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WITNESSETH: That
WHEREAS, CHANNEL PARTNER has identified potential areas and prospective clients
that are ideal for its solar power equipment and devices;
WHEREAS, it has been mutually agreed and understood by the Parties that the final
and definitive terms and conditions of their collaborative efforts for the above-mentioned
facilities shall be embodied in a Memorandum of Agreement to be prepared and
executed only in the event that CTSR shall have considered and approved CHANNEL
PARTNER potential clients and solar power projects;
NOW THEREFORE, for and in consideration of the foregoing premises, and the mutual
covenants and stipulations hereinafter provided, the parties hereto have agreed as
follows:
B. Non-execution of MOA. In the event that the parties fail to execute a MOA, all of
the parties obligations under this Memorandum of Understanding, except the
obligation on Confidentiality, shall immediately cease and deemed of no further
force and effect without the need of court intervention.
C. Limitation of Liability. The Parties shall not assume any liability with respect to
any accident to any person or any loss or damage to any person or property
under contract, tort, strict liability or otherwise under this MOU and any
subsequent agreement as may be entered into between the Parties, except with
respect to any accident, loss or damage arising from the negligent or willful acts,
omissions, or default of a party, its employees officers or agents acting within the
scope of their employment or authority. In no event shall a Party be liable under
any contract, tort, strict liability or otherwise for indirect, consequential or
incidental damages even if it has been advised of the possibility thereof,
including but not limited to loss of profits, lost business revenue, failure to realize
expected savings or other economic loss of any kind.
D. Cost and Expenses. Each party shall bear all cost and expenses incurred by it
in the performance of its obligations under this Memorandum of Understanding.
Neither party shall be entitled to claim from the other party any payment,
reimbursement or sharing with respect to such costs and expenses.
G. Exclusivity. CTSR agrees that it will not deal directly with any prospective clients
introduced by CHANNEL PARTNER in writing unless authorized by the
CHANNEL PARTNER.
However, if the project does not materialize due to the fault or negligence of the
CHANNEL PARTNER or does not progress within six (6) months from time the
CHANNEL PARTER advised CTSR of such prospective client, CTSR will have
the option to pursue and get in touch directly with the client. In which case, the
prospective client will now be considered as a direct account and the CHANNEL
PARTNER forfeits all commissions or incentives related to the account.
J. Effectivity and Duration. This agreement shall be in effect from date of signing
of the agreement and will end by December 31, 2017.
K. Dispute Resolution. Any dispute, or claim arising out of or relating to this MOU,
or the breach, termination or invalidity thereof, shall be settled by arbitration in
accordance with the Arbitration Rules of the International Chamber of
Commerce, as present in force. Philippine law shall govern this MOU. The place
of arbitration shall be in the Philippines. The language to be used in the arbitral
proceedings shall be English.
L. Miscellaneous Provisions.
This Agreement may not be amended for any reason without the prior written
agreement of both parties and shall be made in writing. Any modifications not in
writing shall not be considered.
_________________________ ___________________________
ACKNOWLEDGMENT
Before me a Notary Public, for and in the City of Makati, this ________ day of
_____________, personally appeared the following:
known to me and to me known to be the same persons who executed the foregoing
Memorandum of Agreement consisting of three (3) pages (excluding annexes) including
the page whereon this acknowledgment is written and they acknowledged to me that
the same is their free and voluntary act and deed and that of the corporation/entity
herein represented.