CONFIDENTIALITY AGREEMENT
1.1 KMAS and ARK shall treat information provided by the other party or parties on a strictly private and confidential basis. KMAS and ARK shall take all necessary steps to prevent confidential information from being misused or disclosed or made public to any other person or entity except as needed to successfully complete each transaction and except as may be required in accordance with the law.
1.2 ARK shall not use the confidential information provided by xxx in such a way as to:
(a) Circumvent KMAS in KMAS’s commercial dealings with any and all suppliers and/or buyers under any of the transactions; or
(b) Knowingly do anything to cause KMAS to lose any fees or commissions that are due or may become due under any agreement KMAS has with the suppliers and/or buyers under any of the transactions; or
(c) Do anything to circumvent KMAS in such a way as to put KMAS at a commercial disadvantage with the suppliers and/or buyers or countries under any of the transactions.
1.3 KMAS shall not use the confidential information provided by ARK in such a way as to:
(a) Circumvent ARK in their commercial dealings with any and all suppliers and/or buyers under any of the transactions; or
(b) Knowingly do anything to cause ARK to lose any fees or commissions that are due or may become due under any agreement ARK has with the suppliers and/or buyers under any of the transactions; or
(c) Do anything to circumvent ARK in such a way as to put ARK at a commercial disadvantage with the suppliers and/or buyers or countries under any of the transactions.
1.4 KMAS and ARK shall keep each other fully informed about the progress of the negotiations for each transaction and about the performance of each transaction.
1.5 The obligation of confidentiality of KMAS and ARK shall remain in force for a period of 5 (five) years from the date hereof. If this period is held to be invalid for any reason by a court of competent jurisdiction then that invalidity will not prejudice the validity of any lesser period nominated by the party seeking to enforce the obligation of confidentiality of the other party or parties.
1.6 Any breach of these provisions will entail payment of damages by the party or parties committing the breach to the other party or parties.
2. NON-CIRCUMVENTION AGREEMENT
2.1 KMAS on the one part and ARK on the other part shall not in any manner whatsoever solicit nor accept business from sources or their affiliates that are made available by the other party, at any time, without the prior written permission of the party which made the source available.
2.2 KMAS on the one part and ARK on the other part shall maintain complete confidentiality regarding the other’s business sources or their identities and shall disclose such only to any other person or entity pursuant to express written permission of the party that made the source available.
2.3 KMAS on the one part and ARK on the other part shall not in any way whatsoever circumvent or attempt to circumvent the other in any transaction with sources or their affiliates that are made available by the other.
2.4 KMAS on the one part and ARK on the other part recognize that a transaction entered into by either of them with any other person or entity to be an exclusive and valuable contract of the respective party and they shall not enter into direct negotiations with such contacts revealed by the other party.
2.5 Neither party shall avoid payment to the other of due fees, commissions and other remuneration in any way whatsoever.
2.6 In the event of circumvention by KMAS directly or indirectly, the circumvented party shall be entitled to damages equal to the maximum amount it would have, but for the circumvention, been paid from such transaction and any and all expenses, including but not limited to legal fees that would be involved in the recovery of said damages, together with interest calculated at the rate applicable to judgments in Hong Kong, calculated from the date such amount would have been received (but for the circumvention) to the date of receipt.
2.7 Where in any transaction agreement is reached between KMAS on the one part and ARK on the other part as to the manner of allocation of all consideration, benefits and commissions the parties will procure that such consideration, benefits and commissions are distributed in such manner.
2.8 The obligation of non-circumvention of KMAS on the one part and ARK on the other part to the other shall remain in force for a period of 5 (five) years from the date hereof. If this period is held to be invalid for any reason by a court of competent jurisdiction then that invalidity will not prejudice the validity of any lesser period nominated by the party seeking to enforce the obligation of non-circumvention of the other party.
3. EMPLOYEES AGENTS AND REPRESENTATIVES
3.1 KMAS and ARK will use their best endeavours to ensure that their respective employees, agents or representatives will not act in any way which would be a breach of this Deed if any such employee, agent or representative were named as a party to this Deed.
4. PROPER LAW, JURISDICTION
4.1 This Agreement is governed by and construed in accordance with the laws of Hong Kong.
4.2 Actions, suits or proceedings relating in any way to this Agreement or documents or dealings contemplated by it, may be instituted, heard and determined in a court of competent jurisdictions in Hong Kong.
4.3 Each party irrevocably submits to the non-exclusive jurisdiction of such court for the purpose of any such action, suit or proceeding.
5. GENERAL PROVISIONS
5.1 No variation of this Deed shall be of effect unless it is in writing, signed by the parties.
5.2 Each person signing this Deed:
(a) as attorney, by so doing, warrants to the other part that, as at the date of signing, the signatory has not received notice or information of the revocation of the power of attorney appointing that person; or
(b) as a company secretary or director or any officer of a corporation; or
(c) as agent or trustee of a party,
warrants to the other party that, as at the date of signing, the signatory has full authority to execute this Deed on behalf of that party.
5.3 Each party by signing or executing this Deed does so with the intention of being immediately legally bound.
5.4 Any notice to be given under this Deed can be addressed to the address shown for the party in this Deed. Service of the notice may be effected by personal delivery or prepaid ordinary post (in which case it will be deemed to be received forty-eight (48) hours after posting) or by facsimile where available (in which case it will be deemed to be received on the date and at the time contained in any transmission report) or by electronic email (in which case if the sender receives a return receipt indicating that the addressee has received the email, the receipt will be prima facie evidence that the email was received by the addressee at the time indicated on the receipt). A party may give another address, facsimile number (within Hong Kong) or email address to the other party and the new address will then be the address for service of the party for the purposes of this Agreement.
5.5 Any breach of this Deed by ARK will be deemed to be a breach by both ARK and all covenants or agreement by ARK under this Deed will bind ARK both jointly and severally.
5.6 The date of this Deed will be the date on which the Deed has been executed by all parties.
EXECUTED as a Deed.