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1. One-Off Consultancy Fee of US$500,000 (Five Hundred Thousand Dollars).
2. An on-going 5% of the value of project (not profit). The first project awarded and paid for is £30million Sterling. So I am claiming £1,500,000 Sterling.
3. A second project is worth £4million Sterling. I am claiming £200,000 Sterling.
The expected total project worth will exceed 620Million Euros to construct hotels, infrastructure, solar city and management of the chain of hotels with 30% equity.
Our contract only covers Construction sector only and only within the Territory.
Where is the other party based? Was there a written contract in place and which country's laws governed it?
The Group Company is based in The Hague, the Netherlands but we had supported them to establish a local subsidiary in Equatorial Guinea where the construction contracts are being executed. We entered into the contract with the local subsidiary but the contract included the Group Company, their Subsidiaries and Affiliates.
There is a written contract in place which they used their company seal to seal all pages and was signed by two of their directors including the Managing Director.
The Contract is governed by the laws of England and Wales.
Only Consultancy Fee is One-Off but for the 5% of the value of project, the contemplation was that it was intended to continue for as long as the company does business in the territory in the construction sector.
There was no duration as to when the contract will end but we had entered a clause that says that "Either Party can terminate the contract at any time given reason. Any such termination shall not affect accrued rights and existing obligations."
ok there are quite a lot of cross-jurisdictional matters which is outside of my area of expertise. I will therefore opt out and let other experts take this further if they can. Someone should respond shortly. Please do not reply in the meantime as that will just assign the question back to me and you will experience a delay. Thank you