since the first Party is owning textile and clothes Factory, and this factory is facing financial problems. While the Second party is owning an experience in running such kinds of factories with a good reputation in this field that can enable them from saving the Factory. Moreover, the second party had reviewed the records of the factory for the last two months and conducted the necessary study to run the factory successfully. Both parties agreed on the following:
Firstly: The introduction is considered a part of this contract and read writhingly
Secondly: The post of the second party is a general Manager for the company.
Thirdly: The duties of the second Party:
A) Running the factory and supervising all Sections
B) Operating the Factory through personal relations and by attracting new orders.
Fourthly: The Second Party will hold the Following Authorities:
A) Recruiting the needed team as she wants in order to operate the factory successfully
B) She has the right of employing, dismissing, rewarding, or punishing the employees
C) The Authority of Cutting the Budget to the minimum limit in order to keep the Factory working.
D) Opening or Stopping Production lines or sections to maintain the factory operating
E) Conducting any deals for the benefit of the factory, and refuse all unsuitable deals, and arranging priorities between clients
F) The Authority of entering her signature as an additional on contracts and cheques
G) The right of reviewing all financial records by herself or through an authorized accountant.
Fifth: The factory’s Rescue plan will contain the following stages:
stage One: The Duty of the second party here will be only keeping the factory operative by operating two production lines in order to cover salaries. The first Party will manage the rest of the expanses. The Period of this stage is Four months only from the beginning of the contract.
The Second Stage : The Duty of the second Party will be covering all the expanses like wages, Electricity, water except the rent of the factory This stage will be five months starting from the end of the first one.
Third Stage : The first party will hold the duty of covering all the expanses of the factory. This period is five months from the end of the second stage.
The Fourth stage : The first party will hold the duty of covering all the expanses of the factory in addition of making profits. The period here will be one Year starting from the end of the third stage .
Sixth: The Second Party will charge the first Party as follows:
A) 1500 Jordanian Dinars as a Basic Salary.
B) 40% of the net Profit.
Seventh: The second Party has no relation with the previous debts of the second party, or with any extra administrative expanses, or the compulsory reservation or even the voluntary one. Or any postponed debts, losing deals conducted by the first party without the approval of the second Party.
Eighth: The Duration of this contract is Two years. Renewable by the approval of both parties
Ninth: The first Party has to follow up all the legal procedures with the Jordanian Authorities ion order to enter her signature in the contracts and cheques.
Tenth: The first party isn’t allowed to void this contract before the end of its Duration unless the second Party couldn’t meet the Demands of the Job according to the above mentioned stages. Otherwise the first party will pay 2000 Jordanian Dinars for every month of the rest of the period will worth immediately in case of misact .
Eleventh: The first Party is to grant the stay of the second Party all out the Duration of the contract. Ending or canceling this grant before the end of the contract will arrange compensation upon the first party as mentioned in tenth item .
These Items were written in Two pages of 11 items and an introduction. And of two original copies, one for each party.
Written on / / 2005
First Party Second Party
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