DEVELOPMENT AGREEMENT BETWEEN
MANTHEY REDMOND
CORPORATION AND MANTHEY HOLDINGS
PTY LIMITED
THIS AGREEMENT
is made on May 1,
2009.
MANTHEY
REDMOND CORPORATION (“the Licensee”),
MANTHEY HOLDINGS PTY LIMITED (“
Development
Company”)
(hereinafter
collectively the “Parties”)
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A.
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WHEREAS, the
Licensee has a right to sublicense, develop, manufacture, have
manufactured, use and sell or supply licensed products based on the
said Patents; and
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B.
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The Development
Company is willing to provide exclusive use of its engineering
facility and employees for the purpose of research and development
related to the technology contained in the said Patents;
and
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C.
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The parties
wish to record this arrangement by this written
agreement.
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In this
Agreement the following words shall have the following
meanings:
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means the
currency of the United States of America.
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the invention
claimed in the Patents referred to in the Patent Licensing
Agreement.
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“Licence”
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means the
licence granted in accordance with the Patent Licensing
Agreement
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“Patent
Licence Agreement”
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means the
written agreement entered into and between the Licensee and Manthey
Redmond (Aust) Pty Limited on May 1, 2009.
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“Owner”
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means Manthey
Redmond (Aust) Pty Limited, the registered owner of the
Patents.
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“Patents”
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means any and
all of the patents that are, or will be granted in the future based
on the description of invention referred to in schedule 1 of the
Patent Licence Agreement, including any continuations,
continuations
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