This Memorandum of Understanding is made this day between LUSSO CASONA, a real estate company registered under the laws of the Republic of Ghana, with its office situated at 9 Sir. Arku Korsah Rd, Accra, Ghana (hereinafter referred to as the “Agency”) and acting by its authorized representative Miss Mona Effah of one part AND THE CLIENT, SITUATED IN Ghana (hereinafter referred to as the “Client”) and acting by its authorized representative of the other part.
WHEREAS the Agency is a company engaged in real estate business and has been engaged by the Client to scout for viable properties in Accra, Ghana for the Client and WHEREAS the Client is a company engaged in Oil and Gas business also in the Republic of Ghana.
This Memorandum of Understanding (MOU) is entered into, in the spirit of cooperation and partnership between the above-mentioned parties to define how their services and resources will be employed to serve their mutual interest for the acquisition of a property by the Agency for the Client in pursuance of the latter’s lawful business. The joint efforts of the parties is envisaged to ensure the Client after being shown properties for use in their lawful business fulfills every financial agreement mutually agreed on by both parties in good faith.
- The parties hereby agree that:
- The Agency will identify for the Client a property on which the client will carry on its lawful business.
- The Client will pay to the Agency 3% of the cost of property secured for the client by the Agency as Agent fees.
- All monies owed to the Agency by the Client must be paid within five (5) working days after a property has been paid for and handed over to the Client.
- The Client with the permission of the Agency will be involved in purchase price negotiations between the Agency and the owners or sellers of the properties and the Agency will be at all times be present at such meetings.
- The client will under no condition deal directly with owners of properties scouted for by the Agency.
- The client will not without the permission of the Agency pursue properties scouted for by the Agency and shown to the Client after the Client disapproves that property or terminates the contract with the Agency.
- Any partner to the MOU may request a modification of the terms with a written request expressly stating the amendment it is seeking and such amended terms when agreed upon will be acknowledged as part of the MOU by both parties.
- Specific program delivery strategies will be mutually agreed upon in the future and same be added as an attachment to this MOU.
- Duration and Modification
The terms of this MOU will be effective upon the signature of the representatives of the parties and will be until a property is secured for the purpose for which this agreement was made unless otherwise modified by mutual agreement or terminated by a party with written notice.
AS WITNESS the hands and names of the parties hereto on the day and year first above written.