EXHIBIT 10.4
BULLHIDE
DEVELOPMENT and Distribution AGREEMENT
THIS AGREEMENT. made at Spokane, Washington, as of the date set forth
below, by and between THE BULLHIDE LINER CORPORATION,. a Washington corporation.
d/b/a Bullhide Liner (hereinafter "Bullhide") and PROTECTIVE SURFACING, INC.,
(hereinafter referred to as "Licensee").
WHEREAS, Bullhide is engaged in the business of operating and licensing
Installation Centers under the name of "Bullhide Liner" which offers to sell to
the pubic a custom spray- molded permanent polyurethane lining that protects and
preserves the beds of trucks, vans trailers and boats; and
WHEREAS, Bullhide has developed a business plan and method in
connection with the operation of Bullhide Liner Installation Centers for
providing products and services utilizing certain standards, specifications,
methods, procedures, techniques, management systems, identification schemes,
recipes and proprietary marks and information (hereinafter "Bullhide Liner
System"), all of which may be changed, improved and further developed from time
to time by Bullhide; and
WHEREAS, the distinguishing characteristics of the Bullhide Liner
System include, without limitation, the name and ▇▇▇▇ "Bullhide," together with
such other trade names, service marks, trademarks and trade symbols, emblems,
signs, slogans, insignia and copyrights as Bullhide has adopted and designated
for use in connection with the Bullhide Liner System and as Bullhide may
hereafter acquire or develop and designate for use in connection with the
Bullhide Liner System (hereinafter "Licensed Rights"), and
WHEREAS, Bullhide has established an excellent reputation and goodwill
with the public with respect to the quality of products and services available
at Bullhide Liner Installation Centers, which reputation and goodwill have been
and continue to be of major benefit to Bullhide; and
WHEREAS, Licensee recognizes the benefits to be derived from being
identified with and licensed by Bullhide and being able to utilize the Bullhide
Liner System and the Licensed Rights which Bullhide makes available to its
Licensees and through the Unit License Agreements relating to specific
Installation Center sites selected by Licensee and Accepted by Bullhide, and
WHEREAS, Licensee desires to obtain the right to select proposed sites
on which to construct Bullhide Liner Installation Centers, to submit the same to
Bullhide for its acceptance and, upon the acceptance of each proposed site by
Bullhide construct, own and operate a Bullhide Liner Installation Center upon
such site (hereinafter "Developmental Rights") upon the terms and conditions set
forth herein which terms are necessary to ensure the controlled development of
Bullhide Liner Installation Centers within the Licensed Areas and to maintain
Bullhide's high uniform standards of quality and service and to protect the
goodwill and enhance the pubic image of the Bullhide Liner System and the
Licensed Rights.
NOW, THEREFORE, in consideration of the foregoing and of the covenants
herein contained, the parties, intending to be legally bound, hereby agree as
follows:
1. Area Exclusivity and Construction Schedule.
1.1 Subject to the terms and conditions of this Agreement,
Bullhide hereby grants to the Licensee the exclusive
Development and Distribution Rights for Bullhide Liner
Installation Centers in the following areas (hereinafter the
"Exclusive Development Area"):
THE COUNTIES OF ▇▇▇▇, DUPAG, LAKE, MCHENRY, BOONE, AND
WINNEBAGO.
1.2 Licensee Agrees to develop and commence construction a minimum
of 8 Bullhide Liner Installation Centers within the Exclusive
Development Areas in accordance with the following development
and performance schedule (hereinafter the "Performance
Schedule"):
Total No. of Installation Centers On or Before
1 June 15, 1999
2 December 15, 2000
5 December 15, 2001
8 December 15, 2002
1.3.1 SECTION 1.3.1 IS VOID FOR THE PURPOSES OF
THIS AGREEMENT.
1.3.2 For the Exclusive Marketing rights to
develop the areas above, the Licensee agrees
to pay a sum of $55,000. The number of Unit
Licenses in this Development Area is
specified in P. 1.2. Licensee agrees that
this specifically does not constitute a
franchise fee per se, that this payment is
in consideration for Bullhide for the
reservation of these areas by the Licensee
for future development.
1.3.3 The continuous purchase of Bullhide
materials is necessary to qualify a location
as open and operating. Following a two month
grace period.
6.1 Licensee shall execute said Unit License Agreement for each
Bullhide Installation Center. Said Unit License Agreement
shall be the standard form of Unit License Agreement then bing
utilized by Bullhide; provided, however, that Licensee, may
elect to sign the Unit Licensee Agreement in use at the time
of the execution of
this Development Agreement, subject to law, regulation or
ordinance in effect from time to time.
7. Commencement of Construction.
7.1 SECTION 7.1 IS VOID FOR THE PURPOSES OF THIS AGREEMENT.
7.2 Licensee must obtain all permits, governmental approvals, and
otherwise obtained the rights to construct, maintain and
operate a Bullhide Liner Installation Center on the site, and
Licensee shall notify Bullhide of such fact in writing.
7.3 SECTION 7.3 IS VOID FOR THE PURPOSES OF THIS AGREEMENT.
8. Limitation of Agreement. License acknowledges and agrees that:
8.1 This Agreement does not include the grant of a license by
Bullhide to Licensee of any rights to use the Licensed Rights,
the Bullhide Liner System, or to open or operate any Bullhide
Liner Installation Centers within the Licensed Area. Licensee
shall obtain the license to use such additional rights at each
Bullhide Liner Installation Center upon the execution of each
Unit License Agreement by both Licensee and Bullhide and only
in accordance with the terms of each Unit License Agreement.
8.2 The Development Rights granted hereunder are personal to
Licensee and cannot be sold, assigned, transferred or
encumbered, in whole or in part, except as set forth in P. 12
hereof.
8.3 SECTION 8.3 IS VOID FOR THE PURPOSES OF THIS AGREEMENT.
8.4 Except as provided in P. 1 hereof, the Developmental rights
granted hereunder are non-exclusive, and Bullhide retains the
right in its sole discretion:
8.4.1 To continue to construct and operate other Bullhide
Liner Installation Centers and to use Bullhide Liner
System and the Licensed Rights at any location
outside the Development Areas, and to license others
to do so.
8.4.2 To develop, use and license the rights to any trade
names, trademarks, service marks, trade symbols,
emblems, signs, slogans, insignia or copyrights not
designated by Bullhide as Licensed Rights, for use
with different license systems for the sale of
different products or services other than in
connection with the Bullhide Liner Systems, on such
terms and conditions as Bullhide may deem advisable
and without granting Licensee any rights therein.
8.4.3 To promote or conduct special exhibits at regional
or nationally oriented
fairs, shows and special ▇▇▇▇▇ utilizing mobile units
or temporary locations within the Development areas.
Bullhide believes that, on occasion, certain national
or regional customer accounts will be developed by
them which may require a bidding process by two or
more Licensees. In this event, each qualified
Licensee desiring to bid on such accounts will be
given the opportunity to bid for such work.
8.5 Because complete and detailed uniformity under many varying
conditions may not be possible or practical, Bullhide
specifically reserves the right and privilege, at its sole
discretion and as it may deem in the best interests of all
concerned in any specific instance, to vary standards for any
Licensee based upon the peculiarities of a particular site or
circumstance, density of population, business potential,
population of trade area, existing business practices or any
other condition which Bullhide deems to be of importance to
the successful operation of such Licensee's business. Licensee
shall not be heard to complain on account any variation from
standard specifications and practices granted to any Licensee
and shall not be entitled to require Bullhide to grant
Licensee a like or similar variation hereunder.
8.6 Licensee has sole responsibility for the performance of all
obligation arising out of the operation of its business
pursuant to this Agreement, including, but not limited to, the
payment when due of any and all taxes levied or assessed by
reason of such operation.
8.7 In all public records, in its relationship with other persons,
and in any offering circular, prospectus or similar document,
Licensee shall indicate clearly the independent ownership of
Licensee's business and that the operations of said business
are separate and distinct from the operation of Bullhide's
business.
8.8 Licensee agrees to indemnify and hold harmless Bullhide from
any liability or damage Bullhide may incur, including
reasonable attorney's fees, as a result of claims, demands,
costs or judgments, of any kind or nature, by anyone
whomsoever, arising out of, or otherwise connected with this
Agreement, the Developmental Rights, the acquisition of any
Installation Center site, or ownership, maintenance or
operation of any Bullhide Liner Installation Center by
Licensee.
9. Services by Bullhide. Bullhide shall, at its expense, make available to
Licensee the following:
9.1 The benefit of Bullhide's experience in the selection of
Bullhide's Liner Installation Center sites through the use of
Bullhide's Site Acceptance Form, site selection criteria and
any related materials which Bullhide may make available to
new Licenses from time to time, and such review thereof as
Bullhide, at its option, may undertake as part of its
evaluation of Licensee's request for site approvals.
9.2 SECTION 9.2 IS VOID FOR THE PURPOSES OF THIS AGREEMENT.
9.3 Initial training in the Bullhide Liner System, including
standards, methods, procedures and techniques for Licensee (if
he is an individual); for each persona who has an interest in
the Licensee (if Licensee is a group of individuals, a
corporation, a partnership or an unincorporated association or
a similar entity); if required to do so by Bullhide; and for
two additional persons who are actively involved in the
management or operation of the business of Licensee or the
operation of Bullhide Liner Installation Center. Such training
shall be at such time and places as Bullhide may designate for
its training program, in its discretion, and shall be subject
to the terms of each Unit License Agreement.
10. Default. Termination.
10.1 The occurrence of any of the following events shall constitute
a default under this Development Agreement.
10.1.1 If Licensee shall, in any respect, fail to
meet the Performance Schedule.
10.1.2 If Licensee shall use the Bullhide Liner
System or Licensed Rights, or any other
names. marks systems, insignia, symbols or
rights which are the property of Bullhide
except pursuant to, and in accordance with,
a valid and effective Unit License
Agreement.
10.1.3 If Licensee, or persons controlling,
controlled by, or under common control with
License, shall have any interest, direct or
indirect, in the ownership or operation of
any Installation Center engaged in the sale
or use of competitive polyruethane coatings
and related products within the Development
Areas or in any Installation Center which
looks like, copies of imitates any Bullhide
Liner Installation Center or operates in a
manner tending to have such effect other
than in accordance withP. 11 hereof.
10.1.4. If Licensee shall fail to remit to
Bullhide any payments pursuant to P.
5 when the same are due.
10.1.5 If Licensee shall purport to effect any
assignment other than in accordance with P.
11 hereof.
10.1.6 Except as provided in P. 11.2 hereof, if
Licensee attempts to sell, assign, transfer
or encumber this Agreement prior to the time
that
at least fifty percent (50%) of the Bullhide
Liner Installation Centers to be constructed
and opened for business, inc accordance with
the Performance Schedule are, in fact, open
or under construction.
10.1.7 If Licensee makes or has made, any
misrepresentations to Bullhide in connection
with obtaining the development Agreement,
any side approval hereunder, or any Unit
Franchise Agreement.
10.1.8 If Licensee fails to obtain Bullhide's prior
written approval or consent as expressly
required by this Agreement.
10.1.9 If Licensee defaults im the performance of
any other obligation under this Agreement.
10.1.10 If Licensee defaults in the performance of
any obligation under any Unit License
Agreement with Bullhide. regardless of
whether or not said Unit License Agreement
is terminated as a result of such default.
10.1.11 If Licensee, or any person controlling,
controlled by or under common control with
Licensee, shall be adjudicated a bankrupt or
insolvent; shall make an assignment for the
benefit of creditors or similar disposition
of the assets of the license business; or
shall voluntarily abandon the license
business. this provision may not be
enforceable under federal bankruptcy law (11
U.S.C.A.ss.101, et seq.).
10.1.12 If Licensee, or any person controlling,
controlled by, or under common control with
Licensee, shall be convicted or pleads
guilty or not contest to a charge of
violating any felony relating to business.
10.2 Upon occurrence of any of the events set forth in P. 10.1,
Bullhide may, without prejudice to any other rights or
remedies contained in this Agreement or provided by law or
equity, terminate this Agreement. Such termination shall be
effective thirty (30) days after written notice (or such other
notice as may be required by applicable Washington law) is
given by Bullhide to Licensee of any of the events set forth
in subparagraph 10.1.1 through 10.1.10 of P. 10.1 if such
defaults are not cured within such period. Termination shall
be effective immediately and without notice, however, upon
occurrence of any of the events specified in subparagraph
10.1.11 and 10.1.12 of P. 10.1, except where prohibited by
Washington law.
10.3 Upon termination of this Agreement for any reason, or upon
expiration of the term hereof, Licensee agrees as follows:
10.3.1 To cease immediately any attempts to select
or develop sites on which to construct
Bullhide Liner Installation Centers.
10.3.2 To cease immediately to hold itself out in
any way as a Licensee of Bullhide or to do
anything which would indicate any
relationship between it and Bullhide except
to the extent permitted pursuant to P. 10.4.
10.4 Termination of this Agreement shall not affect the rights of
Licensee to operate Bullhide Liner Installation Centers in
accordance with the terms of any Unit License Agreements with
Bullhide until and unless such Unit License Agreements, or any
of them. are terminated in accordance with their terms/
11. Assignment. Conditions and Limitations.
11.1 Licensee shall neither sell, assign, transfer nor encumber
this Agreement, the Developmental Rights, or any other
interest hereunder, nor suffer or permit any such assignment,
transfer or encumbrance to occur buy operation of law or
otherwise, without the prior written consent of Bullhide.
If Licensee is a corporation, partnership, unincorporated
association or similar entity, the terms of P. 11 shall be
deemed to apply to any sale, resale, pledge, assignment,
transfer or encumbrance of the voting stock of, or other
ownership interest in, Licensee, which would, along or
together with other related, precious, simultaneous or
proposed transfers, result in a change of "control" of
Licensee within the meaning of the Securities Exchange Act of
1934 and the regulations thereunder.
The term "Licensee," as used in this P. 11 shall be deemed to
include the person or persons who control Licensee as
disclosed to Bullhide in a writing upon the execution of this
Agreement attached hereto as an exhibit and made a part hereof
for all purposes.
11.2 In the event of the death, disability or permanent incapacity
of Licensee, Bullhide shall not unreasonably withhold its
consent to the transfer of all of the interest of License to
his spouse, heirs or relatives, by blood or marriage, whether
such transfer is made by will or by operation of law, provided
that the requirements of P. 11.7 hereof have been met. In the
event that Licenser's heirs do not obtain the consent of
Bullhide, as prescribed herein, the personal representative of
Licensee shall have a reasonable time to dispose of Licensee's
interest hereunder, which disposition shall be subject to all
the terms and conditions for transfers under this Agreement.
11.3 Licensee has represented to Bullhide that he is entering into
this Development Agreement with the intention of complying
with its terms and conditions itself
and not for the purpose of resale of the Developmental Rights
hereunder. Therefore, Licensee agrees that any attempt to
assign this Agreement, prior to the time at least fifty
percent (50%) of the Bullhide Liner Installation Centers to be
constructed hereunder are opened or under construction, except
pursuant to P. 11.2 hereof, shall be deemed to be an event of
default.
11.4 Except as provided in P. 11.3, if Licensee received from a
third person and desires to accept bona fide written offer to
purchase its business, Developmental Rights and interest,
Bullhide shall have the option, exercisable within forty-five
(45) days after receipt of written notice, and a copy of such
offer and other information set forth in P. 11.4, to purchase
such business, Developmental Rights and interests, including
Licensee's right to develop sites within the Licensed Areas,
on the same terms and conditions as offered by said third
party. In order that Bullhide may have information sufficient
to enable it to determine whether to exercise its option,
Licensee shall deliver to Bullhide certified financial
statements as of the end of Licensee's most recent fiscal year
and such other information about the business and operations
of Licensee as Licensee must purchase a minimum of a drum set
(160 gallon) per month for the first eighteen (18) months.
Licensee must purchase 6 drum sets (960 gallons) per month
during months nineteen through thirty (19-30). Licensee must
purchase 10 drum sets (1600 gallons) per month during months
thirty-one through forty-two (31-42). Licensee must purchase
sixteen drum sets (2560 gallons) per month for each subsequent
month that this Agreement remains in place.
1.4 Failure to meet the Performance Schedule set forth in
paragraph 1.2 above will result in the forfeiture of the
rights to exclusivity by the Licensee, for the development
area. However, the license(s) to maintain, distribute to an
operate the Installation centers established in the areas will
not be affected by such failure to meet any Performance
Schedule
2. Termination.
Unless sooner termination in accordance with the terms of this
Agreement, the term of this Agreement and all Developmental Rights
granted hereunder shall last indefinitely, subject to renewal every
five (5) years.
3. Renewal
This Agreement shall be subject to renewal every five years by
agreement of both of the parties.
4. Timely Performance.
Licensee hereby acknowledges that its timely development of the
Bullhide Liner Installation Centers in the Licensed Development areas
in accordance with the Performance Schedule is of material importance
to Bullhide and the Licensee, and agrees, as a condition of the
continuance of the rights granted hereunder, to develop and construct
Bullhide Liner Installation Centers within the Development Areas in
accordance with the Performance Schedule, to operate such Installation
Centers pursuant to the terms of the Unit License Agreements and to
maintain all such Installation Centers in operation continuously.
5. SECTION 5 IS VOID FOR THE PURPOSES OF THIS AGREEMENT
6. Unit License Agreement.
Licensee has provided to said third party. If Bullhide does
not exercise its option Licensee may, within sixty (60) days
from the expiration of the option period, sell, assign and
transfer its business, Developmental Rights and interests to
said third party provided Bullhide has consented to such
transfer as required by this P. 11. Any material change in the
terms of the offer prior to closing of the sale to such third
party shall constitute a new offer, subject to the sale rights
of first refusal by Bullhide or its nominee as in the case of
an initial offer. Failure by Bullhide to exercise the option
afforded by this P. 11.4 shall not constitute a waiver of any
other provision of this Agreement, including all of the
requirements of this P. 11 with respect to the proposed
transfer.
11.5 Licensee acknowledges and agrees that the restrictions on
sale, assignment or transfer impose herein are reasonable and
are necessary to protect the Development Rights, the Bullhide
Liner System and the Licensed Rights, as well as Bullhide's
excellent reputation and image, and are for the protection of
Bullhide, Licensee, and other Licensees. Any assignment or
transfer permitted by thisP. 11 shall not be effective until
Bullhide receives a completely executed copy of all transfer
documents, and consents in writing.
11.6 Except as provided in P. 11.3 hereof, Bullhide agrees not to
unreasonably withhold its consent to a sale, assignment or
transfer by Licensee hereunder. Consent to such transfer
otherwise permitted or permissible as reasonable may be
refused unless:
11.6.1 All obligations of the Licensee created by
this Agreement, all other licensee
documents, including all Unit License
Agreements, and the relationship created
hereunder are assumed by the transferee.
11.6.2 All ascertained debts of Licensee to
Bullhide are paid.
11.6.3 Licensee is not in default hereunder.
11.6.4 Transferee satisfactorily completes the
training required of new Licensees on
Bullhide's then current terms prior to the
date of transfer.
11.6.5 Licensee satisfies Bullhide that the
transferee meets all of the requirements of
Bullhide for new Licensees, including but
not limited to, good reputation and
character, business acumen, operational
ability, financial strength and other
business considerations.
11.6.6 Transferee executes or, in appropriate
circumstances, causes all necessary parties
to execute Bullhide's standard form of
Development Agreement, Unit License
Agreements for all Installation Centers open
or under construction and such other than
current ancillary agreements being required
by Bullhide of new Licensees on the date of
transfer.
11.6.7 Licensee executes a general release in a
form satisfactory to Bullhide of any and all
claims against Bullhide.
11.6.8 Licensee or transferee pays to Bullhide a
transfer fee in an amount sufficient to
cover Bullhide's reasonable costs in
effecting the transfer and in providing
training and other initial assistance to
transferee.
11.6.9 This Agreement shall inure to the benefit of
Bullhide, its successors and assigns, and
Bullhide shall have the right to transfer or
assign all or any part of its interest
herein to any person or legal entity.
12. Notices. All notices hereunder shall be in writing and shall
be duly given if hand delivered or sent by registered or certified mail, postage
prepaid, addressed:
If to Bullhide at: The Bullhide Liner Corporation
North ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
If to Licensee at:
or at such other address as Bullhide or Licensee shall have specified
by notice to the other party hereunder.
13. Governing Law. This Agreement shall be deemed to have been made and
entered into the State of Washington an all rights and obligations of
the parties hereto shall be governed by and construed in accordance
with the laws of the State of Washington.
14. Remedies Cumulative: Waiver Consents. All rights and remedies of
Bullhide and of Licensee enumerated in this Agreement shall be
cumulative and, except as specifically contemplated otherwise by this
Agreement, none shall exclude any other right or remedy allowed by law
or in equity and said rights or remedies may be exercised and enforced
concurrently. No waiver by Bullhide or by Licensee of any covenant or
condition or the breach of any covenant or condition of this Agreement
to be kept or performed by the other party shall constitute a waiver by
the waiving party of any subsequent breach or non-observance on any
other occasion of the same or any other covenant or condition of this
Agreement. Subsequent acceptance by Bullhide of any payments due to it
hereunder shall not be deemed to be a waiver by Bullhide of any
preceding breach by Licensee of any terms, covenants or conditions of
this Agreement.
Whenever this Agreement requires Bullhide's prior approval or consent,
Licensee shall make a timely written request to Bullhide therefor, and
such approval shall be obtained in writing. Bullhide will also consider
granting, in its sole discretion, other reasonable requests
individually submitted by Licensee in writing for Bullhide's prior
waiver of any obligation imposed by this Agreement. Bullhide makes no
warranties or guarantees upon which Licensee may rely, and assumes no
liability or obligation to Licensee, by providing any waiver, approval,
consent or suggestion to Licensee in connection with this Agreement, or
by reason by any neglect, delay or denial of any request thereof. Any
waiver granted by Bullhide shall be subject to Bullhide's continuing
review, may subsequently be revoked for any reason effective upon
Licensee's receipt of ten (10) days' prior written notice, and shall be
without prejudice to any other rights Bullhide may have.
15. Severability. If any provision of this Agreement or the application of
any provision to any person or to any circumstances shall be determined
to be invalid or unenforceable, then such determination shall not
affect any other provision to any other person or circumstances, all of
which other provisions shall remain in full force and effect, and it is
the intention of Bullhide and Licensee that if any provision of this
Agreement is susceptible of two or more constructions one of which
would render th provision enforceable and the other or others of which
would render th provision unenforceable, then the provision shall have
the meaning which renders it enforceable.
16. Entire Agreement. This Agreement together with all Unit License
Agreements executed hereunder constitute the entire agreement between
Bullhide and Licensee in respect of the subject matter hereof, and this
Agreement supersedes all prior and contemporaneous agreements between
Bullhide and LICENSEE in connection with the subject matter of this
Agreement. No officer, employee or other servant or agent of Bullhide
or Licensee is authorized to make any representations, warranty or
other promise not contained in this Agreement. No change, termination
or attempted waiver of any of the provisions of this Agreement shall be
binding upon Bullhide or Licensee unless in writing and signed by
Bullhide and Licensee.
17. Joint and Several Obligation. If the Licensee consists of more than one
person, their liability under this Agreement shall be deemed to be
joint and several.
18. Counterpart: Paragraph Headings. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The
paragraph headings in this Agreement are for convenience of reference
only and shall not be deemed to alter or affect any provision thereof.
Each pronoun used herein shall be deemed to include the other number
and genders.
19. Acknowledgments. Licensee acknowledges that:
19.1 It has conducted an independent investigation of the business
contemplated by this Agreement and recognizes that it involves
business risks making the success of the venture largely
dependent upon the business abilities of Licensee. Bullhide
expressly disclaims the making of, and Licensee acknowledges
that it has not received or relied upon, any warranty or
guarantee, express or implied, as to the potential sites,
volume, profits or success of the business venture
contemplated by this Agreement.
19.2 It has no knowledge of any representations by Bullhide or its
officers, directors, shareholders, employees, agents or
servants about the business contemplated by this Agreement,
that are contrary to the terms of this Agreement or the
documents incorporated herein, and further represents to
Bullhide as an inducement to its entry into this Agreement,
that it has made no misrepresentations in obtaining this
Agreement.
19.3 It has received, read and understood this Agreement, the
attachments hereto, including the Unit license Agreement
attached hereto; Bullhide has fully and adequately explained
the provisions of each to its satisfaction; and Bullhide has
accorded it ample time and opportunity to consult with
advisors of its own choosing about the potential benefits and
risks of entering into this Agreement.
19.4 It is aware of the fact that some other present Licensees of
Bullhide may operate under different forms of agreement and,
consequently, that Bullhide's obligations and rights in
respect to its various joint ventures may differ materially in
certain circumstances.
20. Effective Date. This Agreement shall be effective as of the date it is
executed by the Bullhide Corporation, d/b/a Bullhide Liner.
Bullhide:
THE BULLHIDE LINER CORPORATION,
By /s/ Its
G.M.
WITNESSES
/s/ Dated:
AREA DEVELOPER LICENSEE
Corporation:
Protective Services, Inc.
By
Title
By
Title
WITNESSES:
/s/ Dated: