ARTICLE 7 EXPENSES AND BUSINESS ACOUNT
7.1 All expenses of the Joint Venture shall be paid by both Party and shall be reimbursed by the Joint Venture.
7.2 Both Parties should open a joint bank account for the purpose of this Joint Venture.
ARTICLE 8 INDEMNIFICATIONS OF THE JOINT VENTURERS
The parties to this Agreement shall have no liability to the other for any loss suffered which arises out of any action or inaction if, in good faith, it is determined that such course of conduct was in the best interests of the Joint Venture and such course of conduct did not constitute negligence or misconduct. The parties to this Agreement shall each be indemnified by the other against losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with the Joint Venture.
(Need to be clarified. If parties are acted in good faith, why require to be indemnified)
ARTICLE 9 DISSOLUTION
Events of the Joint Ventures.
The Joint Venture shall be dissolved upon the happening of any of the following events: (a)The adjudication of bankruptcy, filing of a petition pursuant to a Chapter of the Federal Bankruptcy Act, withdrawal, removal or insolvency of either of the parties. (b) The sale or other disposition, not including an exchange of all, or substantially all, of the Joint Venture assets. (c) Mutual agreement of the parties.
ARTICLE 10 MISCELLANEOUS PROVISIONS
10.1 Books and Records. The Joint Venture shall keep adequate books and records at its place of business, setting forth a true and accurate account of all business transactions arising out of and in connection with the conduct of the Joint Venture.
10.2 Validity. In the event that any provision of this Agreement shall beheld to be invalid, the same shall not affect in any respect whatsoever the validity of the remainder of this Agreement.
10.3 Integrated Agreement. This Agreement constitutes the entire understanding and agreement among the parties hereto with respect to the subject matter hereof, and there are no agreements, understandings, restrictions or warranties among the parties other than those set forth herein provided for.
10.4 Heading. The heading, titles and subtitles used in this Agreement are for ease of reference only and shall not control or affect the meaning or construction of any provision hereof.
10.5 Notices. Except as may be otherwise specifically provided in this Agreement, all notices required or permitted hereunder shall be in writing and shall be deemed to be delivered when deposited in the United States mail, postage prepaid, certified or registered mail, return receipt requested, addressed to the parties at their respective addresses set forth in this Agreement or at such other addresses as may be subsequently specified by written notice.
10.6 Applicable Law and Venue. This Agreement shall be construed and enforced under the law of Thailand.