BUSINESS MANAGEMENT CONTRACT

BUSINESS MANAGEMENT CONTRACT

Between us, Company name corporate identification number corporate email , and who for the effects of the present document shall be referred to as THE CONTRACTOR, and JACO BEACH ONSITE MANAGEMENT SERVICES LIMITADA , corporate identification number three - one hundred two - six hundred fifty-five thousand nine hundred sixty-five, represented in this act by CRISTIAN CHAVARRIA VILLALOBOS, bearer of identity card number two - five hundred and forty-eight - nine hundred and sixty-three, and who for all purposes of this contract shall be referred to as THE ADMINISTRATOR, agree to enter into this AGREEMENT OF MANAGEMENT OF ADMINISTRATIVE SERVICES, which shall be governed by the following clauses:

FIRST. OBJECT: THE CONTRACTOR, acting as the company in charge of the administration and rental of the property registered under main folio in Puntarenas number . (not required)

SECOND: That given the existence of the service of administration and vacation leases that the administrator offers to the Condominio vertical Residencial Turístico Monte Carlo, both parts agree that the administrator shall offer the following services for the unit detailed below:

1.  Apartment rental on a daily or monthly basis.

2. Set the rates based on the Market

3. Collection and invoicing of income received and the due payment of taxes subject to the type of activity.

4. Advertising.

5. Payment for utilities, such as electricity.

6. Payment of the maintenance fee to the Condominio Vertical Residencial Turístico Monte Carlo on a monthly basis.

7. Payment of Municipal taxes.

8. Payment of tax on the income received by the contracting company, as applicable.

9. Repair, care, and payments regarding any problems inside the apartment.

THIRD: The term of this contract for the provision of business administration and management services will be two years, starting today, and therefore, shall remain valid until either of the parties terminates the contract. In the event of termination of the contract, both parties agree to cancel any outstanding balances that may exist as a result of the service.

FOURTH: This contract is for professional services and, as such, there is no work relationship between the parties; social fees, payment to employees and all expenses required for developing of the activity will be undertaken by the ADMINISTRATOR; expenses inherent to the property, such as property taxes, public services of water, electricity or telephone and private services such as cleaning and laundry products, repairs, maintenance or replacement of equipment will be covered by the CONTRACTOR.

FIFTH: THE CONTRACTOR my pay to THE ADMINISTRATOR, the sum of 215 US dollars plus tax monthly to THE ADMINISTRATOR for the business administration and management service, as well as any additional expense presented by THE ADMINISTRATOR, (must be previously approved) by THE CONTRACTOR for payment. THE ADMINISTRATOR shall also deduct an amount equivalent to 20% for rentals obtained on a monthly basis and 5% deductible for bank charges when payments are made by card. The Contractor should give enough funds in his account to pay unforeseen expenses in any event of not having enough funds from the Rental Activity.

SIXTH: The ADMINISTRATOR shall be entirely responsible for noncompliance regarding the exercise of its management, any error or omission that results in economic damage to THE CONTRACTOR, which shall be corrected to the full satisfaction of THE ADMINISTRATOR.

Notwithstanding the foregoing, the Administrator shall not be responsible for payments made by the CONTRACTOR if the amounts necessary to perform the requested tasks are not disbursed and the CONTRACTOR shall be exclusively responsible for said funds.

SEVENTH: THE ADMINISTRATOR shall act on her own behalf, with autonomy and without any employment relationship or subordination to THE CONTRACTOR. Your rights will be limited by the nature of the contract, to require compliance with obligations regarding the provision of business administration and management services.  

EIGHTH: It is understood that there is no labor relationship between the CONTRACTOR and the workers or dependents of the ADMINISTRATOR, and that the relationship is between the CONTRACTOR and ADMINISTRATOR under the contract for professional services in the provision of business administration and management services.

NINTH: In case of non-compliance on the part of THE CONTRACTOR regarding the indicated payment, or of the expenses of common agreement approved, it will give the ADMINISTRATOR the right to suspend the described service and to collect in judicial way the amounts owed and not received; On the contrary, if THE ADMINISTRATOR does not comply with the provision of the contracted services and in accordance with the needs of THE CONTRACTOR, it shall be entitled to suspend the agreed payments and terminate the contract with the ADMINISTRATOR, being able to collect in court any damage that the failure to provide the service may have caused. 

TENTH: If, for any legal reason, a clause or part of this contract is declared invalid or illegal, such clause shall be deemed as not included in the contract; however, the rest of this contract shall not be affected by such reservation.

ELEVENTH: Neither party may transfer or assign in any way, in whole or in part, this contract without the prior written permission of the other party; likewise, if the assignment is approved, the costs shall be borne by the assigning party.

NOTIFICATIONS. All notices or communications required or permitted by this AGREEMENT shall be in writing, and shall be deemed to have been made when delivery is made personally, by electronic mail (electronically confirmed), or registered letter, to the address of the respective addresses. For these purposes, the PARTIES designate the following as the place and means for receiving notifications:

For ADMINISTRATOR:Cristian Chavarría V.

For CONTRACTOR: (Full name)

PROTOCOLIZATION. Either of the PARTIES reserves the right to appear before a Notary Public of its choice for due legalization of this CONTRACT, at the time it deems appropriate, without the need for appearance or prior notice from the other party.

ARBITRATION. All the controversies, differences, disputes or claims that could derive from the CONTRACT, or the business and the matter to which this one refers, its execution, breach, liquidation, interpretation or validity, will be resolved by means of an arbitration of rights in rem in the terms that establishes the Law No. 7727, Alternative Dispute Resolution and Promotion of Social Peace, and according to the statutes of the International Center for Conciliation and Arbitration (CICA) of the Costa Rican-American Chamber of Commerce, to whose regulatons the PARTIES submit voluntarily and unconditionally. The substantive laws of the Republic of Costa Rica will be applied in the conflict. The arbitration will be held at the CICA in San José, Costa Rica. An arbitral tribunal of 3 arbitrators shall decide on the matters subject to the arbitration process, which shall be appointed by the CICA. The award issued by such arbitration shall be in writing, shall be deemed judicata material, binding and conclusive between the PARTIES. There shall be no appeal against the award rendered, except for those of revision and nullity. Once the award is rendered and final, it shall be considered res judicata. The costs associated with the conciliation and arbitration proceedings, as well as the fees of the conciliators and arbitrators, shall be borne by the PARTIES in equal shares unless the conciliation agreement or the arbitral tribunal indicates otherwise. Each party shall bear the expenses of any attorneys', counselors' or consultants' fees that it uses, provided that this does not contravene the losing party's obligation to pay all fees, costs and expenses associated with such process, including all legal fees, if so stipulated in the settlement agreement or award.

ACCEPTANCE: In witness whereof, this contract is signed in Jacó, at