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Triad Technologies
Partnership Contract
January 15, 2001
Members of Contract:
West Bloomfield MI 48324
Plainview NY 11803
Preamble:
This contract’s purpose is to set forth the rules and agreements made between (from now on to be referred to as Party 1) and (from now on to be referred to as Party 2). In regards to their partnership in the Plainview NY location (from now on to be referred to as Location 2) of Triad Technologies. Party 2 shall manage this location and offer all the same services and products as are offered at Location 1 (West Bloomfield MI). As well as keep the same high quality and customer satisfaction as is expected in every Triad Technologies location. As the purpose of this company is to provide the same services and products as the major chain stores, while providing the one on one customer service that chain stores can’t. Making Triad Technologies the true Computer Super Center.
Object:
The partnership shall be established on January 1, 2001 between Party 1 and Party 2. Party 1 shall own the controlling percentage of the partnership of 60%. Party 2 shall own 40% of the partnership. This partnership is for Location 2. Party 2 may open as many locations as Party 2 wishes but a similar contract shall cover each location. Party 1 still retains ownership of the company name and has full control over how it is to be used.
This Partnership is established for the purpose of expanding the coverage of Triad Technologies business area. This shall help to aid in the growth of The West Bloomfield Mi. (location 1) location, as well as any other locations that are added to the chain. Each location is a separate partnership with Party 1 owning the controlling percent of each location.
The name of this partnership is Triad Technologies Plainview NY.
Triad Technologies Main office is Location 1.
Triad Technologies
Headquarters
3990 Pinnock
West Bloomfield MI 48324.
This is the location were all customer comments shall go and be processed. This is also the location that determines the services that shall be offered through out the Triad Technologies chain. As well as controlling the quality of merchandise and services put forth at each location.
Provisions:
Party 1 shall contribute tech support, already established accounts with distributors, The company name and web page, the knowledge needed to run the company, and as much as Part 1 can contribute to each location. Party 2 shall contribute the local office of Triad Technologies (location 2), Party 2 shall also manage the day to day operations of location 2, including all the accounting work as well as tech work, and any other needs that may arise. Party 2 is also responsible for advertising and promoting Location 2 in their community. Party 1 will supply sample fliers and business cards that are currently being used at Location 1. Party 2 may use these fliers and cards or create their own. But all locations will use the same logo and name.
Both parties shall talk via the Internet nightly about what has occurred that day and how they can help each other succeed with the goals of Triad Technologies. They shall speak on the phone at least once a week. Party 1 shall make as many trips to location 2 as is possible. These trips do not have to be scheduled and can happen at any time.
Party 1 shall take a 30% share of the profits from location 2. Party 2 shall receive 70% of the profits from location 2.
Each location shall own all its own tools and such as needed. If a location does not have the equipment that it needs and one of the other locations does. The location in need of the equipment may borrow it as long as the location that owns it does not need it at that time. The equipment must be returned as soon as it is no longer needed by the borrowing location. Any money assets shall be considered profit and shared accordingly. If there are any tools that can be used by all locations, then a general consensus shall be taken and all locations that would like to participate shall contribute equally to the purchase of that tool (be it software or hardware) and shall own it and share it equally. The equipment shall reside at headquarters until it is needed by a location.
Each location shall cover its own expenses and losses from its gross income. Shall the loss be greater than the gross income Party 1 shall contribute 40% of the loss under the conditions that Party 1 was involved in the project that caused the loss to Location 2. Any losses that are obtained through the day to day running of the company that were not under the control of party one or could have been prevented by the involvement of Party 1 shall be the responsibility of Party 2.
Each partner shall work for the partnership. If either partner is found to be offering services or products outside the partnership within the area controlled by location 2 (Plainview), that partner is forfeiting any ownership to Location 2 as well as their profit share and may be prosecuted for breach of contract. Party 1 and Party 2 shall both work together for the best of the partnership. They shall be totally open with each other and notify the other party if for any reason they cannot complete a scheduled task on time.
Party 1 shall have the controlling say over the products, services, and operations of Location 2. Party 2 is welcome to offer any suggestions and comments that can help the partnership. Party 1 shall take all comments and suggestions into deep consideration. Those comments and suggestions will be made policy as long as they are valid and good suggestions that shall further the growth of location 2. Party 1 may only veto the suggestions or comments if they have good and sound reasons behind their decision.
A bank account shall be set up within the area of Location 2 for Triad Technologies. Both Parties names shall be on the account and all expenses must be authorized by both Parties. Both Parties shall get copies of the statements and books. Party 2 shall also make and send copies of all invoices and financial records for Location 2 to Party 1.
The books for Location 2 shall be kept and managed by Party 2. Party 2 shall send a copy of the books to Party 1 on the first of every month.
Party 2 is in charge of day to day operations and such at Location 2. Party 2’s ruling power is only superceded by Party 1. Both party’s shall be included in the decision process but Party 1 has the over rule vote.
The fiscal year shall be the same as the calendar year January 1st – Dec 31st.
Expenses shall always come out of the gross profits. Large expenses shall have to be approved by each partner. Office supplies and such under $50 do not require approval but receipts must be kept for everything. Any expense over $50 requires approval from both partners. Parts expenses that are required to fix a computer that is a rush service does not have to be approved but it must be a rush job.
At this time there shall be no group life insurance policies but this is open to change at a later date. If life insurance policies are determined needed a separate contract for them shall be drawn up at a later date.
Joint liability shall be considered the same as a loss. See the section referring to loss.
If ownership shares are to be transferred both parties must agree on the transfer.
This is a Non-Competing partnership. Neither partner is allowed to enter into an agreement with a competitor or any companies we have an agreement with. Such as vendors, clients, etc. If either partner leaves this partnership for any reason they may not compete with Triad Technologies or any of its affiliates for one year from date of departure.
Partnership property is strictly to be used for business related purposes. It shall not be used for personal gain or pleasure of any kind. If any partnership property is to be used for personal needs it must be agreed upon by both partners.
Association with a third party shall be discussed at the time it comes up if it comes up and shall have a separate contract for any such association.
Party 2 shall maintain the property being used for Location 2 at this point and time. This location may be moved at a further date from the address listed above. This property shall be rented or owned by Party 2 until further notice. Until location 2 is moved the expenses for this location must come out of Party 2’s profits. Being as the business is being opened in a private residence (once location is in a Store Front and not a residence all expenses for that location will come out of the gross income). All property, rental, and maintenance fees shall come out of the gross profits.
Notice of Withdrawal from partnership must be in writing and given to the other partner 60 days before leaving the partnership. It must state the reason for leaving. When a partner withdrawals they are giving their full share to the remaining partner.
Loss of Status of a Partner. A partner will lose their status and ownership in the partnership if they can longer fulfill their duties or they have been found in breech of contract. They will be notified in writing 30 days before the date they are due to lose their portion of the partnership.
Sale During the Lifetime:
If one partner intends to sell their portion of the company they must notify the other partner 15 days before they intend to place their portion of the partnership on the market.
Within those 15 days the second partner has the option to purchase the other partners percentage of the company before said percentage goes on the market.
The purchasing partner must reply to the seller in writing within those fifteen days with their formal offer.
If their offer does not meet the expectations of the selling partner, the selling partner may give a written refusal of sale to the purchasing partner explaining why they do not wish to sell to them and instead place their portion of the partnership on the market.
If said sale is to take place it must be paid in full within 60 days either in the form of cashier’s check, money order, or cash. If payment is not made in full the selling partner then has the right to place their portion of the partnership on the market.
If this portion of the partnership is to be sold to an outside buyer these conditions apply. The new partner must be able to fulfill all the duties of the old partner. The new partner must also agree to this same contract and conditions. If the new buyer will not fit with the company and will not be able to offer the partnership anything they may not purchase the sellers share of the partnership.
Resignation of the partnership requires a 60-day written notice. When resigning from the partnership the partner leaving may take his percentage of the profits and assets and leave. The partner only gets his percentage when he leaves.
Redemption of the partnership requires a 60-day written notice. On the set date of the departure the partner shall be paid by cash or cashiers check what his percentage of the partnership and assets is worth. Then the partnership will be over.
Sale after Death:
The money shall be paid to the chief heir of the late partner within 60-days. The money may be paid via cashiers check or cash. This is only if the heir does not wish to take over the late partner place in the partnership.
Anyone taking over the role of the new partner must be able to fulfill the role of the late partner. The conditions are the same as if it were a sale during the lifetime. Please read that portion of the contract for the essential conditions.
If the heir or heirs to the late partner meet all the essential conditions and would like to take the place of the late partner in the partnership they may do so. They will assume the role of the late partner.
If the late partner commits suicide the conditions are the same as for an accidental or natural death.
The heirs may choose to redeem the partnership all the rules for that will follow those set forth in the sale during lifetime section of this contract.
Dissolution and Liquidation of the Partnership:
There shall be no dissolution of this contract.
If both partners agree to end the partnership at the same time then the partnership may be liquidated. All the items in the partnership are then to be sold and the money split 50/50 between the two partners.
General Provisions:
If an act of god destroys Location 2 then at that time Party 1 and Party 2 will meet and decide whether or not to reopen that location or close that location for good and liquidate the remains of the partnership.
This contract is a whole. Although there are many parts to it they all are required to make this a good working partnership. All parts of this contract must be met and kept.
Unless otherwise specified in the contract all notices must be written and given 30 days before any course of action is to be taken.
Party 2 shall set the Schedule for Location 2.
This agreement is a brief over view of the most important duties of both the parties in this partnership. All though some of the items are clearly spelled out there are certain areas such as the “day to day” operation that have been left slightly to interpretation. These objects that are not set out explicitly in the contract shall be gone over and agreed on by both parties before they are set into policy.
Any amendments to this contract shall be made in the form of new smaller contracts.
Any items not covered under this contract shall be discussed at a later date and a new contract will be drawn up for those items.
Effective: January 1, 2001
This contract shall be up for renewal 10 years from the date that it becomes effective.
This contract can only be terminated if one of the partners is found to be in violation of one of the agreements held within. If this contract is terminated the party terminating it must give written notice to the other party 30 days in advance. This notice most describe the infraction committed by the offending partner.
I _______________________ and I _______________________ agree to the terms and conditions set forth in this contract.
______________________ __________________________
Party 1 Date Party 2 Date
______________________ ___________________________
Witness 1 Date Witness 2 Date
Partnership Contract
January 15, 2001
Members of Contract:
West Bloomfield MI 48324
Plainview NY 11803
Preamble:
This contract’s purpose is to set forth the rules and agreements made between (from now on to be referred to as Party 1) and (from now on to be referred to as Party 2). In regards to their partnership in the Plainview NY location (from now on to be referred to as Location 2) of Triad Technologies. Party 2 shall manage this location and offer all the same services and products as are offered at Location 1 (West Bloomfield MI). As well as keep the same high quality and customer satisfaction as is expected in every Triad Technologies location. As the purpose of this company is to provide the same services and products as the major chain stores, while providing the one on one customer service that chain stores can’t. Making Triad Technologies the true Computer Super Center.
Object:
The partnership shall be established on January 1, 2001 between Party 1 and Party 2. Party 1 shall own the controlling percentage of the partnership of 60%. Party 2 shall own 40% of the partnership. This partnership is for Location 2. Party 2 may open as many locations as Party 2 wishes but a similar contract shall cover each location. Party 1 still retains ownership of the company name and has full control over how it is to be used.
This Partnership is established for the purpose of expanding the coverage of Triad Technologies business area. This shall help to aid in the growth of The West Bloomfield Mi. (location 1) location, as well as any other locations that are added to the chain. Each location is a separate partnership with Party 1 owning the controlling percent of each location.
The name of this partnership is Triad Technologies Plainview NY.
Triad Technologies Main office is Location 1.
Triad Technologies
Headquarters
3990 Pinnock
West Bloomfield MI 48324.
This is the location were all customer comments shall go and be processed. This is also the location that determines the services that shall be offered through out the Triad Technologies chain. As well as controlling the quality of merchandise and services put forth at each location.
Provisions:
Party 1 shall contribute tech support, already established accounts with distributors, The company name and web page, the knowledge needed to run the company, and as much as Part 1 can contribute to each location. Party 2 shall contribute the local office of Triad Technologies (location 2), Party 2 shall also manage the day to day operations of location 2, including all the accounting work as well as tech work, and any other needs that may arise. Party 2 is also responsible for advertising and promoting Location 2 in their community. Party 1 will supply sample fliers and business cards that are currently being used at Location 1. Party 2 may use these fliers and cards or create their own. But all locations will use the same logo and name.
Both parties shall talk via the Internet nightly about what has occurred that day and how they can help each other succeed with the goals of Triad Technologies. They shall speak on the phone at least once a week. Party 1 shall make as many trips to location 2 as is possible. These trips do not have to be scheduled and can happen at any time.
Party 1 shall take a 30% share of the profits from location 2. Party 2 shall receive 70% of the profits from location 2.
Each location shall own all its own tools and such as needed. If a location does not have the equipment that it needs and one of the other locations does. The location in need of the equipment may borrow it as long as the location that owns it does not need it at that time. The equipment must be returned as soon as it is no longer needed by the borrowing location. Any money assets shall be considered profit and shared accordingly. If there are any tools that can be used by all locations, then a general consensus shall be taken and all locations that would like to participate shall contribute equally to the purchase of that tool (be it software or hardware) and shall own it and share it equally. The equipment shall reside at headquarters until it is needed by a location.
Each location shall cover its own expenses and losses from its gross income. Shall the loss be greater than the gross income Party 1 shall contribute 40% of the loss under the conditions that Party 1 was involved in the project that caused the loss to Location 2. Any losses that are obtained through the day to day running of the company that were not under the control of party one or could have been prevented by the involvement of Party 1 shall be the responsibility of Party 2.
Each partner shall work for the partnership. If either partner is found to be offering services or products outside the partnership within the area controlled by location 2 (Plainview), that partner is forfeiting any ownership to Location 2 as well as their profit share and may be prosecuted for breach of contract. Party 1 and Party 2 shall both work together for the best of the partnership. They shall be totally open with each other and notify the other party if for any reason they cannot complete a scheduled task on time.
Party 1 shall have the controlling say over the products, services, and operations of Location 2. Party 2 is welcome to offer any suggestions and comments that can help the partnership. Party 1 shall take all comments and suggestions into deep consideration. Those comments and suggestions will be made policy as long as they are valid and good suggestions that shall further the growth of location 2. Party 1 may only veto the suggestions or comments if they have good and sound reasons behind their decision.
A bank account shall be set up within the area of Location 2 for Triad Technologies. Both Parties names shall be on the account and all expenses must be authorized by both Parties. Both Parties shall get copies of the statements and books. Party 2 shall also make and send copies of all invoices and financial records for Location 2 to Party 1.
The books for Location 2 shall be kept and managed by Party 2. Party 2 shall send a copy of the books to Party 1 on the first of every month.
Party 2 is in charge of day to day operations and such at Location 2. Party 2’s ruling power is only superceded by Party 1. Both party’s shall be included in the decision process but Party 1 has the over rule vote.
The fiscal year shall be the same as the calendar year January 1st – Dec 31st.
Expenses shall always come out of the gross profits. Large expenses shall have to be approved by each partner. Office supplies and such under $50 do not require approval but receipts must be kept for everything. Any expense over $50 requires approval from both partners. Parts expenses that are required to fix a computer that is a rush service does not have to be approved but it must be a rush job.
At this time there shall be no group life insurance policies but this is open to change at a later date. If life insurance policies are determined needed a separate contract for them shall be drawn up at a later date.
Joint liability shall be considered the same as a loss. See the section referring to loss.
If ownership shares are to be transferred both parties must agree on the transfer.
This is a Non-Competing partnership. Neither partner is allowed to enter into an agreement with a competitor or any companies we have an agreement with. Such as vendors, clients, etc. If either partner leaves this partnership for any reason they may not compete with Triad Technologies or any of its affiliates for one year from date of departure.
Partnership property is strictly to be used for business related purposes. It shall not be used for personal gain or pleasure of any kind. If any partnership property is to be used for personal needs it must be agreed upon by both partners.
Association with a third party shall be discussed at the time it comes up if it comes up and shall have a separate contract for any such association.
Party 2 shall maintain the property being used for Location 2 at this point and time. This location may be moved at a further date from the address listed above. This property shall be rented or owned by Party 2 until further notice. Until location 2 is moved the expenses for this location must come out of Party 2’s profits. Being as the business is being opened in a private residence (once location is in a Store Front and not a residence all expenses for that location will come out of the gross income). All property, rental, and maintenance fees shall come out of the gross profits.
Notice of Withdrawal from partnership must be in writing and given to the other partner 60 days before leaving the partnership. It must state the reason for leaving. When a partner withdrawals they are giving their full share to the remaining partner.
Loss of Status of a Partner. A partner will lose their status and ownership in the partnership if they can longer fulfill their duties or they have been found in breech of contract. They will be notified in writing 30 days before the date they are due to lose their portion of the partnership.
Sale During the Lifetime:
If one partner intends to sell their portion of the company they must notify the other partner 15 days before they intend to place their portion of the partnership on the market.
Within those 15 days the second partner has the option to purchase the other partners percentage of the company before said percentage goes on the market.
The purchasing partner must reply to the seller in writing within those fifteen days with their formal offer.
If their offer does not meet the expectations of the selling partner, the selling partner may give a written refusal of sale to the purchasing partner explaining why they do not wish to sell to them and instead place their portion of the partnership on the market.
If said sale is to take place it must be paid in full within 60 days either in the form of cashier’s check, money order, or cash. If payment is not made in full the selling partner then has the right to place their portion of the partnership on the market.
If this portion of the partnership is to be sold to an outside buyer these conditions apply. The new partner must be able to fulfill all the duties of the old partner. The new partner must also agree to this same contract and conditions. If the new buyer will not fit with the company and will not be able to offer the partnership anything they may not purchase the sellers share of the partnership.
Resignation of the partnership requires a 60-day written notice. When resigning from the partnership the partner leaving may take his percentage of the profits and assets and leave. The partner only gets his percentage when he leaves.
Redemption of the partnership requires a 60-day written notice. On the set date of the departure the partner shall be paid by cash or cashiers check what his percentage of the partnership and assets is worth. Then the partnership will be over.
Sale after Death:
The money shall be paid to the chief heir of the late partner within 60-days. The money may be paid via cashiers check or cash. This is only if the heir does not wish to take over the late partner place in the partnership.
Anyone taking over the role of the new partner must be able to fulfill the role of the late partner. The conditions are the same as if it were a sale during the lifetime. Please read that portion of the contract for the essential conditions.
If the heir or heirs to the late partner meet all the essential conditions and would like to take the place of the late partner in the partnership they may do so. They will assume the role of the late partner.
If the late partner commits suicide the conditions are the same as for an accidental or natural death.
The heirs may choose to redeem the partnership all the rules for that will follow those set forth in the sale during lifetime section of this contract.
Dissolution and Liquidation of the Partnership:
There shall be no dissolution of this contract.
If both partners agree to end the partnership at the same time then the partnership may be liquidated. All the items in the partnership are then to be sold and the money split 50/50 between the two partners.
General Provisions:
If an act of god destroys Location 2 then at that time Party 1 and Party 2 will meet and decide whether or not to reopen that location or close that location for good and liquidate the remains of the partnership.
This contract is a whole. Although there are many parts to it they all are required to make this a good working partnership. All parts of this contract must be met and kept.
Unless otherwise specified in the contract all notices must be written and given 30 days before any course of action is to be taken.
Party 2 shall set the Schedule for Location 2.
This agreement is a brief over view of the most important duties of both the parties in this partnership. All though some of the items are clearly spelled out there are certain areas such as the “day to day” operation that have been left slightly to interpretation. These objects that are not set out explicitly in the contract shall be gone over and agreed on by both parties before they are set into policy.
Any amendments to this contract shall be made in the form of new smaller contracts.
Any items not covered under this contract shall be discussed at a later date and a new contract will be drawn up for those items.
Effective: January 1, 2001
This contract shall be up for renewal 10 years from the date that it becomes effective.
This contract can only be terminated if one of the partners is found to be in violation of one of the agreements held within. If this contract is terminated the party terminating it must give written notice to the other party 30 days in advance. This notice most describe the infraction committed by the offending partner.
I _______________________ and I _______________________ agree to the terms and conditions set forth in this contract.
______________________ __________________________
Party 1 Date Party 2 Date
______________________ ___________________________
Witness 1 Date Witness 2 Date