Exhibit 10.24
JOINT VENTURE COOPERATIVE MEMORANDUM
BETWEEN CHINA FEDERATION OF INDUSTRIAL ECONOMICS AND ADATOM.COM, INC.
Cooperators:
Party A: China Federation of Industrial Economics (CFIE), P.R.China
Party B: Adatom.com, Inc. (Adatom), USA
1. This agreement is established between Party A, China Federation of
Industrial Economics (CFIE), No.9, Xihuangchengen Nanjie, Beijing100032, P.
R. China. CFIE Representative: Lai Guangxian, Director of Commission of
Information, and Party B, Adatom.com, Inc. (Adatom), 920 Hillview Court,
Suite 190, Milpitas, CA 95035, USA. Adatom Representative: Rich S.Barton,
President and CEO of Adatom.com, Inc.
2. CFIE (Party A) and Adatom (Party B) based on mutually beneficiary and
friendly discussions agree to establish a joint venture company. This
agreement will be in force for thirty years from the date of execution and
can be extended by the agreement of both parties.
2.1 The duration of the corporation is 30 years. The starting date is
effective on the day of signing the agreement.
2.2 Scope of cooperation: Establish an electronic marketplace for a
marketing, sales and distribution system between China and the
U.S., develop the integrated system for commerce based on the
current existing system, to be connected with the U.S. system in
both English and Chinese and participate in the technology
development in China.
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2.3 CFIE (Party A) represents that there is no restriction or
limitation as to any buyer whom the product may be sold.
3. CFIE (Party A) will be responsible for the establishment and operation of
the new company to obtain all the needed permits and certificates and do
the necessary work to fulfill the requirement in obtaining the permit;
Adatom (Party B) agrees to provide the necessary documents to support this
effort.
4. The interpretation of this agreement will go with the law in China.
5. Any dispute between the two parties should be resolved with friendly
discussion. In case the dispute can not be resolved in thirty days, either
party can take it to the Beijing International Business Commission to
resolve. The dispute should be explained in both English and Chinese and
will be applicable to both parties.
7. All the other supplements to this agreement including the business plan will
consist as part of this agreement.
8. There will be two versions of this agreement, one in Chinese and one in
English. Both versions should have the same legal effectiveness. CFIE (Party A)
and Adatom (Party B) will have copies of both versions.
9. Any item not included in the agreement can be added as a supplement with
mutual agreement.
10. This agreement constitutes the entire understanding of the parties as to its
matter, and supersedes all discussions, negotiations, and agreements, whether
written or oral, between the parties with respect to its subject matter. This
agreement may not be modified, superseded or terminated, and no provisions may
be waived except by written agreement signed by all of the parties.
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If the above meets with your acceptance and approval, please sign in the space
provided below.
AGREED AND ACCEPTED
Party A
CHINA FEDERATION OF INDUSTRIAL ECONOMICS (CFIE)
Date:
Mr. Lai Guangxian
Director of Commission of Information
No.9, Xihuangchengen Nanjie
Beijing 100032
P.R.China
AGREED AND ACCEPATED
Party B
ADATOM.COM, INC. (Adatom)
Date:
Richard S.Barton
President and CEO
Adatom.Com, Inc.
920 Hillview Court
Suite 190
Milpitas, CA 95035
USA
