Agreement - Loop Ventures Inc. and Jutvision Corp.
Agreement
This agreement (this "Agreement") is made as of November 6, 1998 (the
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"Effective Date") by and between Loop Ventures, Inc., a California corporation
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("Loop") and Jutvision Corporation, a Delaware corporation ("Jutvision"). The
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parties hereby agree as follows:
WHEREAS, Jutvision and Loop desire to offer Jutvision's service to the
participating organizations designated on Exhibit A attached hereto, as both
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parties may update from time to time by mutual agreement (the "Participating
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Organizations"), all of whom are represented by Loop, by providing a link to
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Jutvision's Web site (the "Jutvision Link") from Loop's Web site that will allow
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Participating Organizations to order electronic virtual tours in ".jut" format
of listed properties ("Virtual Tours") from Jutvision.
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NOW THEREFORE, the parties agree as follows:
1. Loop's HTML pages.
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1.1 Jutvision Link. The Jutvision Link will include the hypertext
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link, associated graphic icon or logo provided by Jutvision and Uniform Resource
Locator ("URL") "www.jutvision.com/orders/loopnet". The Jutvision Link will link
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Participating Organizations to Jutvision's Web site where the Participating
Organization can order a Virtual Tour. Loop will display the Jutvision Link on
Loop's HTML home page located at URL "www.loopnet.com" (the "Loop Home Page")
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and on the HTML pages used by all Participating Organizations to submit graphic
images to listings to Loop located at URL
"www.loopnet.com/asp/gfxupload/gfupload.asp?loopui=true" (the "Loop Submit
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Graphics Page").
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1.2 Maintenance of Site. Jutvision will use commercially reasonable
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efforts to ensure that the HTML page located at the URL specified by the
Jutvision Link and all related hardware, data or software, including without
limitation Web sites, HTML pages, pointers, URL's, links, processes, and audio
or video material ("Jutvision Content"), will be functional and accessible at
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all times to users of the World Wide Web.
1.3 Virtual Tours. Jutvision will provide Virtual Tours to Loop as
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ordered by such Participating Organizations. Such Virtual Tours will be placed
by Loop on the HTML pages containing the listed properties (the "Loop Pages").
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Jutvision will use best efforts to process and post each Virtual Tour to the
Loop Pages within seven (7) business days after image capture, in each case to
the extent Jutvision has the right to do so, provided that such posting is not
delayed by factors attributable to Loop or its systems or servers. In no event
will Loop have any liability to Jutvision for payment of Virtual Tours purchased
by a Participating Organization.
2. Jutvision Images.
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2.1 Ownership. All Virtual Tours, whether or not produced for Loop
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or Participating Organizations and whether or not provided to Loop or a
Participating Organization, are, and at all times will remain, the exclusive
property of Jutvision, and no provision of this Agreement implies any transfer
to Loop or any Participating Organization of any ownership interest in any
Virtual Tour.
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2.2 License Grant. Jutvision hereby grants to Loop a nonexclusive,
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worldwide, royalty-free, nontransferable license to display, perform and
reproduce Virtual Tours on the Loop Pages solely for the purposes contemplated
in this Agreement. Loop will not distribute, modify, edit, or prepare derivative
works from the Virtual Tours without the prior written permission of Jutvision.
The foregoing license does not include any right to grant or authorize
sublicenses.
3. Trademark License.
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3.1 License Grant for Jutvision Marks. Subject to the restrictions
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set forth herein, Jutvision grants to Loop a nonexclusive, worldwide, royalty-
free, fully paid up, nontransferable right to use the trademarks, service marks
and/or trade names JUTVISION and the Jutvision Logo (the "Jutvision Marks"),
during the term of this Agreement, in connection with the display of the
Jutvision Link as provided in Section 1.1 and on the Loop Pages.
3.2 License Grant for Loop Marks. Subject to the restrictions set
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forth herein, Loop grants to Jutvision a nonexclusive, worldwide, royalty-free,
fully paid up, nontransferable right to use the trademarks, service marks and/or
trade names LOOPNET, LOOPNET.COM and any logos associated therewith (the "Loop
Marks"), during the term of this Agreement, in connection with promotion and
marketing of Jutvision's services on Jutvision's Web site and in other marketing
materials.
3.3 Assignment of Goodwill; Quality. If either party, in the course
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of performing its services hereunder, acquires any goodwill or reputation in any
of the trademarks, service marks or trade names of the other party, all such
goodwill or reputation will automatically vest in the party originally owning
such marks when and as, on an ongoing basis, such acquisition of goodwill or
reputation occurs, and each party agrees to take all such actions necessary to
effect such vesting. Each party, as licensee hereunder, agrees to use all such
marks licensed by the other party in a manner commensurate with the style,
appearance and quality of the services and/or products of the licensor party
bearing such marks.
3.4 Ownership. Loop owns and at all times will continue to own the
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Loop Marks, and Jutvision will not take any actions inconsistent with Loop's
ownership rights. Jutvision owns and at all times will continue to own the
Jutvision Marks, and Loop will not take any actions inconsistent with
Jutvision's ownership rights.
3.5 Presentation. Neither party will have a right to use the other's
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trademark, service mark or trade name or to refer to the other party directly or
indirectly without the prior written approval of the other party. Loop does not
object to Jutvision listing the names and/or logos of any of the Participating
Organizations in connection with promotion and marketing of Jutvision's services
on Jutvision's Web Site and in other marketing materials; provided, however,
that Jutvision will obtain the prior written approval of any Participating
Organizations before its name or logo are referred to.
4. Exclusivity. Loop agrees not to promote the services or products of
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any other provider of 360(degrees), three dimensional, virtual tour, virtual
reality, virtual walkthrough or other similar images ("Virtual Images") on the
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Loop Home Page or Loop Submit Graphics Page, and the Jutvision Link will be the
only link to a provider of Virtual Images or associated services displayed on
the Loop Home Page or Loop Submit Graphics Page. Notwithstanding the foregoing,
Loop will be under no obligation to include any Virtual Tour on any Loop Pages
except as requested by a Participating Organization and
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<PAGE>
may display any Virtual Tour or other Virtual Image on any Loop Pages, whether
created by Jutvision or a third party, as requested by a Participating
Organization. Should a Participating Organization request that the Jutvision
Link be removed from a Loop Submit Graphics Page designed for that Participating
Organization at any time, Loop will remove the Jutvision Link immediately.
5. Fees and Pricing.
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5.1 Fees. Jutvision will pay Loop $5,000 per month (the "Fee") for
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the term of this Agreement, due and payable on the first day of each month. It
is understood that the Fee represents a reduced price in partial consideration
of Jutvision's agreements hereunder.
5.2 Interest. Subject to a five (5) day grace period, late payments
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will accrue interest at the rate of 1.5% per month, or the highest rate
permitted by law, whichever is lower.
5.3 Most Favored Customer. Jutvision agrees that throughout the term
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of this Agreement, the prices offered for Virtual Tours to Participating
Organizations will, on the whole taking into account all reasonably appropriate
facts and circumstances, be as good as the best prices, terms and conditions
offered by Jutvision to any other customer purchasing Virtual Tours, of the same
quantity and quality and in the same time period and geographic region, for
commercial properties in the United States. In the event Jutvision offers
Virtual Tours for commercial properties in the United States to other customers
at more favorable prices, terms or conditions, subject to the qualifications in
the preceding sentence, Jutvision will promptly notify Loop and the
Participating Organizations and will make such terms available to the
Participating Organizations, effective upon the date the more favorable prices,
terms or conditions were offered to other customers.
6. Confidentiality.
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6.1 Confidential Information. The parties acknowledge that by reason
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of their relationship they will have access to certain information and materials
that are confidential, trade secret and of substantial value to both parties,
which value would be impaired if such information were disclosed to third
parties "Confidential Information"). The terms and conditions of this Agreement,
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without limiting the generality of the foregoing, constitute Confidential
Information. Each party agrees that it will not use in any way on its own behalf
or on behalf of any third party, nor disclose to any third party, any
Confidential Information revealed to it by the other party. Each party will take
all reasonable measures to protect the secrecy of and avoid disclosure and
unauthorized use of the Confidential Information. Without limiting the
foregoing, each party will take at least those measures that such party takes to
protect its own most highly confidential information. Each party agrees to
immediately notify the other in the event of any unauthorized use or disclosure
of the Confidential Information and agrees to assist the other in remedying such
unauthorized use or disclosure of Confidential Information.
6.2 Exclusions. The obligations of the parties under Section 6.1
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hereof with respect to any portion of either party's Confidential Information
will terminate when the other party can establish that such information (i) was
publicly known and made generally available in the public domain prior to the
time of disclosure to the recipient of Confidential Information; (ii) becomes
publicly known and made generally available after disclosure to the recipient by
the other party through no action or inaction of the recipient; or (iii) was
rightfully in the possession of recipient, without any confidentiality
restrictions, at or subsequent to the time it was communicated to recipient by
the other party.
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7. Warranties and Limitation of Liability.
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7.1 Representations and Warranties. Each party represents and
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warrants to the other that it has full power and right to enter into this
Agreement and that there are no conflicting claims relating to the rights
granted herein. Jutvision hereby represents, warrants, and covenants that (i)
Jutvision is the owner or valid licensee of the Jutvision Marks and the
Jutvision Content, and there are no conflicting claims with respect to
Jutvision's rights thereto; and (ii) the Jutvision Marks and the Jutvision
Content will not infringe the copyright, trademark, service mark or trade secret
rights of any party, or constitute fraud, defamation, obscenity, or a violation
of any right of privacy or publicity or any party. Loop hereby represents,
warrants, and covenants that (i) Loop is the owner or valid licensee of the Loop
Marks, as well as the Loop Home Page, the Loop Pages, the Loop Submit Graphics
Page and all related hardware, data or software, including without limitation
Web sites, HTML pages, pointers, URL's, links, processes, and audio or video
material (the "Loop Content"), and there are no conflicting claims with respect
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to Loop's rights thereto; and (ii) the Loop Marks and the Loop Content will not
infringe the copyright, trademark or trade secret rights of any party, or
constitute fraud, defamation, obscenity, or a violation of any right of privacy
or publicity or any party
7.2 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 7.1 ABOVE,
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NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR
IMPLIED. WITHOUT LIMITING THE ABOVE, NEITHER PARTY MAKES ANY IMPLIED WARRANTY OF
MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, OR NON-INFRINGEMENT.
7.3 Limitation on Liability. IN NO EVENT WILL EITHER PARTY BE LIABLE
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FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE
DAMAGES, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
8. Indemnification. Each party will indemnify, defend and hold harmless
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the other party and its officers, directors, agents, employees, successors and
permitted assigns from and against any and all losses, claims, suits,
proceedings, liabilities, expenses (including reasonable attorneys' fees and
expenses), causes of action, damages and costs arising out of or in connection
with the breach, potential breach or inaccuracy of, or failure to comply with,
any of the representations and warranties contained in Section 7.1 on the part
of the indemnitor.
9. Term and Termination.
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9.1 Term. The term of this Agreement will commence on January 1,
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1999 and continue until December 31, 1999 unless earlier terminated under the
provisions of this Section 9. Notwithstanding the foregoing, Jutvision may
accelerate the commencement of this Agreement by providing ten days' notice to
Loop of its desire to so accelerate and providing the Fee to Loop. This
Agreement will terminate automatically without notice unless prior to that time
the term of the Agreement is extended by mutual written consent of the parties.
9.2 Survival. Notwithstanding the foregoing, the obligations set
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forth in Section 6.1 regarding Confidential Information which either party has
received will continue in perpetuity unless
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terminated pursuant to Section 6.2. Moreover the provisions of Sections 2.1,
3.4, 7.3, 8, 9.2, and 12 will survive the expiration or termination of this
Agreement for any reason.
9.3 Termination for Cause. Either party will have the right to
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terminate this Agreement by written notice in the event the other party (i)
materially breaches any of the terms and conditions of this Agreement and such
material breach continues uncured in excess of thirty (30) days after notice,
(ii) ceases to function as a going concern, or (iii) has a petition filed by or
against it under any state or federal bankruptcy or insolvency law which
petition has not been dismissed or set aside within sixty (60) days of its
filing.
10. Assignment. Except upon a merger, reorganization or sale of
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substantially all of the assets of the assigning party, neither party will
assign this Agreement without the prior written consent of the other party. Any
assignment permitted herein will be subject to the written consent of the
assignee to all terms and provisions of this Agreement.
11. Press Plans. The parties agree to participate in a joint press
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announcement regarding the relationship entered into hereunder that will take
place on a mutually agreed upon date. The parties will agree to the form and
content of the joint press release. Either party may issue its own press
release, subject to the other party's prior written approval, not to be
unreasonably withheld, of the content within the release. Each party will
furnish its written acceptance of or objection to any proposed announcement
within forty-eight (48) hours.
12. General Provisions. This Agreement constitutes the entire agreement of
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the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous documents with respect hereto, and cannot be modified except
by a written instrument signed by both parties. In the event that any provision
or provisions of this Agreement will be held to be unenforceable, this Agreement
will continue in full force and effect without such provision and will be
interpreted to reflect the original intent of the parties. This Agreement will
be governed by the laws of the State of California without reference to any
conflicts of laws principles. The relationship of the parties hereunder will be
that of independent contractors. Nothing herein will be construed to constitute
a partnership between or joint venture of the parties, nor will either party be
deemed the agent of the other. All disputes arising out this Agreement will be
submitted to the jurisdiction of the state and federal courts in Santa Clara
County, California. This Agreement will be binding upon and will inure to the
benefit of the parties' successors and/or assignees. Waiver by either party of a
breach of any provision of this Agreement or the failure by either party to
exercise any right hereunder will not operate or be construed as a waiver of any
subsequent breach or as a waiver of any other right. Except for the payment of
fees, nonperformance of either party will be excused to the extent that
performance is rendered impossible by an event beyond such party's control. This
Agreement may be executed by exchange of signature pages by facsimile and/or in
any number of counterparts, each of which will be an original as against any
party whose signature appears thereon and all of which together will constitute
one and the same instrument.
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<PAGE>
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.
LOOP VENTURES, INC. JUTVISION CORPORATION
/s/ [SIGNATURE ILLEGIBLE] /s/ Howard Field
By: ___________________________ By: ___________________________
President VP Sales
Title: __________________________ Title: __________________________
[Signature page to Agreement]
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Exhibit A
Participating Organizations
_ Colliers International
_ Grubb & Ellis
_ Coldwell Banker
_ Trammell Crow Company
_ The Staubach Company
_ LaSalle Partners
_ Society of Industrial and Office REALTORS
_ ONCOR International
_ RE/MAX International
_ Prudential Real Estate
_ The Commercial Network
_ CORFAC International
_ The CORE Network
_ FIABCI
_ Atlanta Commercial Board of REALTORS
_ Cincinnati Area Board of REALTORS - CID
_ Dayton Area Board of REALTORS - CID
_ Detroit Area Commercial Board of REALTORS
_ Florida Gulfcoast Commercial Association of REALTORS
_ Greater Las Vegas Association of REALTORS - CID
_ Greater Washington D.C. Commercial Association of REALTORS
_ Greater Springfield Association of REALTORS - CID
_ Houston Association of REALTORS - CID
_ Indiana Commercial Board of REALTORS
_ Iowa Commercial/Land Board of REALTORS
_ Maine Commercial Association of REALTORS
_ Metropolitan Kansas City Board of REALTORS - CID
_ New Hampshire Commercial Investment Board of REALTORS
_ New Orleans Metropolitan Association of REALTORS - CID
_ New York State Commercial Association of REALTORS
_ North Texas Commercial Association of REALTORS
_ Northern Illinois Commercial Association of REALTORS
_ Ohio Association of REALTORS
_ Omaha Area Board of REALTORS
_ Texas Association of REALTORS
_ Vermont Commercial Investment Board of REALTORS
_ Virginia Association of REALTORS - CID
_ CCIM Chapters of 22 States