TERMINATION AND SETTLEMENT AGREEMENT(계약종료대비계약서)
This Termination and Settlement Agreement(Agreement), dated Mar 7, 1999, by and between ABC Company, having its head office at ______________ (Licensee) and 000 Company, having its head office at ______________ (Licensor) hereby terminate the License and Technical Assistance Agreement dated July 13. 1995 and any other agreements, if any, related to the License and Technical Assistance Agreement, entered into by both parties, The only remaining obligations of the parties to the other shall be as set forth in the followings:
1. In consideration for the termination of the License and Technical Assistance Agreement, Licensee agrees to pay Licensor a total of Two Hundred Twenty Five Thousand U. S. Dollars (U$ 225,000). This amount shall be paid to Licensor in two(2) equal installments.
The first installment : by Oct 3, 1992
The second installment : by Apr 16, 1994
If any withholding taxes are imposed on Licensor on account of any Payments to be made by Licensee to Licensor hereunder, under the Korean law and in compliance with the tax treaty between the Republic of Korea and the United States of America, Licensee may deduct such taxes from the said amount U$ 225,000, only to the extent Licensee may be required and allowed to do so pursuant to the tax treaty.
2. Upon the said termination of the License and Technical Assistance Agreement, Licensee agrees that
(1) All rights granted to Licensee Under the License and Technical Assistance Agreement shall terminate and revert to Licensor, and Licensee shall not make further use of The Proprietary Data in the said Agreement.
(2) Licensee, at its expense, shall promptly return to Licensor, within sixty(60) days from the execution date hereof, all the Proprietary Data together with translations thereof, including but not limited to drawings, specifications, general process sheets, parts list, bills of material, design and calculation sheets, manuals, brochures and any other documents received under the said Agreement.
3, Licensor hereby releases Licensee of any and all claims related or to be related, directly or indirectly, to the said termination of the License and Technical Assistance Agreement.
4. In the event the payments hereunder are not made as scheduled, this Agreement shall become null and void, and the License and Technical Assistance Agreement shall be reinstated and remain in full force.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicates by their duly authorized representatives as of the date and year above written. For 000 Company For ABC Company |
2007.12.04
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