Upon termination according to section 1, the following shall occur: This Agreement shall last from the date of execution until terminated by thirty (30) days’ written notice by either party. NOW, THEREFORE, in consideration of the mutual covenants and promises made by the parties hereto, the Company and the Representative (individually, each a “Party” and collectively, the “Parties”) covenant and agree as follows: WHEREAS, the Company and the Representative desire to enter into an arrangement whereby and will share the profits realized from the sale of the Product due to the efforts of the Representative according to the terms and conditions herein. WHEREAS, the Company desires to hire the Representative to market the Product for sale and WHEREAS, the Company has developed (the “Product”) and holds ownership of all intellectual property rights in the Product This Profit Sharing Agreement (the “Agreement”) is entered into as of by and between having its principal place of business located at (the “Company”) and having its principal place of business located at (the “Representative”), both of whom agree to be bound by this Agreement.
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