.The board formed will be headed by a chairman who shall be elected by the new board. The boards of governors from both companies will merge for the purpose of this partnership to form a single board. The decisions made shall be based on a majority vote by the BOD’s who are to communicate their decisions to all concerned parties and shareholders. The management structure shall be such that the boards of governors of both parties meet every month to discuss the progress of the agreement. Party B shall provide all services on call without fail, and ensure that the models are in quality condition for their appearance on commercials. Party A shall deposit the funds in the bank account of Party B. Party A shall be responsible for timely payment of all the money owed to Party B, which shall be within a week after receiving the service. Each party shall have the following responsibilities under the partnership:
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