Ostensibly partnership and registering a factory in the name of other person
Introduction: As the first Party is ———— citizen and she\he works for apparel industries , and she desire to establish a factory in —————– City , while she is a foreign citizen and the procedures to invest in QIZ for foreign demands a big efforts, long time and more procedures which cannot be finished in small time ,so that the both parties agreed on the following:
1- The introduction is considered a part of this of this agreement and read witheringly.
2- The second party will finance the opining of the factory in all stages from her own money on the name of the second party as a virtually owner .
3- The second party admit that he is not the real owner for the factory and he haven’t the right to make any conduct upon the factory in any shape of conducting, in addition that he admit that the real owner is the first party.
4- The second party is committed to transmit the property of the factory to the first party at the time she ask.
5- The first party is the only one who is responsible about any debits or mortgages or third person rights ,taxes and chartings happens because of investing or contracting or running the factory, moreover the first party will be responsible to compensate the second party for any damages affected him because of the second party misusing including the chartings and the expanses for the suit case which make against him as the factory owner position.
6- The second party is committed to make the official legal authorization to the first party in the specialized notary public department at the time of finishing the registration procedures , and he must not withdraw the authorization just by the approval of the first party.
7- In addition the first party is the real owner , and he is the general manager for the factory .
8- Its forbidden the second party to sail the factory or take a credits or make a mortgages upon the factory ,the misact of this condition make him pay the mentioned compensation clause in addition to pay the remedy for any damages he cause to the first party.
9- The first party is committed to
A- Offer career opportunity to the second party in the factory in salary not less than ___________ USD monthly from the date of opining the factory.
B- Offer career opportunity to the second party wife as Production manager in monthly wage not less than _________ USD from the opining date.
C- ____________ % from the net profit for the first _____ year.
10- the first party must till the second party about the factory situation and able him to view the necessary records which approves the correct situation for the factory and she have to tell him about any bad financial position ,moreover the second party is considered confiding all factory works she make according to the authorization rules and she will be responsible to any civil or penalty responsibility for any misact she made.
11- Any party misact the conditions of this agreement will pay to the other party 10,000 USD as penalty pay in addition to compensate all damages.
The conditions of this agreement consisted 11 items and introduction in toe original copies, the were read in front of the parties after understanding them they listed their signatures on / /2005.
First Party Second party