The following excerpt is from the company's SEC filing.
Bravatek and Fazync agree to jointly:
Develop and implement a joint Product Solution and Application Strategy whereby targeted markets/potential client-types/applications are mutually agreed upon;
Support each other in all agreed-upon technical, marketing and promotional efforts;
Develop a joint strategy for developing new product/services/capabilities to mutually benefit both parties;
Utilize each other as Preferred Vendors for services whenever possible upon mutual agreement.
When custom Products are designed, developed and to be delivered to Bravatek-identi fied perspective clients, the parties shall agree to a proposed sales price for use during the project in writing prior to the commencement of each project.
For any Product or Solution sold to any perspective clients introduced by Bravatek registered with Fazync via email to IHSI’s CEO, Devon Jones, and delivered through Bravatek or a Fazync -designated distribution affiliate(s) or sales channel(s), Bravatek will receive a lead-finder fee, to be mutually discussed and finally decided by Fazync at the range of minimum of 10% to maximum of 20% of project revenue, with an exact fee to be depending upon the overall project sales margin and cost of development and delivery of each project, payable NET 30 days after each client payment on delivered products received at Fazync bank account.
"Confidential information" shall mean any and all technical and non-technical information, documents and materials related to client projects of party and products, services and business of each of the parties. Fazync and Bravatek agree to maintain in strict confidence and not to disclose or disseminate, or to use for any purposes other than performance of the projects, the Confidential Information disclosed.
The obligation of non-disclosure shall not apply to the following:
Information at or after such time that is publicly available through no fault of either party
Information at or after such time that is disclosed to either party by a third party entitled to disclose such information
Information which is required by law to be disclosed to federal, state or local authorities.
Term of Confidentiality
For a period of five (5) years after termination of this Agreement, the parties shall treat as confidential all information and take every reasonable precaution and use all reasonable efforts to prevent the unauthorized disclosure of the same. The parties agree to take all steps reasonably necessary and appropriate to ensure that their employees, agents, and/or assistants treat all information as confidential and to ensure that such employees, agents, and/or assistants are familiar with and abide by the terms of this Agreement.
The term of this Agreement is twelve (12) months from the date hereof, and will be automatically renewed for one (1) additional twelve month period unless either party shall notify the other in writing of its intention not to renew. Such notice must be given ninety (90) days prior to expiration of the original term. This Agreement may also be terminated by either party upon ninety (90) days written notice.
Any notices required under this Agreement shall be delivered to:
Bravatek Technologies, Inc.
2028 E. Ben White Blvd.
Austin, Texas 78741
2376 Gold River dr.
Ranch Cordova, CA 95670
This Agreement is entered into in the State of Texas and shall be interpreted according to the laws of the State of Texas.
Fazync shall indemnify Bravatek, its directors, officers and employees, for any and all damages, costs, expenses, and other liabilities, including reasonable attorney's fees and court costs incurred in connection with any third-party claim, action or proceeding arising from the negligence or intentional misconduct of Fazync or breach of Fazync of any of its obligations under this Agreement.
Bravatek shall indemnify Fazync, its directors, officers and employees, for any and all damages, costs, expenses, and other liabilities, including reasonable attorney's fees and court costs, incurred in connection with any third-party claim, action or proceeding arising from the negligence or intentional misconduct of Bravatek or breach of Bravatek of any of its obligations under this Agreement.
No changes or modifications of this Agreement or any of its terms shall be deemed effective unless in writing and executed by the parties hereto.
This Agreement shall not be assignable by either party without the prior written consent of the other party.
This Agreement represents the complete and entire understanding between the parties regarding the subject matter hereof and supersedes all prior negotiations, representations, or agreements, either written or oral, regarding this subject matter.
This Agreement shall not be considered accepted, approved or otherwise effective until signed by the appropriate parties.
/s/ Thomas A. Cellucci
/s/ Devon Jones
Thomas A. Cellucci
January 10, 2018
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
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