MEMORANDOM OF UNDERSTANDIBG
This Memorandum of Understanding (hereinafter referred to as “MOU”) is made and entered into by and between THAI ISHIMITSU CO., LTD. acting as the purchaser under the contemplated transaction (hereinafter referred to as “PARTY A”) and RIBBON FOODS CO., LTD. acting as the seller thereof (hereinafter referred to as “PARTY B”) on 15th of May, 2015 in connection with the sales promotion service rendered by PARTY A in the Kingdom of Thailand (hereinafter referred to as the “Country”) for particular products produced by PARTY B.
Article 1. Purpose
This MOU aims for facilitating the activities of PARTY A to sell the products of PARTY B stipulated in Article 2 in the Country.
Article 2. Subject Products
The products subject to this MOU to be promoted selling by PARTY A are as follows.
Frozen Cake produced by PARTY B (chiefly Frozen Cheese Cake and Frozen Sweet Potato)
Article 3. Period for Sales Promotion Service
The period for the sales promotion service rendered by PARTY A under this MOU is from 1st of January, 2015 to 31st of December, 2015.
Article 4. Fee payment
PARTY B shall pay the fee for the sales promotion service to PARTY A in the following manner.
1. The fee shall cover all expenses for import of the products including import duties, sales and storage thereof arising in the Country to be payable virtually by PARTY A.
2. PARTY A shall calculate the fee on the basis of the actual cost for the sold products and after confirming it with PARTY B in advance, claim it to PARTY B.
3. The fee claim shall close at the end of the month and its payment shall be made at the end of the following month by the remittance of PARTY B to the bank account designated by PARTY A.
Article 5. Term
This MOU shall commence as of the date first above written and shall have the term of 1 year, and thereafter be automatically extended until either party terminates this MOU by a 30 days prior written notice. In such event, the period stipulated in the Article 2 shall be also extended for another year.
Article 6. Cancellation
This MOU shall not be cancelled by either party without the prior written consent of the other party.
Article 7. Others
The parties hereto shall discuss the matters other than stated herein to aim to reach the mutually satisfactory solution.
IN WITNESS WHEREOF, the parties hereto have executed this MOU in duplicate by placing their signatures and seals hereon, and each party shall keep one of the originals.