TIME TO TIME IN FORCE.
THIS SUBMISSION AND
AGREEMENT TO ARBITRATE SHALL BE SPECIFICALLY ENFORCEABLE.
WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, THE FOLLOWING SHALL BE CONSIDERED CONTROVERSIES FOR
THIS PURPOSE:
(I) ALL QUESTIONS RELATING TO THE BREACH OF ANY OBLIGATION,
WARRANTY OR CONDITION HEREUNDER, (II) ALL QUESTIONS RELATING TO REPRESENTATIONS,
NEGOTIATIONS AND OTHER PROCEEDINGS LEADING TO THE EXECUTION HEREOF,
(III) FAILURE OF EITHER PARTY TO DENY OR REJECT CLAIM OR DEMAND FROM THE OTHER
PARTY, AND (IV) ALL QUESTIONS AS TO WHETHER THE RIGHT TO ARBITRATE ANY QUESTION
EXISTS.
ARBITRATION MAY PROCEED IN THE ABSENCE OF EITHER PARTY IF NOTICE OF THE
PROCEEDING HAS BEEN GIVEN TO SUCH PARTY.
THE PARTIES AGREE TO ABIDE BY ALL
AWARDS RENDERED IN SUCH PROCEEDINGS.
SUCH AWARDS SHALL BE FINAL AND BINDING ON
ALL PARTIES.
IT IS THE INTENTION OF THE PARTIES THAT THE SELECTION OF
ARBITRATORS, THE HOLDING OF THE ARBITRATION HEARING, AND THE ISSUANCE OF THE
FINDINGS OF THE ARBITRATORS SHALL ALL BE ACCOMPLISHED AS EXPEDITIOUSLY AS
POSSIBLE, AND THE PARTIES SHALL TAKE ALL MEASURES REQUIRED TO PROCEED IN THAT
FASHION.
IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of
the date first set forth above.
SELLER
/s/ Eric Montandon
By: Eric Montandon
Its: Chief Executive Officer
BUYER
/s/ Mohamed Wasim Niaz
By: Mohamed Wasim Niaz
Its: President
LTD
/s/ Eric
Montandon
By: Eric
Montandon
Its:
President
EXHIBIT A
QUALIFIED PERPETUAL RIGHT TO USE THE PROPRIETARY RIGHTS
RETAINED BY SELLER
Ø
Seller is granted the right to hold on line auctions using the software
developed and owed by LTD. in any country, provided that it is not used to
auction construction equipment in competition with LTD's business.
Seller is
also granted the right to use customer data owned by LTD to market it's on line
auctions of assets, provided these assets do not constitute construction
equipment.