Document:

ex_185727.htm

Exhibit 10.17

 

Diamond Bar Outdoors Inc.

 

Sales Rep Agreement

 

This Agreement (“Agreement”) is made and effective on January 4th,2020 by and between Tawny Lam Consulting Inc and Diamond Bar Outdoors Inc.

 

In consideration of the mutual promises contained herein, the parties agree as follows:

 

1. Definitions.

 

As used herein, the following terms shall have the meanings set forth below:

 

A, “Products” shall mean the following of Company's products to be sold by Rep: Tawny Lam Consulting Inc

 

B. "Territory” shall mean the following described geographic area and/or specific accounts:          All     

 

2. Appointment.

 

Company hereby appoints Rep as its sales rep for the Products in the Territory, and Rep hereby accepts such appointment. Rep's sole authority shall be to solicit orders for the Products in the Territory in accordance with the terms of this Agreement- Rep shall not have the authority to make any commitments whatsoever on behalf of Company, and be fully responsible for keeping his or her customers duly informed of this limit on Rep's authority to make agreements on behalf of the Company with the customer.

 

3. General Duties.

 

Rep shall use its best efforts to promote the Products and maximize the sale of the Products in the Territory. Rep shall also provide reasonable assistance to Company in promotional activities in the Territory such as trade shows, product presentations, sales calls and other activities of Company with respect to the Products. Rep shall also provide reasonable "after sale” support to Product purchasers and generally perform such sales related activities as are reasonable to promote the Products and the goodwill of Company in the Territory, in the line of business Company is in. Rep shall report weekly to Company concerning sales of the Products and competitive promotional ad pricing activities. Rep will devote adequate lime and effort to perform its obligations. Rep shall neither advertise the Products outside the Territory nor solicit sales from purchasers located outside the Territory without the prior written consent of the Company.

 

4. Reserved Rights.

 

Company reserves the right to solicit orders directly from and sell directly to any end users or other retail buyers within the Territory Rep’s task is to solicit orders from all potential wholesale customers in the Territory including original equipment manufacturers, distributors, resellers, dealers, value-added resellers, telemarketing companies and retail distribution chains, unless agreed otherwise else in this agreement.

 

 

 

 

5. Conflict of Interest.

 

Rep warrants to Company that it does not currently represent or promote any lines or products that compete with the Products. During the term of this Agreement, Rep shall not represent, promote or otherwise try to sell within the Territory any lines or products that, in Company's judgment, compete with the Products covered by this Agreement Rep shall provide Company with a list of the companies and products that it currently represents and shall notify Company in writing of any new companies and products at such time as its promotion of those new companies and products commence.

 

6. Independent Contractor.

 

Rep is an independent contractor, and nothing contained in this Agreement shall be construed to (i) give either party the power to direct and control the day-to-day activities of the other, (ii) constitute the parties as partners, joint ventures, co-owners or otherwise, or (iii) allow Rep to create or assume any obligation on behalf of Company for any purpose whatsoever. Rep is not an employee of Company and is not entitled to any employee benefits. Rep shall be responsible for paying all income taxes and other taxes charged to Rep on amounts earned hereunder. All financial and other obligations associated with Rep’s business are the sole responsibility of Rep.

 

7. Indemnification by Rep.

 

Rep shall indemnify and hold Company free and harmless from any and all claims, damages or lawsuits (including reasonable attorneys’ fees) arising out of negligence or malfeasant acts of Rep, its employees or its agents.

 

8. Indemnification by Company.

 

Company shall indemnify and hold Rep free and harmless from any and all claims, damages or lawsuits (including reasonable attorneys' fees) arising out of defects in the Products caused by Company or failure of Company to provide any products to a customer that has properly ordered through Rep.

 

9. Commission.

 

Sole Compensation. Rep's sole compensation under the terms of this Agreement shall be a commission computed as follows: Standard 5 %, Direct Container rate varies from 2% to 10%, override rate varies from 1% to 3%

 

Basis of Commission. The Commission shall apply to all orders solicited by Rep from the Territory that have been accepted by Company and for which shipment has occurred. No commissions shall be paid on (i) orders from outside the Territory (even if Rep receives the initial inquiry from outside the Territory) unless otherwise agreed in writing by Company. Commissions shall be computed on the net amount paid by customer.

 

Time of Payment. The commission on a given order shall be due and payable when paid by the customer and be due within 5 days after such payment is received.

 

 

 

 

Commission Charge-Back. Company shall have the absolute right to set forth cash discounts, to make such allowances and adjustments to accept such returns from its customers, and to write off as bad debts such overdue customer accounts as it deems advisable. In each such case Company shall charge back to Rep's account any amounts previously paid or credited to it with respect to such cash discounts, allowances, adjustments, return or bad debts. However, Company agrees that the amount of any cash discount provided to a customer and charged back to Rep shall not exceed of the sales price. Payment to Rep upon receipt of customer payments and for the percentage agreed upon eliminates most of these areas for dispute, which the parties acknowledge herein.

 

Annual Inspection of Records. Rep shall have the right, at its own expense and not more than once per year, to inspect at reasonable times Company's relevant accounting records to verify the accuracy of commissions paid by Company under the terms of this Agreement. If the audit correctly reveals that Company has underpaid Rep by ten percent (10%) or more, then Company shall reimburse Rep for the cost of the audit, in addition to the amount of underpayment. Unless otherwise stipulated, this date shall be January 31 of each year. In no event shall an audit be permitted for more than the past 12 months. Therefore, any amounts possibly due prior to this year and one day, are not subject to review for any reason including fraudulent misrepresentation or any other such claim Rep might make.

 

10. Sale of the Products.

 

Prices and Terms of Sale. Company shall provide Rep with copies of its current price lists, delivery schedules, and standard terms and conditions of sale, as established from time to time. Rep shall quote to customers only those authorized prices, delivery schedules, and terms and conditions, and modify, add to or discontinue Products following written notice to Rep. Each order shall be controlled, by the prices, delivery schedules, and terms and conditions in effect at the time the order is accepted, and all quotations by Reps shall contain a statement to that effect.

 

Quotations. Reps shall promptly furnish to Company copies of all quotations submitted to customers. Each quotation shall accurately reflect the terms of this Agreement.

 

Orders. All orders for the Products shall be in writing, and the originals shall be submitted to Company.

 

Acceptance. All orders obtained by Rep shall be subject to final acceptance by Company at its principal office and all quotations by Reps shall contain a statement to that effect. Rep shall have no authority to make any acceptance or delivery commitments to customers. Company specifically reserves the right to reject any order or any part thereof for any reason.

 

Credit Approval. Company shall have the sole right of credit approval or credit refusal for customers in all cases, with or without cause.

 

Collection. Full responsibility for collection from customers rests with Company, provided that Rep shall at Company's request assist in such collection efforts.

 

 

 

 

Inquiries from Outside the Territory. Rep shall promptly submit to Company, for Company's attention and handling, the originals of all inquiries received by Rep from customers outside the Territory.

 

11. Term and Termination.

 

A. Term. This Agreement shall commence on the Effective Date and continue for two year thereafter, unless terminated earlier as provided herein. This Agreement shall continue until terminated upon at least 30 Days written notice by either party. If not terminated during the first year, this Agreement shall continue until one party or the other terminates the Agreement with 30 Days written notice.

 

B. Return of Materials. All of Company's trademarks, trade names, patents, copyrights, designs, drawings, formulas or other data, photographs, demonstrators, literature, and sales aids of every kind shall remain the property of Company. Within 10 days after the termination of this Agreement, Rep shall return all such items to company at Rep's expense. Rep shall not ^ make or retain any copies of any confidential items or information that may have been entrusted to it. Effective upon the termination of this Agreement Rep shall cease to use all trademarks, marks and trade name of Company.

 

12. Limitation of Liability.

 

Upon termination by either party in accordance with any of the provisions of this Agreement, neither party shall be liable to the other, because of the termination for compensation, reimbursement or damages on account of the loss of prospective profits or anticipated sales or on account of expenditures, investments, leases or commitments in connection with the business or goodwill of Company or Rep. Company's sole liability under the terms of this Agreement shall be for any unpaid commissions,

 

13. Confidentiality.

 

Rep acknowledges that by reason of its relationship to Company hereunder it will have access to certain information and materials concerning Company's business plans, customers, technology, and products that is confidential and of substantial value to Company, which value would be impaired if such information were disclosed to third parties. Rep agrees that it shall not use in any way for its own account or the account of any third party, nor disclose to any third party, any such confidential information revealed to it by Company. Rep shall not publish any technical description of the Products beyond the description published by Company. In the event of termination of this Agreement, there shall be no use or disclosure by Rep of any confidential information of Company, and Rep shall not manufacture or have manufactured any devices, components or assemblies utilizing Company's patents, inventions, copyrights, knowhow or trade secrets.

 

14. No Waiver.

 

The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.

 

 

 

 

15. Entirety of Agreement.

 

The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.

 

16. Governing Law.

 

This Agreement shall be construed and enforced according to the laws of State of California and any dispute under this Agreement must be brought in this venue and no other.

 

17. Headings in this Agreement.

 

The headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.

 

18. Severability.

 

If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force

 

In Witness whereof, the parties have executed this Agreement as of the date first written above.

 

 

 

 

 

_____________________________               ____________________________

 

Thanh H. Lam                                                Tawny Lam Consulting Inc

 

CEO, President                                                 Sales Representative

 

Diamond Bar Outdoors Inc.                             Date: 01/04/2020

 

Date: 01/04/2020ex_185728.htm

Exhibit 10.18

 

 

 

 

DATED 07th January 2020

 

 

 

NOVA LIFESTYLE INC

(the “Seller”)

 

 

- and -

 

 

Y-TONE(WORLDWIDE) LIMITED

(the “Purchaser”)

 

 

 

 

 

SALE AND PURCHASE AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by: Alliance Plus CPA Limited

Unit B, 19/F Hillier Commercial Building

89-91 Wing Lok Street, Sheung Wan

Hong Kong

 

 

 

 

 

SALES AND PURCHASE AGREEMENT

 

THIS AGREEMENT is made on this 07th day of January, 2020

 

BETWEEN:

 

	 	
			(1)

				
			NOVA LIFESTYLE INC., a company registered in Nevada, registered address at 6565 E. Washington Blvd, Commerce, CA 90040 (the “Seller”) and

			

 

	 	
			(2)

				
			Y-TONE (WORLDWIDE) LIMITED, a company incorporated in Hong Kong with limited liability, registered address at ROOM 9, 8/F, BLOCK B, MERIT INDUSTRIAL CENTRE, 94 TOK WA WAN ROAD, KO WLOON, HONG KONG (the "Purchaser") and

			

 

	 	
			(3)

				
			BRIGHT SWALLOW INTERNATIONAL GROUP LIMITED, a company incorporated in the British Virgin Islands with limited liability (Certificate of Incorporation No.1525965) (the "Company ")

			

 

 

RECITALS:

 

	 	
			(A)

				
			Whereas, Purchaser desires to purchase the share of the Company on the terms and conditions set forth herein; and.

			

 

	 	
			(B)

				
			Whereas, Seller desires to sell the share to Purchaser of the Company on the terms and conditions set forth herein.

			

 

 

AGREEMENT

 

Now, therefore, in consideration of the foregoing recitals and the mutual promises and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

	 	
			1.

				
			Agreement to sell and purchase

			

 

	 	
			1.1.

				
			Sales and Purchase. Subject to the terms and conditions of this Agreement, the Purchaser hereby agrees to purchase ONE (1) share from the Seller of the Company at a purchase price of United States Dollars Two Million Five Hundred Thousand Exactly (USD 2,500,000), and the Seller agrees to sell ONE (1) share of the Company to the Purchaser.

			

 

	 	
			1.2.

				
			Payment Date. The purchase price of United States Dollars Two Million and Five Hundred Thousand Exactly (USD 2,500,000) should be entirely paid from the Purchaser to the Seller on or before 4TH MAY, 2020.

			

 

 

 

 

	 	
			2.

				
			Representation and warranties of the Company

			

 

	 	
			2.1.

				
			Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing. The Company has all requisite corporate power and authority to own and operate its properties and assets, to execute and levier this Agreement to carry on its business as presently conducted.

			

 

	 	
			2.2.

				
			Subsidiaries. The Company does not own or control any equity security or other interest of any other corporation, partnership, limited liability company or other business entity.

			

 

	 	
			2.3.

				
			Liabilities. The Company has no material liabilities and to the Company’s knowledge, no material contingent liabilities, except current liabilities incurred in the ordinary course of business that have not been, either in any individual case or in the aggregate, materially adverse to the Company.

			

 

	 	
			2.4.

				
			Litigation. There is no action, suit, proceeding or investigation pending or to the Company’s knowledge, currently threatened in writing against the Company that would reasonably be expected to result, either individually or in the aggregate, in any material adverse change in the assets, condition or affairs of the Company, financially or otherwise, or any change in the current equity ownership of the Company

			

 

	 	
			2.5.

				
			Tax returns and payments. The Company has filed all tax returns required to be filed by it. The Company has not been advised (a) that any of its returns have been or are being audited as of the date hereof or (b) of any deficiency in assessment or proposed judgement to local tax authority. The Company has no knowledge of any liability of any tax to be imposed upon its properties or assets as of the date of this Agreement that is not adequately provided for.

			

 

	 	
			2.6.

				
			Compliance with laws. To its knowledge, the Company is not in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government of any instrumentality or agency thereof in respect of the conduct of its business or the ownership of its properties, which violation would materially and adversely affect the business, assets, liabilities, financial condition or operations of the Company.

			

 

	 	
			3.

				
			REPRESENTATIONS OF THE PURCHASER

			

 

	 	
			3.1.

				
			Requisite power and authority. Purchaser has all necessary power and authority to execute and deliver this Agreement and to carry out their provisions. All action on the Purchaser’s part required for the lawful execution and delivery of this Agreement has been taken. Upon their execution and delivery, this Agreement will be valid and binding obligations of the Purchaser, enforceable in accordance with their terms.

			

 

	 	
			3.2.

				
			Purchaser bears economic risk. Purchaser has substantial experience in investment activities so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Purchaser must bear the economic risk of this investment indefinitely.

			

 

	 	
			3.3.

				
			Acquisition for own account. Purchaser is acquiring the share for Purchaser’s own account for investment only and not with a view towards their distribution.

			

 

 

 

 

	 	
			3.4.

				
			Company information. Purchaser has had an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities.

			

 

Purchaser has also had the opportunity to ask questions of, and receive answers from, the Company and its management regarding the terms and conditions of this investment.

 

	 	
			4.

				
			ANTI-MONEY LAUNDERING ISSUES

			

 

Neither the Seller nor the Purchaser (nor any director, officer, agent, employee consultant of or other person associated with or acting on behalf of the Company or the Purchaser) has made, authorized, offered or promised to make any payment or transfer of anything of value, directly, indirectly or through a third party, to any government or regulatory official (domestic or foreign), employee or other representative (including employees of a government owned or controlled entity or public international organization and including any political party or candidate for public office), in violation of any law in any jurisdiction to which such person is subject. The operations of the Company and the Purchaser are and have been conducted at all times in material compliance with all applicable financial record keeping and reporting requirements and the applicable anti-money laundering statutes of jurisdictions where each of the Company and the Purchaser conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Purchaser with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company or the Purchaser, threatened.

 

	 	
			5.

				
			CONFIDENTIALITY

			

 

No confidential information or terms of this Agreement may be disclosed to any person except as required by law or any regulatory authority.

 

	 	
			6.

				
			COSTS

			

 

Each Party agrees to pay its own legal and other costs and expenses in connection with the negotiation, preparation, execution and completion of this Agreement and other related documentation.

 

	 	
			7.

				
			GENERAL

			

 

	 	
			7.1.

				
			No assignment. A Party must not assign or otherwise deal with its rights under this Agreement or allow any interest in them to arise or be varied, in each case without the consent of the other party. That consent must not be unreasonably withheld or delayed.

			

 

 

 

 

	 	
			7.2.

				
			Failure to exercise rights. Except as otherwise set out in this Agreement, any partial exercise, failure to exercise, or delay in exercising, a right or remedy provided under this Agreement or by law does not operate as a waiver or prevent or restrict any further or other exercise of that or any other right or remedy in accordance with this Agreement.

			

 

	 	
			7.3.

				
			No liability for loss. Except as otherwise set out in this Agreement, a Party is not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising a right or remedy that is available to it under this Agreement.

			

 

	 	
			7.4.

				
			Remedies cumulative. The rights and remedies provided in this Agreement are in addition to other rights and remedies given by law independently of this Agreement.

			

 

	 	
			7.5.

				
			Rights and obligations are unaffected. Rights given to the parties under this Agreement and the Parties’ liabilities under it are not affected by anything which might otherwise affect them by law.

			

 

	 	
			7.6.

				
			Variation and waiver. A provision of this Agreement or a right created under it, may not be waived or varied except in writing, signed by the Party or the Parties to be bound.

			

 

	 	
			7.7.

				
			Entire agreement. This Agreement supersedes all previous agreements whether in writing, verbal or implied between the Parties.

			

 

	 	
			7.8.

				
			Time of the essence. Time shall be of the essence in this Agreement, both as regards the dates and periods specifically mentioned and as to any dates and periods which may, by agreement in writing between or on behalf of each of the Parties, be substituted for them.

			

 

	 	
			7.9.

				
			Counterparts. This Agreement may consist of a number of copies, each signed by one or more parties to the agreement. If there are a number of signed copies they are treated as making up the one document and the date on which the last counterpart is executed is the date of the agreement.

			

 

	 	
			7.10.

				
			Governing law. This Agreement was negotiated and completed in Hong Kong and shall be governed by and construed in accordance with the laws of Hong Kong and the Parties hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Hong Kong.

			

 

 

 

 

IN WITNESS WHEREOF this Agreement has been executed on the day and year first above written.

 

 

SELLER 

SIGNED by

 

 

for and on behalf of

 

 

NOVA LIFESTYLE INC

 

 

 

PURCHASER 

SIGNED by

 

for and on behalf of

 

 

Y-TONE(WORLDWIDE) LIMITED

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