Common use of New Business Development Clause in Contracts

New Business Development. Upon delivery to WorldPort of a binding executed agreement(s) establishing formal business relationships, acceptable to WorldPort, between Acquisitions, Inc. (or WorldPort) and one or more debit card/pre- paid calling card distribution networks, or one or more long distance carriers or resellers, that results in commitments to WorldPort of (a) consolidated gross revenues in excess of $700,000 per month or (b) gross margins of $50,000 per month, the Escrow Agent shall deliver to the WWC Shareholder a certificate or certificates representing 200,000 shares of WorldPort Common Stock. In the event a formal business relationship which is approved and acceptable to WorldPort's Board of Directors, with one or more debit card/pre-paid calling card distribution networks, or one or more long distance service carriers or resellers, as described above is not entered into by December 31, 1997, the Escrow Agent shall return 200,000 shares of WorldPort Common Stock to WorldPort for cancellation.