EXTRACT from THE GENERAL AGREEMENT
Last extension date — Jan 14, 2008
Last correction date — May 22, 2003
M Business Service LLC, hereinafter referred to as MBS and represented by its director Eugene A. Sokolinsky acting in accordance with the Articles, on the one part, and Akmos Trade Ltd., hereinafter referred to as ATL and represented by its Director Alan J. Peterson, acting in accordance with the Articles, on the other part, hereinafter jointly referred to as Parties, acting with the existing possibilities of the Parties and anticipating future business co-operation based on mutual interest have entered this General Agreement (hereinafter referred to as the Agreement) as follows:
1. General
1.1. This General Agreement sets forth the general principles of co-operation and has been entered to provide the fulfillment of the Parties' obligations pursuant to the Articles.
1.2. The Parties intend to jointly execute a series projects related to the development of Internet trading.
…
3. Internet Trading System Service Obligations
3.1. ATL delegates and MBS assumes recording, registration, consideration and resolution of all disputes, technical and organizational issues related to the use of joint Internet trading system by the clients (users).
3.2. MBS is obligated to introduce no amendments into Information Service Agreement and Rules and Restrictions of Currency Trading offered to the clients of joint Internet trading system without prior consent of ATL.
3.3. ATL is obligated to notify MBS about proposed amendments to Rules and Restrictions of Currency Trading immediately and not to put such amendments into effect without consent of MBS.
3.4. ATL is obligated to keep an aggregate deposit with clearing system of its market makers amounting to not less than the total Equity of the clients (users) of joint Internet trading system.
3.5. Pursuant to Paragraph 3.4., ATL is obligated to calculate and implement the Netting position of deposit management.
4. Terms and Conditions of Parties' Cooperation
4.1. This Agreement has an unlimited duration and comes into force upon signing by both Parties.
…
4.5. If particular clauses of this Agreement should become invalid or illegal, the other clauses will keep validity and the Parties will enter an additional Agreement eliminating the illegal clauses from this Agreement.
5. Confidentiality
5.1. The Parties acknowledge that confidential information related to the business activities of each other may be disclosed or otherwise become available to them. Each of the Parties is obliged to keep said information in confidence, not disclose it to any third party without prior approval by the other Party and not use it for any purposes except for related to the performance of this Agreement.
6. Termination
…
6.3. The following clauses shall remain in force after the Agreement termination:
(a) all clauses related to the assumed but unfulfilled obligations;
(b) the obligation to maintain confidentiality in accordance with Paragraph 4 of this Agreement.
7. Force Majeure
Upon occurrence of the circumstances fully or partially preventing the Parties to fulfill its obligations, stipulated by this Agreement, such as war, military actions of any form, blockade, export or import embargo, fires, floods, earthquakes and other natural disasters beyond the control of any party, the data of execution of parties' obligations shall be delayed in proportion to the period the specified obligations were in effect. If the specified circumstances continue to be on force for more than three months, any Party has the right refuse to fulfill its obligations under this Agreement, and in such case the other Party shall not be entitled to make a claim to the other Party for loss reimbursement. The Party for whom such circumstances occur shall immediately advise the other party on beginning and termination of the circumstances preventing the Party to fulfill its obligations. The proper prove of presence and continuation of the above mentioned circumstances shall be certificates issued by the Chambers of Commerce of the countries of residence of either ATL or MBS.
…
8.3. Parties' Signatures
|
|