Free Ownership Contract Template
Ownership Contract
This Ownership Contract (the "Agreement") is entered into on this November 12, 2050 by and between the parties listed below. The purpose of this Agreement is to outline the terms and conditions of ownership between the parties involved in the asset or business venture.
I. Parties to the Agreement
This Ownership Contract is made and entered into by the following parties:
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Jean Harris, located at Columbus, OH 43215
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Malcolm Raynor, located at Jacksonville, FL 32099
For the purposes of this Agreement, the parties will collectively be referred to as the "Owners."
II. Purpose of Ownership
The purpose of this ownership agreement is to define the terms of shared ownership between the parties, including their respective rights and responsibilities regarding the asset/business described below:
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Asset/Business Name: GazeGuru
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Type of Asset/Business: Startup Technology Company
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Description: This ownership pertains to the shared ownership of GazeGuru, a technology startup specializing in software development and IT consulting services.
III. Ownership Shares and Contributions
Each Owner’s share of ownership in the asset/business shall be as follows:
Owner Name |
Ownership Percentage |
Initial Contribution |
---|---|---|
Jean Harris |
60% |
$500,000 |
Malcolm Raynor |
40% |
$350,000 |
The Owners agree to contribute the following amounts to the business or asset, with the above percentages representing each Owner’s stake in the entity.
IV. Rights and Responsibilities of the Owners
Each Owner shall have the following rights and responsibilities in relation to the asset/business:
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Jean Harris: Responsible for the overall management of operations and will have full authority over day-to-day decision-making.
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Malcolm Raynor: Will focus on financial oversight and strategic decision-making, with input on key business choices.
Both Owners agree to uphold the following joint responsibilities:
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Ensure compliance with local and federal laws.
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Share profits and losses in accordance with their ownership percentages.
V. Transfer or Sale of Ownership Interest
Should either Owner wish to sell or transfer their ownership stake, the following terms shall apply:
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Right of First Refusal: The non-selling Owner has the right to purchase the selling Owner's stake at a fair market value.
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Notice of Intent to Sell: The selling Owner must notify the other party in writing no less than 90 days prior to the sale.
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Approval: Any external sale or transfer is subject to the written approval of both Owners.
VI. Profit and Loss Distribution
Profits and losses related to the asset/business will be distributed based on the Ownership Percentage outlined in Section III. Payments will be made on a quarterly basis, with the first distribution occurring on February 15, 2051. A detailed financial report will be provided to both Owners at each distribution.
VII. Dispute Resolution
In the event of a dispute between the Owners regarding the terms of this Agreement, the following steps shall be taken:
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Negotiation: The parties agree to attempt to resolve the dispute through direct negotiation.
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Mediation: If negotiation fails, the parties will proceed to mediation, facilitated by a mutually agreed-upon third-party mediator.
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Arbitration: If mediation is unsuccessful, the dispute shall be settled through binding arbitration, with the venue located in St. Louis, MO 63101.
VIII. Miscellaneous
This section includes other key clauses relevant to the Agreement:
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Governing Law: This Agreement shall be governed by the laws of Missouri.
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Amendment: Any amendment to this Agreement must be made in writing and signed by both parties.
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Term of Agreement: This Agreement shall remain in effect for an indefinite period unless terminated by mutual agreement.
This Ownership Contract reflects the mutual understanding and commitment of the Owners. It is binding upon signature by both parties.
Signed:
Jean Harris
Date: November 12, 2050
Malcolm Raynor
Date: November 12, 2050