Model Joint Venture Agreement.docx
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Model Joint Venture Agreement.docx
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ModelJointVentureAgreement
MODELJOINTVENTUREAGREEMENT
JOINTVENTUREAGREEMENT
BETWEEN
INNOVATIVETECHNOLOGIES,INC.OF
CHARLOTTESVILLE,VIRGINIA
UNITEDSTATESOFAMERICA
AND
THEUNITEDCOMPUTERANDSOFTWAREENTERPRISESOFMEXICO
JOINTVENTUREAGREEMENT
Enteredintothis______dayof______________________,1994,ByandBetweenUnitedComputerandSoftwareEnterprisesofMexicoontheonehand(hereinaftercalled"UNITED");andInnovativeTechnologies,Inc.,acorporationorganizedandexistingunderthelawsoftheStateofVirginia,UnitedStatesofAmerica,withitsprincipalofficeatCharlottesville,Virginia,U.S.A.,andInnovativeTechnologies,Ltd.(Europe)Ltd.,acorporationorganizedandexistingunderthelawsoftheUnitedKingdom("IT(Europe)")ontheotherhand(hereinaftercollectivelycalled"IT").
WITNESSETH
WHEREAS,UNITEDandIT(hereinaftercollectivelycalledthe"parties")haveenteredintotwomemorandaofagreementdatedJune18,1994,fortheprocurementandtransferofcomputertechnology;and
WHEREAS,UNITEDandITdesiretocreatethebasisforacloseandlong-termrelationshipand,therefore,wishtoestablishanEquityJointVentureintheformofaLimitedLiabilityJointOwnershipCompanytobeknowasMexico-UnitedStatesComputerSystems(hereinaftercalledthe"JointVenture"orthe"Company")inwhichbothpartieswillhaveownershipinterestsandrights;and
WHEREAS,thepurposeoftheJointVentureistoownandoperateafacilityinMexicofortheassemblyandmanufactureofcertainelectronicproductsashereinafterdefined;and
WHEREAS,itistheintentionofthepartiesthatfinancingfortheiragreeduponequitycontributionstotheJointVenturewillbeguaranteedforeachpartybytheForeignTradeBankofMexico;and
WHEREAS,UNITEDispreparedtoprovidelandandconstructabuildingorbuildingsappropriateforsuchafacility,aswellastoprovideotherassistanceandservicesnecessarytoaccomplishthepurposeoftheJointVenture;and
WHEREAS,inordertoaccomplishtheforegoingITispreparedtoequipandassistintheconstruction,installationanderectionofsuchafacilityandtoassistinthetrainingoftechnicians,machineoperators,supervisorsandothermanagementpersonnelfortheoperationandmanagementofsuchafacility;and
WHEREAS,ITispreparedtofurnishtotheJointVenturecertainlicenses,know-howandtechnicalassistance,aswellasmachinesandprocesses,tobeusedintheproductionofsuchproducts;and
WHEREAS,ITiswillingtogranttotheJointVenturetherighttoassembleandmanufacturesuchproductsunderITtrademarks,whicharethesoleandexclusivepropertyofIT;and
WHEREAS,itisthedesireofthepartiesthatIT(Europe)shallhavetheexclusiverightstomarketalloftheproductsproducedbytheJointVenture,bothintheMexicoandinoverseasmarkets,assetforthintheMarketingAgreementattachedheretoasAnnexA.
NOW,THEREFORE,inconsiderationofthemutualcovenantsandobligationshereinaftersetforth,thepartiesagreeasfollows:
ARTICLEI–DEFINITIONS
1.1.Definitions:
Thefollowingtermsshallhavethefollowingmeanings:
1.1.1.Agreement.ThisJointVentureAgreement,togetherwiththefollowingAnnexesheretoandanyamendmentsasmaylaterbeadoptedpursuanttoParagraph11.7hereof:
AnnexA–JointVentureMarketingAgreement
AnnexB–JointVentureArticlesofAssociation
AnnexC–JointVentureBy-laws
AnnexD–ListofTrademarks,tradenames,servicenames,devicesandregistrationparticularsofITProducts
1.1.2.Plant.ThefacilityfortheproductionoftheProductsasfurtherdescribedinParagraph1.1.3.hereof,togetherwithrelatedstorageareas,utilityareas,accessroutesandotherstructures,whichareusedbytheJointVentureCompanyintheactivitiescontemplatedhereunder.ThePlantshallconsistofatleastthreeseparateareasorbuildings:
oneareaorbuildingwheretheHAL69DeskTopComputerandVideoScrollerTerminalwillbeassembled,asecondareaorbuildingwherethemultilayerprintedcircuitboardprocessfacilitywillbelocated,andathirdareaorbuildingwherefloppydiskettesandCanterburydiskdriveswillbeassembledorfabricated.
1.1.3.Products.ThefinisheditemstobeassembledandmanufacturedbytheJointVentureconsistingof:
(a)TheHAL69DeskTopComputer
(b)TheVideoScrollerTerminal
(c)MultilayerPrintedCircuitBoards
(d)CanterburyDiskDrives
(e)FloppyDiskettes
1.1.4.Know-how.Thetechnicaldata,drawings,designs,instructions,specifications,tradesecretsandmanufacturinginformation(exceptTrademarks,ashereinafterdefined)ownedandusedbyIToritssubsidiariesinthemanufacture,productionandqualitycontroloftheProducts.Know-howshallalsomeanimprovementscoveringthemanufacture,productionandqualitycontroloftheProducts,includingadvancementsorextensionsoftheaforesaidwhicharedevelopedinthenormalcourseofbusinessandwhichdonotconstituteessentiallynewtechnologywhichwouldrequireasubstantialalterationinthepracticeofKnow-howasitisthenbeingfollowedbyIT.
1.1.5.Trademarks.Thosetradenames,servicemarks,trademarks,devicesandregistrationparticularslistedinAnnexDhereof,asitmaybeamendedfromtimetotime.
1.1.6.MajorDecisions.AMajorDecisionisanydecisionhavingorlikelytohaveamaterialimpactontheeconomicviabilityoftheCompanyoraffectingorlikelytoaffectthegeneralpolicyoftheCompany,including,withoutlimitation,amendmentoftheArticlesofAssociation;terminationanddissolutionoftheJointVenture;mergeroftheJointVenture;equityandcapitalexpansions;approvaloformodificationoftheCompany'sbudgetsorinitial[five(5)year]operationsandproductionplan;productionincreasesordecreases;increasesinwagesorachangeinprices;conclusionofthird-partycontracts;borrowings,loansandfinancings;establishmentofnewfactories;purchaseorsaleofmajormachineryorcapitalassets;acquisitionofindustrialpropertyrights;changesinmanagementstructureorpolicies;prosecution,defenseorsettlementofarbitration,litigationorconciliation;andanyotherdecisionsofsimilarimportance.
1.2PrecedenceClause
1.2.1.IntheeventthatthereisanydiscrepancyorambiguitybetweenthevariousdocumentswhichtogetherconstitutethisAgreement,asspecifiedinParagraph1.1.1.,thebasicdocumentstyledtheJointVentureAgreementshalltakeprecedenceoverallotherdocuments.AsamongsttheAnnexes,theorderinwhichtheyarelistedinParagraph1.1.1.shalldeterminetheorderofprecedence.ThusAnnexA,theJointVentureMarketingAgreement,shalltakeprecedenceoverAnnexB,theArticlesofAssociation,whichinturnshalltakeprecedenceoverAnnexC,theBy-Laws,andsoforth.
1.2.2.AmendmentstoanyofthedocumentscomprisingthisAgreementshallhavethesameorderofprecedenceasthedocumentbeingamended.
ARTICLEII–OBJECTANDSCOPE
2.1.TheobjectofthisAgreementistheestablishingofanEquityJointVentureintheformofaLimitedLiabilityJointOwnershipCompanytoequip,construct,manageandoperatethePlanttobeestablishedinMexicofortheassemblyandmanufactureofProducts.TheJointVentureintendstomarketallofitsProductssolelythroughIT(Europe)whichwillhaveexclusivemarketingrightsallovertheworldincludingMexicowithallprofitstobesharedequallybytheJointVentureandIT(Europe)assetforthintheMarketingAgreement.
ARTICLEIII–FORMATIONOFJOINTVENTURECOMPANY
3.1Capitalization.
3.1.1.TheinitialequitycapitaloftheJointVentureCompanyisFortyFiveMillionTwoHundredThousandUnitedStatesDollars(U.S.$45,200,000),tobecommittedandcontributedintheproportionofseventyfivepercent(75%)forUNITEDandtwentyfivepercent(25%)forIT.IT'scontributiontotheequityoftheJointVentureconsistsofElevenMillionThreeHundredThousandUnitedStatesDollars(U.S.$11,300,000).UNITED'ScontributiontotheequityoftheJointVentureconsistsofThirty-ThreeMillionNineHundredThousandDollars(U.S.$33,900,000).
3.1.2.Theequitycapitalwillbepaidinbyeachpartywithinthirty(30)daysofanycallorcallsmadebytheBoardofDirectors.TheBoardmay,atitsdiscretion,requiretheequitycapitaltobepaidallatonceorininstallments.
3.1.3.ItisagreedthattheForeignTradeBankofMexicowillguaranteeeachparty'sfinancingofitsrespectiveequitycapital,andthatthisAgreementissubjecttoobtainingsuchguarantees.IftheguaranteeisexercisedagainstForeignTradeBankofMexicobyeitherparty'slendingentity,thenForeignTradeBankofMexicoshallhavetherighttothatparty'sshareofprofitsintheJointVenture,untilsuchtimeastheamountsowedtotheForeignTradeBankofMexicoarepaidoff.
3.2.Non-transferabilityofOwnershipInterests.
NeitherpartytothisJointVenturemayassignallorpartofitsequityinterestandownershiprightsexceptthatITmaytransferorassignallorpartofitsequityinterestandownershiprightsintheCompanytoIT(Europe)oranyothersubsidiaryoraffiliate(anyentityinwhichITownsatleastfortypercent(40%)equityorwhichownsatleastfortypercent(40%)oftheequityofIT).
3.3.LimitedLiability.
3.3.1.NeitherITnorUNITEDshallbeindividuallyliableforthedebtsorobligationsoftheJointVenture,orforanyclaimforlossesordamagescausedbytheJointVenture,excepttotheextentoftheircontributionstoequityasspecifiedinParagraph3.1.above.
3.3.2.shallbeliabletotheotherexceptforacts,omissionstoactordecisionsconstitutinggrossnegligenceorbadfaith,
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