BETWEEN:

1. John Otto of No. 30 Bada Street Kebbi State-Nigeria on the one part,

AND


2. Mary Otto of No. 30 Bada Street Kebbi State.

WHEREAS:

1. The parties desire to conduct a business operation together, and to contribute money to finance its conduct.
2. It is agreed that the most desirable form of business to carry out the business is a joint venture.

THE PARTIES AGREE AS FOLLOWS:

SCOPE AND DESCRIPTION OF BUSINESS

1. The parties create a joint-venture to run a restaurant for profit which shall be conducted under the name of CHOP-CHOP RESTURANT from a place of business at 12 Mary Plaza and No.12 Kank Street Kebbi Local Government Atrea, Kebbi State.

CONTRIBUTION OF CAPITAL


2. John Otto is to contribute ten thousand naira (N10, 000, 000.00) and his services valued at one million naira( N1,000, 000.00) to the business while Mary Otto is to contribute cooking equipment valued at one million naira (N1, 000, 000.00), a place of business at Mary Otto Plaza at No. 12 KankStreet,kebbi State valued at twenty million naira (N20, 000, 000.00) and her time/time as a professional cook for the duration of the business to ensure its success.


3. Contributions of money and property shall be made on or before the 10th day of July 2012. Failure of either party to complete the contributions on a timely basis shall result in the termination of this agreement.

CONDUCT OF THE JOINT-VENTURE BUSINESS

4. John Otto shall be
5. Marry Otto shall have authority to arrange

TITLE TO PROPERTY


6. All legal title to the property shall be vested in the hands of the parties depending on their contributions thereof.


DISPUTE RESOLUTION

CONFIDENTIALITY

WINDING UP/ DISSOLUTION

IN WITNESS OF WHICH the parties have executed this agreement in the manner below the day and year first above written.

SIGNED by John Otto ………………..

IN THE PRESENCE OF:

SIGNED by Mary Otto …………………………….

IN THE PRESENCE OF: