Sample Rip-Off Agreement
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5. Finances
- All monies shall be payable in U.S. Currency, Money Order or Cashiers Check.
- Member will pay ROYA the annual membership fee.
- If Member opens a School, Member will pay to ROYA the annual School fee as set forth below:
- Member will pay ten percent (10%) of net profits realized to ROYA by the 5th of each month.
- Member will have Member's students send their annual membership dues to ROYA.
- If Member locates his or her school within a 250-mile radius of ROYA Headquarters:
- Member will send all testing fees (as set forth below) to ROYA.
- Those schools located outside a 250-mile radius will send fifty percent (50%) of testing fees to ROYA.
- All Black Belt testing shall be conducted at ROYA Headquarters and testing and processing fees paid at that time.
- Twenty-five percent (25%) of all net profits from demonstrations, expositions, television broadcasts, movie rights, and any other function in which Member receives funds directly or indirectly as a result of Member's knowledge in Rip-off Yu shall be paid to ROYA. ROYA agrees to assist Member in negotiating terms with these outside agencies or companies and agrees to assist Member in their pursuit thereof of such endeavors.
6. Indemnity
- Member shall indemnify and hold harmless ROYA from any claim, suit, or action and any expense or damage in consequence thereof, asserted by reason of ROYA's exercise or enjoyment of any of its rights hereunder or by reason of any warranty or promise made by ROYA in connection with the exercise of any such rights.
- ROYA shall have the right at its option, but without any obligation to do so, to defend any such claim, suit, or action by counsel of its selection and with the consent of Member to settle the same on such terms as it deems advisable.
- In the event a final judgment is entered against ROYA, or settlement is reached pursuant to the aforesaid claim, suit, or action, Member shall be liable for and shall pay to ROYA the full amount of said judgment or settlement and shall reimburse ROYA for any and all expenses incurred, including attorney fees.