I was going through the chinese agreement. Did Gen
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Posted On: 12/10/2020 5:56:34 PM
I was going through the chinese agreement. Did Generex receive the upfront 5M on signing the agreement ?
Also I see this language which says within 30 days joint Entity should be established are else the agreement can be terminated. Hope the entity has been set up !!!
"Either party may terminate the Agreement at any time if: (i) within 30 days after the execution of the Agreement, the establishment of the Joint Entity has not been completed; (ii) any party defaults on its obligations under the Agreement and fails to cure such default within ten business days after written notice from the non-defaulting party; and (iii) due to changes in national laws and regulations or related management provisions, NIVDC cannot complete the framework agreement and NIVDC has the right to terminate the framework agreement without responsibility. The Joint Entity make terminate the Agreement if within 7 business days after the payment to Generex of the $5 million license fee, Generex has not provided the Joint Entity with certain technical information set forth in the Agreement and in the case of such termination, Generex will return the $5 million license fee within 3 business days.?
Also I see this language which says within 30 days joint Entity should be established are else the agreement can be terminated. Hope the entity has been set up !!!
"Either party may terminate the Agreement at any time if: (i) within 30 days after the execution of the Agreement, the establishment of the Joint Entity has not been completed; (ii) any party defaults on its obligations under the Agreement and fails to cure such default within ten business days after written notice from the non-defaulting party; and (iii) due to changes in national laws and regulations or related management provisions, NIVDC cannot complete the framework agreement and NIVDC has the right to terminate the framework agreement without responsibility. The Joint Entity make terminate the Agreement if within 7 business days after the payment to Generex of the $5 million license fee, Generex has not provided the Joint Entity with certain technical information set forth in the Agreement and in the case of such termination, Generex will return the $5 million license fee within 3 business days.?
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