Agreement
EX-10.1 2 yaboo_ex101.htm AGREEMENT yaboo_ex101.htm
Agreement
Party A: Yaboo Agriculture (Taizgou) Co, Ltd
Legal Representative: Baoguo Jiang
Party B: Hailing Modern Agricultural Demonstration Zone Administration Office.
Legal Representative: Rugui Lin
Through friendly negotiation, both Parties agree on the following:
| A. | Defined Objective |
| 1. | Party A will transfer the Qilin Bay Restaurant to Part B, operational 3000 sq meters. |
| 2. | Party A will transfer all fixtures, space, equipment, and tools to Party B (see List) |
| B. | Term |
From February 2012 to August 31, 2014.
| C. | Payment |
| 1. | Qilin Bay Restaurant’s lease payment will be re-negotiated By Party B with Taizhou Sunny Agriculture Development Co.; Ltd. |
| 2. | Other Expense: Party B will be responsible for management fee, utilities, taxes, disposal, and all operational cost related to restaurant operation. |
| D. | Part A’s Responsibility |
| 1. | Party A will transfer all Qilin Bay Restaurant’s license, seals, and all other approvals to Party B, to ensure Party B’s independent operation; |
| 2. | Party A will provide restaurant operational space, equipment, tools (see List) |
| 3. | Party A will have right to inspect the restaurant’s quality, safety, price and services. |
| E. | Party B’s Responsibility |
| 1. | Party B will be responsible for the restaurant operation, and accept local government’s inspection and supervision. |
| 2. | Party B will be responsible for the restaurant’s equipment and fixtures maintenance and repair; |
| 3. | Timely make payment |
| 4. | Party A will be responsible for the liabilities incurred prior this Agreement; Party B will be full responsible for the liabilities incurred after this Agreement. |
| 5. | Party B will be responsible for all restaurant employees’ insurance, health, accident and injury, safety, and benefit. |
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| F. | Default |
| 1. | The Agreement will not be terminated; if defaulted, the defaulted Party will pay the penalty to another Party. The termination of the Agreement will be treated as default. |
| 2. | Party A will not terminate the Agreement. If Party A want to terminate, Party A must give 3 month writing notice to Party B. After termination, Party A will pay Party B the penalty deposit; |
| 3. | Within the period of this Agreement, Party A will be not responsible for Party B’s liability. |
| G. | Amendment |
This Agreement may be amended from time to time by supplement agreement.
| H. | Irresistible Force |
If there is any irresistible force which result in delaying or cannot execute this Agreement, one party must inform another party within 3 days in writing.
| I. | Arbitrary |
If there is any dispute, both parties may discuss to resolve issues. If not, either Party may file petition to local Chinese court.
| J. | Effective |
The Agreement will be effective after both Party’s signature plus seals
| K. | Other |
This Agreement executed in 3 copies, with equal legal right.
| Party A: | Baoguao Jiang | ||
| Signature and seal | |||
| Party B: | Rugui Lin | ||
| Signature and seal |
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