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Memorandum of Agreement

This memorandum of agreement establishes a joint venture called Papachops Frozen Product Manufacturing between Sto. Domingo Development Cooperative and LakBay Grp. SDDC will invest funds as required and the two parties will share net profits equally. LakBay Grp will handle recruitment, management, and expansion of the business but decisions will be open to input from SDDC. The agreement is governed by Philippine law.

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Shyradell De leon
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63 views1 page

Memorandum of Agreement

This memorandum of agreement establishes a joint venture called Papachops Frozen Product Manufacturing between Sto. Domingo Development Cooperative and LakBay Grp. SDDC will invest funds as required and the two parties will share net profits equally. LakBay Grp will handle recruitment, management, and expansion of the business but decisions will be open to input from SDDC. The agreement is governed by Philippine law.

Uploaded by

Shyradell De leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement is entered into by and between:

Sto. Domingo Development Cooperative (SDDC), a non-stock, non-profit cooperative, duly


organized and existing under the laws of the Republic of the Philippines, with office address at 49
Maharlika Highway, Santo Domingo, Ilocos Sur, represented by its CEO, George Tadena, hereinafter
referred to as “SDDC”;

-and-

Adrian V. De Leon, Alderico L. Ricafrente, and Duane A. Velasco, Filipinos, of legal ages and
with business address at 93 Silencio St., Brgy. Santol, Quezon City, hereinafter referred to as “LakBay
Grp.”.

SDDC and LakBay Grp. are hereinafter collectively referred to as the “PARTIES”.

WITNESSETH:

WHEREAS, SDDC is a non-stock, non-profit cooperative, duly organized and existing under the
laws of the Republic of the Philippines, with office address at 49 Maharlika Highway;

WHEREAS, LakBay Grp., is composed of individuals, Filipinos, of legal ages and with business
address at 93 Silencio St., Brgy. Santol, Quezon City;

NOW THEREFORE, in view of the foregoing premises and for and in consideration of the mutual
covenants and agreements hereinafter set forth, the PARTIES hereto, for themselves, their successors
and their assigns, mutually agree as follows:

I. The joint venture formed by this Agreement will conduct its business under the
II. name of Papachops Frozen Product Manufacturing (PFPM).
III. SDDC shall invest a sum of money, corresponding to the amount required as presented.
IV. A Joint Venture agreement or partnership agreement between SDDC and LakBay Grp. shall be
executed with a 50%-50% net profit sharing.
V. A separate Memorandum of Understanding shall be executed to cover the Terms of Reference
of the Joint Venture or partnership agreement once PFPM commenced commercial operation.
VI. Recruitment, management, decision making, and expansion of the PFPM shall be handled by the
LakBay Grp. but shall be open to ideas and suggestions of SDDC.
VII. The PARTIES in discharging their respective commitments hereunder, agree to observe and
apply the standards of good faith and to take into consideration the main purpose of their
Agreement.
VIII.No amendments or modifications of the agreement shall be valid except by written agreement
among the PARTIES. This agreement constitutes the entire agreement of the PARTIES in respect
of the subject matter hereof.
IX. This Agreement is entered into under and pursuant to, and is to be construed and enforceable in
accordance with, the laws of the Philippines.

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