Partnership Agreement UAE
On this day corresponding to ……/……/ 2009
This agreement has been made by and between:-
First: xxx – UAE holder of passport no. (xxx), residing in xxx. (First Party)
Second: Mr. xxx –German Nationality and holder of passport no. (xxx), residing in xxx. (Second Party)
After both Parties have confirmed their legal competency to contract and dispose legal acts they mutually agreed upon the following:
Where as the Second Party has proposed to partner with the First Party in investing in the project “xxx” in the xxx provided both Parties shall setup a company of legal entity in accordance with Companies Laws in UAE to purchase and develop the said project and invest the same to their accounts and benefits and whereas the First Party has initially agreed to partner in this project accordingly both Parties willingly agreed upon the following:
The preliminary clause shall be an integral part of the contract to be read and interpreted with and binding upon both Parties.
Pursuant to this agreement, the parties agreed to set up a legal company in accordance with the laws , regulations and bylaws effective in the UAE and its concerned departments; and after being incorporated, this company shall purchase an island in the World – Dubai for the purpose of developing project “xxx” to the account and benefit of both Parties involved.
First Party shall advance the project's total capital amounting to Euro (xxx) (Euro Million) provided the Second Party shall execute all stages of the project from study up to marketing for the same in the company name.
First Party is entitled to 10% of total company assets, all its tangible and intangible components and the proposed project as well.
Neither Party can sell its share in the company - such shares shall be determined upon drafting the partnership agreement- in any manner whatsoever whether in selling or in any other method of dispose before obtaining a written consent from the other Party and only after five years from commencing the project .
Project management and operation as well as administering the company activities shall remain the sole right of the Second Party, without raising any objection from the First party in any stage; the First party is only entitled to be informed of the work progress of the company and the project.
If the First party is desirous to sell its share, Second Party shall have the priority and the entitlement to buy for itself or to any person named by it against an agreed fixed price of: (xxx Million Euros).
This agreement shall be deemed as a memorandum of understanding and an introductory for drafting the Memorandum and Articles of Association of the company after deciding on the suitable legal entity for the same and consider also the essential bond between Parties.
Dieser Vertrag wurde eingesendet durch Herrn Timo Switalla.
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