You are here: Agreements > Engagement Agreement > Design and Development Engagement Agreement

SITE SEARCH
AGREEMENTS / CONTRACTS
(optional)
(optional)
Try our advanced search >>
CLAUSES Search Contract Clauses >>
Browse Contract Clause Library>>

Design And Development Engagement Agreement

Engagement Agreement

Legal Documents
You are currently viewing:

 This Engagement Agreement involves

CHINA 3C GROUP | Shenzhen Kangdewei Electronics Co, Ltd | Zhejiang Yongxin Digital Technology Co, Ltd

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
 

Title: Design and Development Engagement Agreement
Date: 1/21/2011
Industry: Audio and Video Equipment     Sector: Consumer Cyclical

join now
50 of the Top 250 law firms use our Products every day

Design and Development Engagement Agreement

 

Party A:

Zhejiang Yongxin Digital Technology Co., Ltd.

Party B:

Shenzhen Kangdewei Electronics Co., Ltd.

 

After reaching consensus through consultation and pursuant to the “PRC Contract Law,” the two parties hereto have entered into this Agreement whereby Party A engages Party B to design and develop a “LOTOUR” branded electronic product:

 

1. 

The design and development projects:

(1)           Party A engages Party B to design and develop a “LOTOUR” branded electronic product.

 

2. 

The inspection and acceptance method for the design and development of the product:

(1)           Party B will design a electronic book product in consideration of the features of similar products popular in the market and according to Party A’s special requirements and, during the course of design, must frequently communicate with Party A and modify relevant technical specifications;

(2)           Party B must provide no less than 5 design prototypes from which Party A is to make an initial selection; the selected prototype will be the final technical design type to be produced and no less than 5 samples must be provided to Party A for selection and inspection;

(3)           The samples and final design type must be inspected and approved by Party A and obtain relevant state standard certification;

(4)           After the product designed by Party B is confirmed, Party B must conduct a pilot production and provide, without compensation, 100 sets of electronic book products to Party A for Party A to inspect and test market;

(5)           Party B must provide, without compensation, one set of production mold for this product and one set of production procedures manual;

 

3. 

Payment method:

(1)           The total design and development fee for this engagement is RMB 3,160,000.00, and Party A shall issue to the Party B additional 1.6 million shares of CHCG.OB stock as payment for this engagement, using CHCG.OB stock price of $.30 per share as the pricing basis; Party B entrusts LIAN Yong to act as the beneficiary, hold such shares on its behalf and deliver all future investment proceeds to be received from such shares (including cash dividend, bonus or other form of distribution of proceeds) to Party B.

(2)           Payment time: after the execution of this Agreement, Party A must make payment in one lump sum upon delivery of the 100 sets of sample products by Party B.

 

 

 


 

 

4.

Specified time period for the design and development engagement:

 

(1)           The total term of this Engagement Agreement: 6 months in total, from January 20, 2011 to July 19, 2011.  Of this total term, 3-month period is for product design, during which time Party B must provide the design prototypes, design diagrams and samples to Party A for inspection and selection; 3-month period is for product molding and pilot production, during which time Party B must issue production mold, draft production procedures manual and conduct pilot production, and provide samples to Party A.

 

 

(2)           Party B must complete the design and development work within the time period specified herein; however, if there is delay for any reason on Party A’s part, such time period for design and development must be extended accordingly.

 

5.

Provisions on intellectual property and production mold:

 

(1)           Party B is entitled to the ownership right to the product it designed and completed; after Party A makes and settles payment of all the fees to Party B for the engagement of design and development, Party B shall automatically transfer the design diagrams of the product it designed and developed and the exclusive patent to Party A for Party A to possess.

 

 

(2)           Party A shall not be entitled to any right to the product before paying off all the balanc


continue to document