Prosiding | Legal Course: Contract Drafting 2022 by FKPH Brawijaya

G N I D I S O R P L A G E L 2 2 0 2

G N I T F A R D

T C A R T N O C

E S R U O C

PROSIDING

WEBINAR CONTRACT DRAFTING: THE BEGINNER'S GUIDE TO DRAFT A CONTRACT 16 - 17 APRIL 2022

FORUM KAJIAN DAN PENELITIAN HUKUM (FKPH) FAKULTAS HUKUM UNIVERSITAS BRAWIJAYA

Prosiding Legal Course: Contract Drafting 2022 Forum Kajian dan Penelitian Hukum Fakultas Hukum Universitas Brawijaya

Legal Course: Contract Drafting 2022 Prosiding Forum Kajian Dan Penelitian (FKPH) Fakultas Hukum Universitas Brawijaya 2022 @2022 Buku ini diterbitkan atas dukungan dan kerja sama dengan Forum Kajian dan Penelitian Hukum (FKPH)

Tim Penyusun: Tim Panitia Legal Course: Contract Drafting 2022

Desain/Tata Letak: Juan Pratama Dias Rizki Aprilinda

Penerbit: Forum Kajian dan Penelitian Hukum (FKPH) Sekretariat Forum Kajian dan Penelitian Hukum | Jl. MT. Haryono No. 169, Ketawanggede, Kecamatan Lowokwaru, Kota Malang, Jawa Timur (65145) Indonesia. Email: fkph@ub.ac.id Web: fkph@ub.ac.id

Kata Pengantar Forum Kajian dan Penelitian Hukum (“FKPH”) merupakan

salah satu lembaga otonom di Fakultas Hukum Universitas Brawijaya yang bergerak di bidang riset dan kajian ilmiah hukum. Sebagaimana misi dari FKPH sendiri, yaitu mengembangkan potensi keilmuan dibidang kajian ilmiah dan penelitian hukum guna membentuk mahasiswa yang kritis dan solutif dalam menyelesaikan problematika bangsa, FKPH mengadakan Webinar dan Workshop mengenai penulisan kontrak. Acara ini bernama Legal Course: Contract Drafting, diselenggarakan atas dasar urgensi diperlukannya suatu wadah bagi Mahasiswa Fakultas Hukum Universitas Brawijaya, untuk mengetahui konsep perancangan dan mekanisme penulisan kontrak hukum. Peserta diharapkan memiliki pengetahuan yang komprehensif terkait prosedur penyusunan kontrak hukum depannya setelah diadakannya kegiatan Legal Course: Contract Drafting sehingga dapat menunjang kompetensi dalam menggeluti profesi di bidang hukum ke depannya. Meskipun, pembinaan ini dilaksanakan secara daring akibat penyebaran virus Covid-19 yang tinggi, diharapkan ilmu yang disampaikan dapat diterima sepenuhnya tanpa adanya kendala yang berarti.

Adapun hasil akhirnya yakni menghasilkan suatu output berupa rancangan kontrak hukum yang memuat substansi dari perjanjian dengan baik dan sesuai dengan standar yang dibuat sendiri oleh mahasiswa. Para peserta diberikan waktu 60 menit dalam pembuatan berkas contract drafting ini, lalu dinilai oleh Pak Arjana Bagaskara Solichin, S.H. sebagai pembicara kedua. Penjurian dilakukan selama seminggu hingga ditentukannya 3 berkas terbaik. 3 berkas terbaik inilah yang dimasukkan dalam prosiding ini. Penulisan prosiding ini tidak akan berhasil jika tidak melibatkan banyak pihak, mulai dari panitia LCCD, hingga Badan Pengurus Harian FKPH FH UB yang telah membantu dalam proses penulisan. Kami sangat berterimakasih kepada seluruh pihak yang terlibat dan semoga berkas dalam prosiding ini bisa menjadi contoh dalam pembuatan kontrak, di samping keterbatasan waktu pengerjaan, kami yakin bahwa berkas-berkas terbaik ini merupakan berkas perancangan kontrak yang berkualitas. Budi Saputra Manajer Legal Drafting FKPH FH UB

Daftar Isi IV

Kata Pengantar

1-2

Case Posision

3-9

Contract Terbaik I

10-20

Contract Terbaik II

21-28

Contract Terbaik III

29-55

Format Joint Venture

Solichin & Maruszama Counsellor At Law (SM&P Law Firm)

KEMENTERIAN PENDIDIKAN, KEBUDAYAAN, RISET, DAN TEKNOLOGI UNIVERSITAS BRAWIJAYA FAKULTAS HUKUM FORUM KAJIAN DAN PENELITIAN HUKUM Sekretariat: Jalan MT. Haryono No. 169, Malang, Jawa Timur, Kode Pos: 65145

CASE POSITION SOLICHIN & MARUSZAMA COUNSELLOR AT LAW

Suatu perusahaan bernama Crypto Exchange Corporation Ltd. yang didirikan di London, Inggris, dan memiliki aktivitas bisnis pada bidang bursa (exchange) cryptocurrency. Crypto Exchange Corporation Ltd. tersebut memiliki anak perusahaan (subsidiary company) bernama Foris Dax Asia PTE. LTD. yang berkedudukan di Singapore, Asia Tenggara, yang memiliki aktivitas bisnis sebagai penyedia aplikasi cryptocurrency provider dan exchange, mirip sekali dengan perusahaan penyedia aplikasi exchange lainnya, bernama Binance. Kemudian, berdasarkan hasil Rapat Pemegang Saham (General Meeting Shareholders) Crypto Exchange Corporate Ltd. pada bulan Januari tahun 2022, diputuskan bahwa Foris Dax Asia PTE. LTD. harus melakukan penetrasi pasar ke Indonesia, sebagai negara yang memiliki populasi terbanyak keempat di dunia dengan total populasi sebanyak 270.000.000. Selanjutnya, Foris Dax Asia PTE. LTD. mencari partner bisnis lokal (local business partner) dan ditemukan lah PT Blockchain Indonesia Maju sebagai local business partner yang tepat. Pada bulan Februari 2022, Presiden Direktur Foris Dax Asia PTE. LTD. mengadakan meeting dengan Presiden Direktur PT Blockchain Indonesia Maju yang menghasilkan kesepakatan sebagai berikut: 1.

Bahwa Foris Dax Asia PTE. LTD dan PT Blockchain Indonesia Maju menyepakati untuk mendirikan perusahaan patungan (joint venture company) di Indonesia bernama PT Foris Blockchain Indonesia;

Bahwa PT Foris Blockchain Indonesia bergerak dalam aktivitas bisnis Bursa Berjangka yang terfokus pada aktivitas sebagai bursa berjangka dalam perdagangan pasar fisik aset crypto (crypto asset) di Indonesia;

Bahwa Foris Dax Asia PTE. LTD dan PT Blockchain Indonesia Maju memiliki proporsi kepemilikan saham masing-masing adalah 60% (enam puluh persen) dan 40% (empat puluh persen);

Bahwa Foris Dax Asia PTE. LTD memiliki hak istimewa sebagai pemegang saham

mayoritas untuk menunjuk Presiden Direktur dan 2 (dua) anggota Direktur; 5.

Bahwa PT Blockchain Indonesia Maju memiliki hak istimewa sebagai pemegang saham minoritas untuk menunjuk Presiden Komisaris dan 2 (dua) anggota Komisaris;

Bahwa Foris Dax Asia PTE. LTD setuju untuk menyediakan seluruh keperluan IT, smart contract, blockchain, cloud, server, ISO, expert yang memiliki sertifikasi CISA dan CISSP, serta IT Expert;

Bahwa PT Blockchain Indonesia Maju setuju untuk menggunakan perangkat blockchain yang mutakhir dan terbaru dari Foris Dax Asia PTE. LTD namun PT Blockchain Indonesia Maju memiliki kewajiban untuk menyediakan bangunan, kantor, dan karyawan berkewarganegaraan Indonesia yang sesuai dengan spesifikasi yang diinginkan Foris Dax Asia PTE. LTD;

Bahwa PT Foris Blockchain Indonesia harus mendapatkan persetujuan dari Bappepti sebelum efektif melakukan aktivitas sebagai Bursa Berjangka perdagangan fisik aset kripto di Indonesia. Selanjutnya pada bulan Maret 2022, Foris Dax Asia PTE. LTD menunjuk

Linkaters Singapore sebagai konsultan hukumnya dan PT Blockchain Indonesia Maju menunjuk Solichin & Maruszama Counsellor At Law sebagai konsultan hukumnya. Kedua konsultan hukum tersebut memiliki tugas untuk melakukan drafting perjanjian usaha patungan (joint venture agreement) antara Foris Dax Asia PTE. LTD dan PT Blockchain Indonesia Maju. Berdasarkan case position di atas, para peserta webinar diminta untuk merancang joint venture agreement antara Foris Dax Asia PTE. LTD dan PT Blockchain Indonesia Maju berdasarkan ketentuan hukum Indonesia yang berlaku, dimana governing law-nya adalah hukum Indonesia dan choice of forum-nya untuk penyelesaian sengketa mengacu pada SIAC rules and procedures 2016. Bahwa peserta diminta untuk merancang kontrak tersebut dalam bahasa Indonesia dan mengacu pada ketentuan perjanjian dalam KUH Perdata, UU terkait, dan Peraturan Bappepti yang mengatur ketentuan pendirian entitas Bursa Berjangka sebagai pedoman penyelenggaraan perdagangan pasar fisik aset kripto (crypto asset) di bursa berjangka.

Berkas Terbaik I Arifin Wahyu Henardi, S.H.

Joint venture Agreement THIS JOINT VENTURE AGREEMENT (the "Agreement" or this “Joint venture Agreement”), is made and entered into as of this March 23, 2022, by and between Foris Dax Asia PTE. LTD, a [SENDER STATE OF INCORP] corporation, with a registered office located at Singapore, Southeast Asia, and PT Blockchain Indonesia Maju "[SHORTENED NAME OF SIGNER]"), a [SIGNER STATE OF INCORP] corporation, with a registered office located at Indonesia.

WHEREAS, "[SENDER. Company]" is in the business of subsidiary company of Crypto Exchange Corporation Ltd. founded in London, England, and

WHEREAS, "[SIGNER. Company]" is in the business of local business partner in Indonesia, and

WHEREAS, the parties desire to establish between them a joint venture in order to collaborate in PT Foris Blockchain Indonesia. That PT Foris Blockchain Indonesia is engaged in Futures Exchange business activities which focus on activities as a futures exchange in trading the physical market of crypto assets (crypto assets) in Indonesia

NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants and commitments set forth herein, the parties here to agree as follows:

Formation

The joint venture formed by this Agreement (the “Joint venture”) will conduct its business under the name PT Foris Blockchain Indonesia, and will have its registered address at INDONESIA [JOINT VENTURE ADDRESS]. The Joint venture shall be considered a joint venture between the Parties in all respects, and in no event shall this Agreement be construed to create a partnership or any other fiduciary relationship

between the Parties.

Purpose

The Joint venture shall be formed for the purpose of That PT Foris Blockchain Indonesia must obtain approval from Bappepti before it can effectively carry out activities as a Futures Exchange for physical trading of crypto assets in Indonesia.

Contributions

The Parties hereto shall each make an initial contribution to the Joint venture as follows: 1.

[SENDER. Company]’s Contribution: That Foris Dax Asia PTE. LTD agrees to provide all IT needs, smart contracts, blockchain, cloud, servers, ISO, CISA and CISSP certified experts, and IT Experts

[SIGNER. Company]’s Contribution: That PT Blockchain Indonesia Maju agrees to use the latest and greatest blockchain tools from Foris Dax Asia PTE. LTD, however, PT Blockchain Indonesia Maju has an obligation to provide buildings, offices, and employees with Indonesian citizenship that are in accordance with the specifications desired by Foris Dax Asia PTE. LTD

Distribution of Profits

Any and all net income accruing to the Joint venture shall be distributed equally to the Parties. That Foris Dax Asia PTE. LTD and PT Blockchain Indonesia Maju have share ownership proportions of 60% (sixty percent) and 40% (forty percent) respectively.

Management

The following individuals in the following positions will comprise the Joint venture’s management (the “Management Team”). The Management Team will be structured such that 1.

That Foris Dax Asia PTE. LTD has the privilege as the majority shareholder to appoint the President Director and 2 (two) members of the Directors

That PT Blockchain Indonesia Maju has the privilege as a minority shareholder to appoint the President Commissioner and 2 (two) members of the

Commissioner.

Responsibilities of the Parties

The Parties will each have the following responsibilities under the Joint venture: [SENDER. Company]’s Responsibilities: [SIGNER. Company]’s Responsibilities:

Non-Exclusivity

No exclusivity is formed by virtue of this Joint venture Agreement and neither Party shall be obligated to make offers to the other related to any business.

Term

This Agreement shall commence on the date first written above and remain in full force and effect for an initial period of [NUMBER OF YEARS] years (the “Initial Term”). At the end of the Initial Term, this Agreement will automatically renew in one-year increments (each, a “Renewal Term”), unless and until this Agreement is terminated in accordance with Section 8 hereinafter.

Termination

Either Party shall have the right to terminate this Agreement, effective as of the end of the Initial Term or any Renewal Term, by providing the other with written notice of termination at least thirty (30) days prior to the end of such Initial Term or Renewal Term. Neither Party shall have the right to terminate this Agreement at any other time, unless such termination is mutually agreed to by the Parties hereto. The Joint venture shall terminate upon termination of this Agreement.

10. Confidential Information The Non-Disclosure Agreement entered into by the Parties as of [ENTER INTO DATE] (the “NDA”) is applicable to the Joint venture and shall apply in full force and effect to any and all Confidential Information (as defined in the NDA) exchanged or otherwise accessed by a Party under this Agreement.

11. Further Actions The Parties shall execute any documents and take all appropriate actions as may be necessary to give effect to the Joint venture.

12. Assignment Neither Party shall assign or transfer any of its rights or obligations hereunder without the prior written consent of the other Party, except to a successor in ownership of all or substantially all of the assets of the assigning Party if the successor in ownership expressly assumes in writing the terms and conditions of this Agreement. Any such attempted assignment without written consent will be void. This Agreement shall inure to the benefit of and shall be binding upon the valid successors and assigns of the Parties.

13. Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE], without regard to conflicts of law principles.

14. Counterparts This Agreement may be executed in any number of counterparts, each of which shall constitute an original, and all of which, when taken together, shall constitute one instrument.

15. Severability The Parties recognize the uncertainty of the law with respect to certain provisions of this Agreement and expressly stipulate that this Agreement will be construed in a manner that renders its provisions valid and enforceable to the maximum extent possible under applicable law. To the extent that any provisions of this Agreement are determined by a court of competent jurisdiction to be invalid or unenforceable, such provisions will be deleted from this Agreement or modified so as to make them enforceable and the validity and enforceability of the remainder of such provisions and of this Agreement

will be unaffected.

16. Notices All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed duly given, unless otherwise expressly indicated to the contrary in this Agreement: (i) when personally delivered; (ii) upon receipt of a telephone facsimile transmission with a confirmed telephonic transmission answer back; (iii) three (3) days after having been deposited in the mail, certified or registered, return receipt requested, postage prepaid; or (iv) one (1) business day after having been dispatched by a nationally recognized overnight courier service, addressed to a Party or their permitted assigns at the address for such Party first written above.

17. Headings Paragraph headings used in this Agreement are for reference only and shall not be used or relied upon in the interpretation of this Agreement.

18. Entire Agreement This Agreement contains the entire agreement and understanding between the Parties, superseding all prior contemporaneous communications, representations, agreements, and understandings, oral or written, between the Parties with respect to the subject matter hereof. This Agreement may not be modified in any manner except by written amendment executed by each Party hereto. In Witness Whereof, the Parties have caused this Joint venture Agreement to be duly executed and delivered as of the date first written above. Sender ----------------------------------------[SENDER. Company] [SENDER. First Name] [SENDER. Last Name] [SENDER TITLE] Signer -----------------------------------------

[SIGNER. Company] [SIGNER. First Name] [SIGNER. Last Name] [SIGNER TITLE]

Berkas Terbaik II Sagita Dwi Anggraini

Perjanjian Usaha Patungan Antara Foris Dax Asia PTE. LTD. Dengan PT. Blockchain Indonesia Maju

Perjanjian ini ditandatangani pada tanggal 20 bulan Maret tahun 2022, antara: (A) Tn. Arif Budiawan, 40 Tahun, Direktur Utama PT. Blockchain Indonesia Maju yang

didirikan

berdasarkan

hukum

Negara

Republik

Indonesia,

NPWP

0123456789, yang berkedudukan di Jl. Salemba 4, Jakarta, Indonesia. Dalam kedudukannya berhak mewakili perusahaan menandatangani perjanjian berdasarkan SK Direksi No. 1234/2022. Selanjutnya disebut sebagai PIHAK PERTAMA. (B) Tn. Alexander Royce Ryan, Presiden direktur Foris Dax Asia PTE.LTD, yang didirikan berdasarkan hukum Negara Singapore, berkedudukan di Jl. Lion 5, Singapore. Dalam kedudukannya sebagai Presiden Direktur berhak mewakili perusahaan menandatangani perjanjian. Selanjutnya disebut sebagai PIHAK KEDUA.

PIHAK PERTAMA dan PIHAK KEDUA selanjutnya secara bersama-sama disebut sebagai PARA PIHAK.

Menimbang bahwa: PIHAK KEDUA memiliki reputasi yang baik dalam usaha pada bidang penyedia aplikasi cryptocurrency provider exchange. PIHAK KEDUA memerlukan perluasan usaha dan perluasan pemasaran produk. PIHAK PERTAMA memiliki pengalaman usaha pada bidang pialang saham dan bursa efek berjangka.

PIHAK PERTAMA memiliki jaringan yang luas di Indonesia .

Mengingat: MoU antara PT. Blockchain Indonesia Maju dengan Foris Dax Asia PTE.LTD. Dengan ini PARA PIHAK sepakat untuk mengadakan perjanjian joint venture. Selanjutnya perjanjian ini disebut dengan “Perjanjian Joint venture”

PARA PIHAK akan mendirikan Perseroan Terbatas berdasarkan hukum negara Republik Indonesia untuk mendirikan perusahaan dengan aktivitas bisnis sebagai penyedia aplikasi cryptocurrency provider dan exchange. Di mana pendirian perusahaan penyedia aplikasi cryptocurrency provider dan exchange ini tidak bertentangan dengan hukum di Indonesia dan peraturan perundangan yang ada. Perseroan Terbatas yang didirikan oleh PT. Blockchain Indonesia Maju – Foris Dax Asia PTE.LTD bernama PT. Blockchain Foris Indonesia. Untuk selanjutnya disebut “PT. Joint Ventura”Mengingat: MoU antara PT. Blockchain Indonesia Maju dengan Foris Dax Asia PTE.LTD.

Dengan ini PARA PIHAK sepakat untuk mengadakan perjanjian joint venture. Selanjutnya perjanjian ini disebut dengan “Perjanjian Joint venture”

Pasal 1 Definisi Untuk menghindarkan perbedaan penafsiran tentang istilah–istilah yang mungkin timbul, dalam perjanjian joint venture ini disusun istilah-istilah yang digunakan dalam

perjanjian ini. 1.

Perjanjian : adalah suatu peristiwa di mana seseorang berjanji kepada seorang lain atau di mana dua orang itu saling berjanji untuk melaksanakan sesuatu hal.

Joint venture : adalah suatu usaha kerja sama yang dilakukan antara penanaman modal asing dengan modal nasional berdasarkan suatu perjanjian/kontrak.

Perusahaan modal ventura (Venture Capital Company ) : adalah badan usaha yang melaksanakan kegiatan pembiayaan dalam bentuk penyertaan modal ke dalam suatu perusahaan pasangan usaha (Investee Company) untuk jangka waktu tertentu.

Perusahaan pasangan usaha (Investee Company) : adalah perusahaan yang memperoleh pembiayaan dalam bentuk penyertaan modal dari perusahaan modal ventura.

Asset :dalam perjanjian ini adalah bangunan kantor, smart contract, blockchain, cloud, server, ISO dan asset lainnya dalam rangka kerja sama ini tidak terbatas pada waktu tertentu sebagai hasil peralatan IT, laba ditahan jika ada dan jumlah kredit dari perusahaan modal ventura di kas Bank.

Mata uang : mata uang yang digunakan adalah dollar Amerika dan rupiah di Republik Indonesia. dengan kurs $1.00 (satu dolar) senilai Rp. 12.000,- (dua belas ribu rupiah).

Know – how : adalah informasi mengenai sesuatu, sebagai hasil dari pengalaman yang dimiliki oleh perusahaan modal ventura termasuk rahasia, hal yang penting, juga ciri khas. termasuk juga promosi penjualan, cara penjualan ke konsumen dan administrasi & manajemen keuangan. yang berguna untuk Pihak Pertama supaya berkemampuan, sehingga pada akhir perjanjian, berkembang dalam posisi kompetisi, dan membantu untuk masuk dalam pasar yang baru.

Rahasia : adalah know – how sebagai pokok atau kelompok penting dan perakitan komponen–komponen tidak secara umum diketahui atau mudah didapat, tidak terbatas pada semua hal yang diketahui oleh masing – masing pihak dikenal sebagai know–how yang secara keseluruhan tidak diketahui atau dapat dipilih di luar bisnis Bursa Berjangka yang terfokus pada aktivitas sebagai bursa berjangka dalam perdagangan pasar fisik aset crypto (crypto asset).

Anggaran dasar PT Anggaran dasar PT Foris Blockchain Indonesia sesuai dengan tujuan dan maksud perjanjian joint venture, tetapi tidak bertentangan dengan hukum dan peraturan perundang–undangan di negara Republik Indonesia. Pendirian PT. Joint Ventura sudah sesuai dengan persyaratan yang disetujui dan terdaftar di Kementerian Kehakiman Republik Indonesia.

Pasal 2 Modal Awal dan Proporsi masing – masing Pemegang Saham 1.

Modal dasar perseroan adalah $ 1.000.000,00 (satu juta dollar A.S.). Modal tersebut terbagi dalam saham-saham seharga $ 100 per saham. Modal yang disetor (paid up capital) 6000 saham (60%) dimiliki oleh PIHAK KEDUA, sedangkan sisanya 4000 saham (40%) dimiliki oleh PIHAK PERTAMA.

Pada saat pendirian perseroan, modal yang ditempatkan (issued capital) adalah 25% ( $ 250.000,00) dari modal dasar dan disetor penuh.

Setoran PIHAK PERTAMA tidak dalam bentuk tunai tapi dalam bentuk bangunan gedung.

Semua setoran saham dalam mata uang dollar dan rupiah, berdasarkan kurs pada saat penyetoran $1 = Rp 12.000,00 (dua belas ribu rupiah).

Pasal 3 Kemungkinan Pengalihan Saham pada Pihak Lain (Indonesian Equity Ownership) Pengalihan saham dari PIHAK KEDUA kepada PIHAK PERTAMA dilakukan dalam jangka waktu 20 (dua puluh) tahun, di mana PIHAK PERTAMA dapat memiliki 51% saham. Harga saham didasarkan kepada harga pasar yang disetujui oleh kedua belah pihak. Bila persetujuan itu tidak tercapai, harga saham itu dinilai oleh dua penilai independen yang diangkat oleh masing – masing pihak. Jika dua penilai independen itu tidak sepakat maka mereka mengangkat penilai independen yang ketiga untuk menetapkan harga tersebut.

Pasal 4

Penambahan Modal dan Pengeluaran Saham Baru Penambahan modal dasar satu jika salah satu pihak tidak ingin mengambil saham baru tersebut sesuai dengan presentasi kepemilikan sahamnya, maka tambahan saham tersebut harus ditawarkan kepada partnernya.

Pasal 5 Kepengurusan (Management): Direktur dan Komisaris a.

Presiden Direktur

Presiden Direktur terdiri dari dua orang yang diangkat oleh PIHAK KEDUA menjadi Presiden Direktur. b. Presiden Komisaris Presiden Komisaris terdiri dari dua orang yang diangkat oleh PIHAK PERTAMA menjadi Presiden Komisaris. c.

Anggota Direktur

Anggota Direktur terdiri dari dua orang yang diangkat oleh PIHAK KEDUA menjadi Anggota Direktur. d. Anggota Komisaris Anggota Komisaris terdiri dari dua orang yang diangkat oleh PIHAK PERTAMA menjadi Anggota Komisaris. Presiden direktur dalam perusahaan joint venture ini adalah menjadi kepala eksekutif. Satu dari dua orang direksi adalah operasi dan mempunyai tugas menjalankan perusahaan sehari – hari dalam PT. Joint Ventura ini. Di mana keputusan dewan direksi diambil dengan suara mayoritas.

Pasal 6 Technical Assistance dan Know –how Bantuan teknik dan know-how yang diberikan oleh perusahaan induk (PIHAK KEDUA) kepada PT. Joint Ventura di Indonesia, tidak mewajibkan pembayaran baik dalam bentuk royalti maupun biaya–biaya lain oleh PT. Joint Ventura kepada Foris Dax Asia PTE. LTD Hanya saja dalam pelatihan tersebut semua biaya dibebankan kepada

PT. Joint Ventura, seperti biaya perjalanan, biaya tenaga kerja luar negeri di tempat Foris Dax Asia PTE. LTD dan apa yang disebut “ employment service fee”.

Pasal 7 Lisensi Paten dan Merek Dagang Bahwa PT Foris Blockchain Indonesia PIHAK KEDUA harus mendapatkan persetujuan dari Bappepti sebelum efektif melakukan aktivitas sebagai Bursa Berjangka perdagangan fisik aset kripto di Indonesia.

Pasal 8 Kerahasiaan Bahwa baik PIHAK KEDUA maupun PIHAK PERTAMA akan berusaha sebaik – baiknya menjaga kerahasiaan informasi, know-how dan pengetahuan–pengetahuan lainnya yang dialihkan kepada PT. Joint Ventura di Indonesia dan tidak akan memberikan informasi dan pengetahuan tersebut kepada orang – orang yang tidak bekerja untuk mereka.

Pasal 9 Tidak Bersaing Bahwa para pihak tidak boleh bekerja sama dengan pihak lain untuk membuka perusahaan joint venture yang lain untuk memproduksi produk-produk yang sama, atau bersaing di Indonesia.

Pasal 10 Penggantian Para Pihak 1.

Bahwa perjanjian ini hanya berlaku bagi para pihak dan penggantinya yang berhak, akan tetapi para pihak tidak dapat memindahkan hak dan kewajibannya dalam perjanjian ini secara langsung maupun tidak langsung kepada pihak ketiga, tanpa persetujuan tertulis lebih dahulu dari pihak lainnya dan perpindahan itu tidak dimungkinkan pada waktu pembangunan PT. Joint Ventura ini.

Seandainya pihak yang lain sudah memberikan persetujuan untuk penggantian

salah satu pihak dalam perjanjian joint venture ini, penggantian itu pun harus mendapat persetujuan pemerintah Republik Indonesia.

Pasal 11 Wanprestasi (Default) Kewajiban PIHAK KEDUA: 1) Apabila PIHAK KEDUA tidak menyetor modal yang disetujui dan disepakati dalam perjanjian joint venture ini. 2) Tidak melaksanakan pembinaan terhadap PIHAK PERTAMA baik atas usaha (operasional, manajemen dan keuangan) yang dibiayai dengan modal tersebut 3) Tidak melakukan pelaporan – pelaporan yang diwajibkan oleh pemerintah. 4) Tidak melakukan alih teknologi (transfer of know-how). 5) Tidak menyuplai keperluan IT, smart contract, blockchain, cloud, server, ISO

Kewajiban PIHAK PERTAMA: 1) Apabila PIHAK PERTAMA tidak menyetor modal yang disetujui dan disepakati dalam perjanjian joint venture ini. 2) Apabila Pihak Pertama tidak mengembalikan modal yang telah diterimanya kepada Pihak Kedua dalam jangka waktu sepuluh tahun seperti yang telah disepakati dalam perjanjian joint venture. 3) Tidak menyediakan tanah untuk penanaman bambu betung sesuai dengan yang disepakati sebelumnya dalam perjanjian joint venture. 4) Apabila Pihak Pertama tidak mendapatkan tenaga kerja berkewarganegaraan Indonesia yang sesuai dengan spesifikasi yang diinginkan Foris Dax Asia PTE. LTD. 5) Pihak Pertama tidak mengurus perizinan kepada Menteri Keuangan , Menteri Perindustrian, Menteri Perdagangan dan Menteri Kehakiman.

Pasal 12 Pemberitahuan Apabila terjadi hal – hal berikut : salah satu pihak dapat memutuskan perjanjian ini

dengan memberikan pemberitahuan secara tertulis kepada pihak yang lain : 1.

Salah satu pihak melanggar kewajiban material yang tercantum dalam perjanjian joint venture ini bukan karena keadaan yang di luar kontrolnya dan gagal untuk memperbaiki pelanggarannya dalam waktu 30 (tiga puluh hari) setelah menerima pemberitahuan mengenai pelanggaran dan meminta perbaikan dari pihak yang tidak bersalah.

Salah satu pihak telah menerima petisi untuk penyelesaian hukum, atau salah satu pihak telah membuat kesepakatan dengan kreditornya, atau seorang likuidator telah ditunjuk untuk semua atau sebagian dari aset dari pihak yang lain, atau adanya keputusan atau perintah yang diterbitkan yang berhubungan dengan penyelesaian terhadap salah satu pihak.

Tindakan apa pun dari PIHAK PERTAMA yang melanggar hukum atau tindakan yang bisa mengakibatkan PIHAK KEDUA melanggar hukum yang berlaku.

Para pihak setuju untuk mengesampingkan pasal 1266 BW dan 1267BW Sejauh mana diperlukan untuk memberlakukan pengakhiran perjanjian joint venture ini.

Pasal 15 Hukum Yang Berlaku Perjanjian joint venture ini tunduk dan ditafsirkan menurut hukum negara Republik Indonesia.

Pasal 16 Penyelesaian Sengketa Apabila para pihak tidak dapat mencapai persetujuan untuk menyelesaikan segala sengketa yang timbul dari perjanjian joint venture ini, dalam waktu 30 (tiga puluh) hari, maka salah satu pihak dapat menyerahkan sengketa tersebut kepada Badan Arbitrase tunduk pada peraturan Badan Arbitrase Nasional Indonesia. Arbitrase akan dilakukan dalam Bahasa Inggris di Jakarta.

Pasal 17 Bahasa

Perjanjian ini dibuat dalam Bahasa Indonesia dan Bahasa Inggris. Dalam mana terdapat perbedaan tafsiran antara Bahasa Indonesia dan Bahasa Inggris maka naskah Bahasa Inggris yang berlaku.

Pasal 18 Jangka waktu Perjanjian Kecuali disetujui lain secara tertulis atau dinyatakan lain atau ditentukan lain dalam perjanjian joint venture ini, jangka waktu perjanjian ini adalah 20 (dua puluh) tahun terhitung sejak tanggal perjanjian joint venture ini ditandatangani. ini.

Pasal 19 Pengakhiran Perjanjian 1.

Para pihak dapat memutuskan perjanjian joint venture ini dengan memberikan pemberitahuan tertulis 30 (tiga puluh) hari sebelumnya kepada pihak lain tanpa memberi alasan apa pun.

Kecuali ditentukan lain dalam perjanjian joint venture ini, semua hak dan kewajiban dari para pihak berdasarkan perjanjian joint venture ini pada akhirnya berhenti dan berakhir pada tanggal pemutusan perjanjian joint venture ini. Namun demikian, pemutusan perjanjian joint venture ini tidak memutuskan hak-hak dan kewajiban-kewajiban yang ditimbulkan kedua belah pihak sampai dengan tanggal pemutusan. Kewajiban-kewajiban dari PPU berdasarkan pasal 11 dan interpretasi atau pelaksanaannya dari perjanjian joint venture ini tetap berlaku selama dan setelah jangka waktu dari perjanjian joint venture ini.

Pasal 20 Perubahan Perjanjian joint venture ini tidak dapat diubah, ditambah, kecuali atas persetujuan kedua belah pihak.

Pasal 21

Keseluruhan Perjanjian Dengan ditandatanganinya perjanjian ini maka perjanjian–perjanjian sebelumnya tidak berlaku lagi. Demikianlah perjanjian joint venture ini ditandatangani pada tanggal sebagaimana tertulis di atas. Pihak Pertama

Pihak Kedua

PT Blockchain Indonesia Maju

Foris Dax Asia PTE. LTD

Arif Budiawan

Alexander Royce

Direktur Utama

Presiden Direktur

Berkas Terbaik III Muhammad Farhan Maulana, S.H.

Perjanjian Pendirian Perusahaan Patungan Pada hari Senin, tanggal 14 Maret 2022, di Bandung, yang dibuat dan ditandatangani oleh: 1.

PT. Foris Blockchain Indonesia Maju, suatu perseroan terbatas yang didirikan berdasarkan hukum Negara Indonesia berkantor dan beralamatkan di Bandung, Indonesia, dalam hal ini diwakili oleh Solichin & Maruszama Counsellor At Law, selaku konsultan hukum dari PT. Foris Blockchain Indonesia Maju dan oleh karenanya bertindak untuk dan atas nama PT. Foris Blockchain Indonesia Maju, selanjutnya disebut Pihak Pertama.

Foris Dax Asia, PTE. LTD adalah perusahaan yang berdomisili di Singapura, Asia Tenggara, dalam hal ini diwakili oleh Linkaters Singapore selaku Konsultan Hukum dari Foris Dax Asia, PTE. LTD. dan oleh karenanya bertindak untuk dan atas nama Foris Dax Asia, PTE. LTD. selanjutnya disebut sebagai Pihak Kedua.

Selanjutnya Pihak Pertama dan Pihak Kedua secara sendiri disebut sebagai PIHAK dan apabila secara bersama-sama disebut sebagai Para Pihak.

Dengan mempertimbangkan hal-hal yang mendasari dibuatnya Nota Kesepahaman ini adalah sebagai berikut : A. Bahwa mengingat potensi pasar untuk perdagangan Cryptocurrency di Indonesia sebagai negara yang memiliki populasi terbanyak keempat di dunia dengan total populasi sebanyak 270.000.000. Para Pihak sepakat mengambil inisiatif untuk membentuk suatu perusahaan patungan sebagai penyedia aplikasi Cryptocurrency provider dan exchange. B. Bahwa Pihak Pertama bersedia untuk menyediakan bangunan, kantor, dan karyawan berkewarganegaraan Indonesia yang sesuai dengan spesifikasi yang diinginkan Foris Dax Asia PTE. LTD C. Bahwa Pihak Kedua bersedia untuk menyediakan seluruh keperluan IT, smart

contract, blockchain, cloud, server, ISO, expert yang memiliki sertifikasi CISA dan CISSP, serta IT Expert dan dapat diimplementasikan di Indonesia. D. BAHWA, Para Pihak sepakat dan setuju untuk menarik investasi melalui peluang kerja sama sesuai dengan kemampuan masing-masing Pihak.

Bahwa Para Pihak telah sepakat dan mufakat untuk saling mengikatkan diri dalam suatu perjanjian Joint venture. Selanjutnya, perjanjian ini diatur dengan ketentuan dan syarat-syarat sebagai berikut:

PASAL 1 DEFINISI Untuk menghindarkan perbedaan penafsiran tentang istilah-istilah yang dipakai dalam perjanjian joint venture ini, kata-kata berikut ini mempunyai pengertian sebagai berikut: (1) Perjanjian adalah semua kesepakatan tertulis yang diadakan oleh Para Pihak untuk melaksanakan tujuan Perjanjian ini, yang ditandatangani oleh pihak-pihak yang berwenang dari Para Pihak. (2) Joint venture adalah suatu usaha kerja sama yang diwujudkan antara penanaman modal asing dengan modal nasional, sumber daya manusia setempat dan asing dan sumber-sumber daya lain dan keahlian yang dimiliki Para Pihak. (3) Penanaman modal asing adalah kegiatan menanam modal untuk melakukan usaha di wilayah Negara Republik Indonesia yang dilakukan oleh penanam modal asing, baik yang menggunakan modal asing sepenuhnya maupun yang berpatungan dengan penanam modal dalam negeri. (4) Perusahaan modal ventura (Venture Capital Company) adalah badan usaha yang melaksanakan kegiatan pembiayaan dalam bentuk penyertaan modal ke dalam suatu perusahaan pasangan usaha (Investee Company) untuk jangka waktu tertentu. (5) Perusahaan pasangan usaha (Investee Company) adalah perusahaan yang memperoleh pembiayaan dalam bentuk penyertaan modal dalam perusahaan modal ventura. (6) Asset dalam perjanjian ini adalah PT. Foris Blockchain Indonesia, gedung, mesinmesin, dan peralatan-peralatan pendukung lainnya dalam rangka kerja sama ini

tidak terbatas pada waktu tertentu. (7) Mata uang yang digunakan adalah dollar Amerika Serikat dan rupiah Republik Indonesia, dengan kurs $1.00 (satu dolar) senilai Rp. 14.000,- (empat belas ribu rupiah). (8) Know– how adalah informasi mengenai sesuatu hal sebagai hasil dari pengalaman yang dimiliki oleh perusahaan modal ventura, termasuk rahasia serta promosi penjualan barang, mulai dari proses produksi barang sampai penjualannya, cara penjualan ke konsumen dan administrasi serta manajemen keuangan, sehingga pada akhir perjanjian, yang terus berkembang sehingga memberikan nilai/posisi kompetitif terhadap pihak-pihak ketiga dan membantu untuk masuk dalam pasar yang baru. (9) Informasi rahasia adalah know – how sebagai sekumpulan pokok atau kelompok data atau informasi penting, ketrampilan teknis sekelompok tenaga ahli yang didapatkan dari eksperimen dan kerja sama yang dibiayai oleh Para Pihak dan segala bentuk informasi teknis atau metode yang tidak secara umum diketahui atau mudah didapat, namun tidak terbatas pada semua hal yang diketahui oleh masingmasing Pihak; dikenal juga sebagai know – how yang secara keseluruhan tidak diketahui atau dapat didapatkan di luar bisnis cryptocurrency. (10) Aset kripto adalah aset digital yang berada di atas sistem blockchain. Aset ini dapat digunakan untuk transaksi virtual berbasis jaringan internet.. (11) Perdagangan Kripto adalah suatu proses jual beli asset kripto sebagai alat investasi untuk dimasukan sebagai komoditi yang dapat diperdagangkan di bursa berjangka.

PASAL 2 MAKSUD DAN TUJUAN (1) Maksud dan tujuan dari perjanjian kerja sama usaha patungan ini adalah memberikan keuntungan bagi Para Pihak secara adil sesuai Perjanjian. (2) Pembagian keuntungan sebagaimana dimaksud dalam ayat (1) adalah 50 % (lima puluh persen) dari keuntungan bersih perusahaan patungan.

PASAL 3

RUANG LINGKUP KERJASAMA (1) Dengan pertimbangan dan pelaksanaan kerja sama berkaitan dengan perolehan berbagai perijinan hingga sampai tahap penjualan di bursa berjangka, setidaktidaknya pada akhir tahun 2022 telah mendapatkan persetujuan dari Bappepti sebelum efektif melakukan aktivitas sebagai Bursa Berjangka perdagangan fisik aset kripto di Indonesia. (2) Penyerahan peralatan yang disediakan oleh PIHAK KEDUA untuk PIHAK PERTAMA dilaksanakan pada awal tahun 2022.

PASAL 4 LOKASI USAHA Lokasi kegiatan Bursa Berjangka ini berkedudukan di Kota Bandung, Provinsi Jawa Barat, Indonesia.

PASAL 5 HAK DAN KEWAJIBAN PARA PIHAK (1) Kewajiban PIHAK PERTAMA: a. Pada akhir tahun 2022, telah mendapatkan persetujuan dari Bappepti sebelum efektif melakukan aktivitas sebagai Bursa Berjangka perdagangan fisik aset kripto di Indonesia b. Mengambil langkah-langkah standar keselamatan umum yang wajib diikuti dalam industri seperti yang diatur dalam peraturan dan perundang-undangan yang berlaku. c. c. Menerapkan sistem open management (secara transparan dan terbuka) dan good corporate governance (tata kelola perusahaan yang baik). d. Apabila PIHAK PERTAMA akan mengadakan kerja sama dan hubungan dengan pihak ketiga, terutama dengan Lembaga Keuangan dan atau pihak lain yang berkeinginan turut serta menanam modal dalam Usaha Bursa Berjangka, maka PIHAK PERTAMA berkewajiban untuk mengadakan koordinasi dan mendapat persetujuan tertulis berkenaan penanaman modal itu dari PIHAK KEDUA.

(2) Kewajiban PIHAK KEDUA: a. Melakukan penyerahan peralatan yang disediakan pada awal tahun 2023. b. Melakukan pelatihan dan bimbingan pengoperasian peralatan kepada PIHAK PERTAMA. c. Memberikan pinjaman alat dan teknologi berkaitan dengan Cryptocurrency kepada PIHAK PERTAMA. d. Melakukan perawatan terhadap alat-alat dan teknologi berkaitan dengan Cryptocurrency yang dipinjamkan kepada PIHAK PERTAMA. e. Memberikan jaminan bahwa peralatan yang dipinjamkan kepada PIHAK PERTAMA, dalam keadaan baik, tidak terdapat cacat-cacat yang dapat mengganggu pelaksanaan Perdagangan Aset Kripto di Bursa Berjangka. f. Bertanggungjawab untuk memberikan ganti rugi apabila dalam pelaksanaan Perdagangan

Aset

Kripto

Bursa

Berjangka

menimbulkan

kerusakan/pencemaran lingkungan. g. Memberikan bantuan terhadap PIHAK PERTAMA untuk mendapatkan semua lisensi dan ijin sebagaimana yang telah ditentukan menurut peraturan perundang-undangan Indonesia. h. Mengambil langkah-langkah standar keselamatan umum dalam industri batubara seperti yang diatur dalam peraturan dan perundang-undangan yang berlaku

(3) Hak PIHAK PERTAMA: a. Mendapatkan pembagian keuntungan dalam pelaksanaan joint venture. b. Mendapatkan pelatihan dan bimbingan pengoperasian peralatan dari PIHAK KEDUA. c. Mendapatkan pinjaman alat dan teknologi berkaitan dengan Cryptocurrency dari PIHAK KEDUA.

(4) Hak PIHAK KEDUA: a. Mendapatkan pembagian keuntungan dalam pelaksanaan joint venture. b. Menerima laporan kemajuan (progress report) pelaksanaan Perdagangan Aset

Kripto ini kepada PIHAK PERTAMA.

PASAL 6 RAHASIA PIHAK PERTAMA dan PIHAK KEDUA akan sebaik-baiknya menjaga Informasi Rahasia agar tidak diketahui oleh pihak-pihak ketiga yang tidak ada kaitannya dengan pelaksanaan perjanjian joint venture ini.

PASAL 7 HUKUM YANG BERLAKU Perjanjian ini tunduk dan ditafsirkan berdasarkan hukum Negara Republik Indonesia.

PASAL 8 FORCE MAJEURE (1) Pihak yang tidak dapat memenuhi kewajibannya karena mengalami force majeur tidak dapat dikenakan ganti rugi. (2) Force majeure adalah suatu keadaan yang tidak dapat diperkirakan sebelumnya, atau suatu akibat yang tidak tertanggungkan, karena suatu peristiwa yang tidak dapat diperkirakan sebelumnya, termasuk tetapi tidak terbatas pada bencana alam, pemogokan kerja, huru-hara, sabotase, banjir, pemberontakan, dan juga keluarnya peraturan pemerintah. (3) Pihak yang mengalami force majeuer harus memberitahukan hal tersebut kepada pihak lainnya dalam jangka waktu 30 hari setelah terjadinya force majeure. Setelah itu Para Pihak harus bertemu untuk merundingkan bagaimana mengatasi akibat dari force majeure tersebut. Keadaan force majeure tidak otomatis dapat membatalkan Perjanjian ini.

PASAL 9 BAHASA Perjanjian ini dibuat dalam Bahasa Indonesia dan Bahasa Inggris. Dalam mana terdapat perbedaan tafsiran antara Bahasa Indonesia dan Bahasa Inggris maka salinan Bahasa

Indonesia yang berlaku.

PASAL 10 JANGKA WAKTU Perjanjian ini berlaku selama 25 (dua puluh lima) Tahun sejak tanggal perjanjian ini ditandatangani oleh Para Pihak.

PASAL 11 PENGAKHIRAN PERJANJIAN (1) Para Pihak dapat memutuskan perjanjian kerja sama usaha patungan ini dengan memberikan pemberitahuan secara tertulis kepada pihak lainnya dan atau terdapat pelanggaran klausul kontrak yang mengakibatkan berakhirnya perjanjian tersebut, sesuai dengan peraturan perundang-undangan yang berlaku (2) Para Pihak dapat memutuskan perjanjian joint venture dengan memberikan pemberitahuan tertulis 180 (seratus delapan puluh) hari sebelumnya kepada Pihak lain. (3) Kecuali ditentukan lain dalam perjanjian joint venture ini, semua hak dan kewajiban dari Para Pihak berdasarkan perjanjian joint venture ini akan berhenti dan berakhir pada tanggal pemutusan perjanjian joint venture ini.

PASAL 12 PENYELESAIAAN SENGKETA Apabila Para Pihak tidak dapat mencapai kesepakatan bersama untuk menyelesaikan segala sengketa yang timbul dari Perjanjian ini, dalam waktu 60 hari kerja, maka salah satu Pihak dapat menyerahkan sengketa tersebut kepada SIAC (Singapore International Arbitration Center) dan tunduk pada ketentuan-ketentuan yang berlaku.

PASAL 13 SANKSI (1) Apabila PIHAK KEDUA melakukan pelanggaran hukum atau norma – norma yang berlaku maupun kewajiban – kewajiban sebagaimana yang diatur dalam Perjanjian

ini, maka PIHAK PERTAMA berhak melakukan dan mengajukan klaim dan meminta ganti rugi serta pertanggungjawaban dari PIHAK KEDUA. (2) Sebaliknya, apabila PIHAK PERTAMA melakukan perbuatan sebagaimana bunyi ayat (1) tersebut diatas, maka PIHAK KEDUA berhak melakukan dan mengajukan klaim dan meminta ganti rugi serta pertanggungjawaban dari PIHAK PERTAMA. (3) Apabila Para Pihak melakukan pelanggaran– pelanggaran dan atau tidak memenuhi kewajiban – kewajibannya, baik sebagian maupun seluruhnya atas isi Perjanjian ini, maka Pihak yang melanggar tersebut akan dikenakan denda dan harus bertanggungjawab serta menanggung segala kerugian dan risiko Pihak yang dirugikan, juga dianggap mengundurkan diri dalam Perjanjian ini.

PASAL 14 PENUTUP Hal – hal yang belum diatur dalam Perjanjian ini, atas kesepakatan dan mufakat Para Pihak akan diatur kemudian, di mana hasil keputusannya, merupakan satu kesatuan yang tidak terpisahkan dengan Perjanjian ini. Demikian Perjanjian ini dibuat dengan benar dan dalam keadaan sehat serta tanpa paksaan dari pihak mana pun. Setelah dibacakan dan dimengerti oleh Para Pihak, maka Perjanjian ini ditandatangani oleh Para Pihak. Perjanjian ini dibuat dalam rangkap dua dengan masing–masing mempunyai kekuatan hukum yang sama dan dibubuhi dengan materai yang cukup. Senin, 14 Maret 2022 PIHAK PERTAMA

PIHAK KEDUA

_______________________

______________________

DIREKTUR UTAMA

JOINT VENTURE AGREEMENT *Contoh Joint Venture Contract, Hanya Untuk Kebutuhan Akademis

This JOINT VENTURE AGREEMENT made and entered into this ___ day of March, 2022 by and between: 1. _____________ (“______”), a corporation duly organized and existing under the laws of Singapore, with principal offices at _____, Singapore _____, and in this matter represented by ______, its President Director; and 2. PT. ___________ (“_____”), a corporation duly organized and existing under the laws of the Republic of Indonesia, with address for purposes of communication at _______________, Jakarta _________, Indonesia and in this matter represented by _________, its President Director; (hereinafter referred to individually as a “Party” and collectively as the “Parties”).

RECITALS

A. ______ and AMI _________ to establish a company in Indonesia that will engage in _________________________:

B. For this purpose the Parties have agreed to submit the required application for the formation of limited liability company under the Indonesian Foreign Investment Law, Law No. 25 of the Year 2007, as amended by Law No. 10 of the Year 2020, and all implementing regulations relating thereto (the “Foreign Investment Law”); such application shall be consistent with the terms of this Agreement and, to extent not provided for herein, as mutually approved by the Parties.

AGREEMENTS

1. Joint Venture

1.1 The Parties agree to make a joint capital investment in Indonesia in accordance with the Foreign Investment Law for the purpose of __________________________ to be defined from to time by the Parties (“Products”).

2. Formation of an Indonesian Limited Liability Company; Share Capital and Market

2.1 Subject to obtaining all consents required under the Foreign Investment Law and any other applicable laws of the Republic of Indonesia, the Parties shall establish an Indonesian Limited Liability company (Perseroan Terbatas) (the “Company”) having the name “_____________” or such other name as may be acceptable to the Parties and to the Department of Justice of the Republic of Indonesia, provided that, if either _________ of ________ is no longer a shareholder of the company, each Party shall cause that the name “______” or “________” as the case may be, not be used as part of the name of the company and each party shall cause to vote in a general meeting of shareholder and it anything required under the Articles of Association to change the name of the Company.

2.2 The Company shall be established pursuant to a Deed of Establishment (Akte Pendirian) (the “Deed of Establishment”), with Articles of Association (Anggaran Dasar) (as from time to time amended, the “Articles of Associations”) in the form and substance of

Exhibit “A” hereof, in both

Indonesian and English language.

2.3 The Parties shall execute the Deed of Establishment in the Indonesian language before a notary domiciled in Jakarta acceptable to the Parties and shall cause

such notary to submit the Deed of Establishment to the Department of Justice for approval by the Minister of Law and Human Rights promptly following its execution. 2.4 The Company upon incorporation shall have an authorized capital (“Authorized Capital”) of the Rupiah equivalent of US$ _______________ (UNITED STATES DOLLARS: _____ MILLION) based on the exchange rate as stipulated in the BKPM Notification of the Presidential Approval in respect of the contemplated investment. Notwithstanding the above, all payments of the Shares shall be in US Dollars or in Rupiah. If in Rupiah, the payments shall be made on the basis of the exchange rate that prevails at the time of the payment, thereby ensuring that the total payment of the shares conforms with the total amount of the investments approved by the President of the republic of Indonesia.

2.5 _________ shall contribute 60% (sixty percent) and __________ shall contribute 40% (forty percent) of the Company’s Authorized Capital. Initially, the Parties shall subscribe to 25% (twenty five percent) of the Company’s Authorized Capital in the same proportion as the above-mentioned shareholding ratio. The Parties shall fully pay their respective shares of the issued capital upon execution of the Deed of Establishment and shall fully subscribe and pay for the remaining 75% (seventy five percent) by the time the Company commences ________________.

2.6 Each of the Parties shall pay for the shares of the Company that it has agreed to subscribe in accordance with the provisions of the Deed of Establishment and prevailing laws and regulations. Unless otherwise agreed by the Parties, payments of the initial Authorized Capital shall be in United States Dollars and shall be made proportionally by the Parties in accordance with of the numbers or percentages of shares in the Company held by each of the Parties.

2.7 The territorial scope of the Company for the aforementioned purposes as specified in Article 1 shall be Indonesia. Any exports from or import into the territory of the products shall be subject to approval of both ________ and Company.

3. Responsibilities and Contributions of the Parties to the Joint Venture

3.1 __________ agrees:

(a) To provide its capital contributions;

(b) To assist in the setting up of the Company in the following aspects;

(i) Apply for and obtain all necessary government approvals and licenses for the establishment and registration of the Company;

(ii) Apply for and obtain all necessary operating licenses, permits, and ___________ to enable the Company to carry its objectives;

(iii)To use its best efforts to obtain all benefits for Company under the laws of Indonesia;

(iv) Obtain necessary entry and exit visas and work permits, make travel arrangements and deal with other incidental matters to facilitate liaison with government and private sources in Indonesia.

(v) Recruitment of local personnel for the Company. (c) To use its best efforts to assist in the distribution of the Company’s products in Indonesia;

(d) To provide such other assistance as described in a Management Assistance

Agreement, in the form and substance of Exhibit B hereof, to be entered into by the parties.

3.2 __________ agrees:

(a) To provide its capital contribution;

(b) To provide the technology, personnel training and such other forms assistance for the manufacture of the Products;

(d) To provide assistance in the development of the local market for the Company’s products including but not limited to assistance in advertising and promotion of the Products to such extent as _________ considers appropriate;

(e) To license and allow the Company, on a non-exclusive basis, to use __________’s brand and trademark in Indonesia.

(f) To provide such other assistance as described in a Technical Assistance Agreement, in the form and substance of Exhibit C hereof, to be entered into by the parties.

3.3 Both parties shall use their best efforts so that production line do not remain idle. However, in case there is an excess production capacity, and after taking into consideration the market situation at that time as well as the competitiveness and marketability of the Products on the international level, ___________ may consider the production by the Company of models for foreign markets to be distributed through __________’s worldwide network.

4. Prior to Approval of Deed of establishment

4.1 In addition to the provisions of this Agreement, which shall be applicable to the Parties as of the execution hereof, as of the execution of the Deed of Establishment the relationship between the Parties shall also be governed by the Articles of Association.

4.2 Upon establishment of the Company, as provided in Article 2, but prior to the approval of the Deed of the Establishment by the Minister of Law and Human Rights:

(a) Any references to shareholders shall be applicable to the Parties as founders, and any references to meetings of shareholders shall mean meetings of the Parties as founders;

(b) Any references herein to the Directors shall be applicable to the persons appointed in the Deed of Establishment as the Board of directors, who shall act as managers, and jointly as a board of management, in handling the affairs of Company having the same function as the Board of Directors and its members according to the Deed of Establishment;

(c) Unless otherwise provided hereunder and to the extent the contents of the executed Deed of Establishment cannot be made applicable, prior to the approval of the Deed of Establishment by the Minister of Law and Human Rights the provisions of Indonesian law concerning partnerships acting under a joint name (persekutuan firma) shall supplement the relationship between the Parties contemplated hereunder.

5. Following Approval of Deed of Establishment

5.1 Immediately upon approval of the Deed of Establishment by the Minister of Law and Human Rights, the Parties shall cause the Directors of the Company to:

(a) Register the approved Deed of Establishment (together with its approval by the Minister of justice) with the District Court having the jurisdiction over the Company’s domicile, and publish the Deed of Establishment (together with its approval by the Minister of Law and Human Rights and the registration with the District Court) in the State Gazette of the Republic of Indonesia;

(b) Register the Company in the Company register maintained by the Department of Trade;

(c) Complete any other registration and obtain other license required by prevailing laws and regulations required by the company to undertake its business in accordance with its purposes and objectives as set forth in its Deed of Establishment.

5.2 Following the approval of the Deed of Establishment by the Minister of Human Rights, the Parties shall cause the Directors of the Company to hold the First Extraordinary General Meeting of Shareholders of the Company in order to:

(a) Ratify the appointment of the members of the Board of Directors and the Board of Commissioners of the Company appointed in the Deed of Establishment;

(b) Ratify and take over the obligations of the Parties, as founders of the Company, under all legal acts executed for the benefit of the Company prior to the approval of the Deed of Establishment by the Minister of Law and Human Rights; and

5.3 It is expressly agreed that any time before or after approval of the Deed of Establishment by the Minister of Law and Human Rights, the Company shall only engage in activities for which the appropriated/required registration, approval, license or consent has been obtained and is subsisting.

5.4 The parties agree furthermore to comply with all the provisions of the Joint Venture Agreement and the Deed of Establishment and to be responsible for the performance of any obligation of the Company.

6. Management of the Company

6.1 In accordance with its Deed of Establishment, the Company shall be managed by a Board of Directors consisting of 5 (five) members headed by a President Director. In accordance with their respective subscription to the authorized capital of the Company, ____________ shall initially be entailed to nominate 3 (three) members of the Board of Directors including the President Director; and __________ shall be initially entitled to nominate 2 (two) members of the Board of Directors. In the event of any change in the aforesaid shareholdings, the Parties shall convene to arrive at an agreement regarding the composition of the Board of Directors.

6.2 The Board of Directors shall be supervised by a Board of Commissioners consisting of 3 (three) members headed by a President Commissioner. In accordance with their respective subscription to the authorized capital of the Company, ________ shall be initially entitled to nominate 2 (two) members of the Board of Commissioners including the President Commissioner; and _______ shall be initially entitled to nominate 1 (one) member of the Board of Commissioner. In the event of any change in the aforesaid shareholdings, the Parties shall convene

to arrive at an agreement regarding the composition of the Board of Commissioners. The Board of Commissioners shall exercise such powers and authority as allowed under the Indonesian Law.

6.3 The Parties agree that, subject to compliance with the Articles of Association, the Company’s assets may be used to secure the Company’s obligations with respect to any borrowed money or other credit facilities. Each Party agrees to assist the Company in obtaining additional financing from banking or no-banking institutions, based on the agreed shareholding ratio set forth in Article 2.5 above, on reasonable terms and conditions.

6.4 The Board of Directors shall represent the company within and outside the Courts of Justice with regard to all matters and in all events, to bind the Company with another party and another party with the company, and to perform all acts, either those that concern management or those that concern ownership, but the restriction that for the following acts:

(a) borrowing any money in excess of an aggregate amount of Rp. 1,000,000,000 (One Billion Rupiah) in one accounting year (provided that opening any letter of credit for the purpose of making payment for capital or capital goods or services, obtaining customary overdraft facilities for day-to-day operations or drawing any money from an establishment credit or loan account which has been so approved shall not be regarded as borrowing for the purpose of this provision);

(b) binding the company as guarantor;

(c) granting any mortgage, fiduciary transfer of proprietary rights for security purposes, pledge or other security interest or priority claim in any property or assets of the Company;

(d) selling or disposing of movable or immovable property (except in the ordinary course of the Company’s business) in excess of the book value amount of Rp. 60,000,000 (Sixty Million Rupiah)) or such grater amount or lesser amount as may from time to time be determined by the Board of Commissioners;

(e) acquiring by purchase, lease or any other method, excluding gift, movable or immovable property (except in the ordinary course of the Company’s business) in excess of an aggregate amount of Rp. 2000,000,000 (Two Hundred Million Rupiah) or such greater amount or lesser amount as may from time to time be determined by the Board of Commissioners;

(f) establishing a new business or participating in any other business enterprise, including without limitation to establishing any subsidiary, without prejudice to any approvals that may be required from competent authorities;

(g) determining or modifying which, in the aggregate, would exceed the capital budget;

(h) authorizing expenditures which, in the aggregate, would exceed the capital budget;

(i) authorizing the execution of any agreement or arrangement between the Company and a Shareholder or to vary or waive terms and conditions thereof;

(j) entering into contracts other than the normal conduct of the business, the approval of the President Commissioner and the Commissioner from ______ or of 2 (two) Commissioner, one Commissioner from _______ and one Commissioner from __________, shall be required.

Any legal act of assigning, disposing of rights of or pledging the entire of or a major part of the assets of the Company as security for indebtedness in one accounting year either in one transaction or in several individual transactions or in several related transactions shall require the approval of the General Meeting of Shareholders in which shareholders who own ¾ (three fourths) of the total amount of shares having valid voting rights are present or represented, and of which the resolution is approved by ¾ (three fourths) of the total amount of the votes which are legally cast in the meeting.

6.5 The term of office of the members of the Directors and of the Board of Commissioner shall be for a period commencing at the close of the General Meeting of Shareholders at which the Directors and the Board of Commissioners are appointed and ending at the close of the third Annual General Meeting of Shareholders after the date of their appointment. The remuneration of the members of the Board of Commissioners shall from time to time be determined by the General Meeting of Shareholders.

7. Transfer of Shares

7.1 Any transfer of rights of shares shall be made on the basis of a deed of transfer which shall be signed by the transfer or and the transferee or their legal representatives.

7.2 The deed of transfer of rights of shares referred to in Article 7.1 of this Article or its copy shall be submitted to the Company.

7.3 Any shareholder of the Company who intends to sell its shares shall give written notice to the other shareholder, which include the price and terms of sale and inform the Board of Directors in writing with regard to that effect, which notice of offer to sell may not be withdrawn within 30 (thirty) days of the offer.

The notice shall be accompanied by the certificate number or certificate number or certificates for the shares in question and shall be hand delivered to the Board of Directors, or sent by registered mail or by prepaid air courier. The notification, hereinafter referred to as the “Offering Notification” constitutes an offer to all other shareholders to purchase the shares in question which shall be determined in the notification.

7.4 The other shareholders who wish to purchase the shares offered shall make this known to the offering shareholder and the Board of Directors within 30 (thirty) days after receiving the notification.

7.5 In case 2 (two) or more shareholders are interested to purchase more shares than have been offered, the Board of Directors shall allot the shares in proportion to the shares then held by them.

7.6 The Company shall be obliged to guarantee that all of the Shares to be Sold as mentioned in Article 7.3 of this article will be purchased at a fair price, as certified by an independent Certified Public Accountant appointed by the Company on a regular basis to audit the Company’s accounts, and that the sale price will be paid in cash within a period of 30 (thirty) days as of date the offering is made.

In the event Company is not able to guarantee the implementation of the preceding paragraph, without prejudice to the prevailing rules and regulations, the offering shareholder shall offer its shares and sell the shares to the

employees of the Company, prior to offering of shares to any third party, with same price and term of offering.

7.7 In the event the other shareholder(s) does (do) not want to purchase the entire shares offered, then the offering shareholder shall be entitled to either:

(a) withdraw its offer to sell; or

(b) sell those shares were not accepted by the shareholder to one or more third parties at price, terms and conditions not more favorable than the price, terms and conditions at which such shares were offered to the other shareholder.

7.8 Any foreign shareholder that for any reason is prohibited from purchasing or cannot obtain approval from the competent authorities to purchase the shares pursuant to the provisions of the preceding paragraphs of this Article, shall have the right to designate a third party who has obtain any approvals that may be required from the competent authorities to buy all or part of the shares which would otherwise be the share of such foreign shareholder.

7.9 Any pledge or other encumbrance of the share of the Company must be approved by the General Meeting of Shareholders and recorded in the Register of Shareholders. Any sale by the pledge or other secured party of pledged or otherwise encumbered shares shall not require any further approval from a General Meeting of Shareholders, but shall be subject to the provisions of Article 7.1 through Article 7.8 this Article.

7.10

Any sale of shares, other than to another shareholder or sale referred to in Article 7.6 and 7.7 of this Article, must be approved by the General Meeting of Shareholders.

7.11

Shares shall only be sold pursuant to procedures specified in the preceding Paragraphs on this Article. Any sale or other transfer of shares in contravention of such provisions of this Article and the Articles of Association shall not recognized by the Company. In addition, the sale or other transfer of shares shall be subject to any approval of the competent authorities that may be required. Any party purchasing or otherwise accepting a transfer of shares without any approval required from competent authorities shall not be entitled to exercise any authority or rights whatsoever as shareholder of the Company, including the rights to participate or vote in the General Meeting of shareholders or to receive payments of dividends or distributions upon liquidation, with respect to such shares until the transfer of such shares has been approved by the competent authorities and registered in the Company’s Register of Shareholders.

7.12

In the case of a change of ownership of a share, the original owner registered in the register of Shareholders shall be deemed to remain the owner of such share until the name of the new owner has been entered in the Register of Shareholders.

7.13

Any person becoming entitled to a share as a consequence of the death or merger or consolidation of shareholder or in any case in which the ownership of a share changes by operation of law, may upon producing such evidence of transfer and its entitlement to the shares as may from to be registered at the holder of the share. The share transfer shall be registered only if the Board of Directors can accept and is satisfied with the evidence of title, without prejudice to the provisions in the Articles of Associations.

7.14

The offering shareholder who offered its shares as mentioned in Article 7.3 of this Article has the right to withdraw the offer after the lapse of time as stipulated in Article 7.4 of this Article.

7.15

The obligation to offer the shares to another shareholder shall only be made

once.

7.16

No transfer of shares shall be registered during the period from the date of the dispatch of the notices for a General Meeting of Shareholders until the closing of such meeting.

8. Resolutions and Voting Rights at the General Meeting of Shareholders

8.1 Resolutions and Voting Rights at the General Meeting of Shareholders shall be in accordance with the procedures set forth in the Articles of Association.

9. Representations and Warranties

9.1 Each of the Parties hereby represents and warrants as follows:

(a) This Agreement shall constitute its legally binding obligations;

(b) There is no provision of any existing law, rule, mortgage, indenture, contract, financing statement, agreement or resolution binding on it that would conflict with or any way prevent the execution, delivery, or carrying out of the terms of this Agreement or any other document or agreement referred to herein.

(c) The Parties have obtained and will obtain any necessary corporate approvals in accordance with their Articles of Association.

10. Pre-Incorporation and Pre-Operating Expenses

10.1

Determination on pre-incorporation costs and expenses (pre-operational) to be borne by the Company shall be based on an agreement of the parties as verified by an independent public accounting firm designated by both parties. The

following pre-incorporation expenses shall be borne by the Company, or if for any reason the Company is not established, by the Parties in the same proportion as the number of Shares the Parties have agreed to subscribe pursuant to Article 2.5 hereof bears to total Shares-of Authorized Capital:

(a) All reasonable expenses and fees of legal counsel and notary in Indonesia relating to the preparation, negotiation, and execution of this Agreement, any agreement referred to herein or relating to the establishment and operation of the Company and third parties, the Deed of Establishment and amendments thereto, the application to BKPM for approval of the investment contemplated by this Agreement and to the Minister of Law and Human Rights for approval of the Deed of Establishment, and for obtaining such approval, and any other documents or action related to the foregoing;

(b) Any fees, taxes, duties, or other costs relating to any matter referred to in clause (a) hereof;

In this connection, a pre-operating fund shall be set-up, the amount and administration of such fund shall be mutually agreed upon by both parties.

11.

Confidentiality and Publicity

11.1

The Parties, during the term of this Agreement and thereafter, shall maintain and keep confidential and secret and not to disclose to any third party any of the contents of this agreement and the related Agreement as well as any technical, economic, financing, or marketing information obtained from each other or data belonging to any Party or any of their affiliates (“proprietary Materials”). Upon termination of this Agreement, or should any of the Party no longer be a

shareholder of the company, each of the parties, or such Party, as the case maybe, shall immediately deliver to the applicable other party all written documentation, including copies of, or concerning such Proprietary Materials of such other party, shall make no further use thereof, and shall make reasonable efforts to insure that no further use thereof is made by the employees, agents or contractors of the delivering Party.

11.2

The provision of Article 12.1 shall not apply to a Party’s disclosure of information to a third party in the following cases: a)

To the extent that such party can demonstrate that the information is available from generally accepted public sources without any breach of this agreement;

To the extent it is specifically agreed in writing by both Parties, at the time of disclosure, that the information being disclosed is not subject to Article 12.1 or that such disclosure is appropriate;

To the extent that such party is under legal compulsion to make disclosure; provided that in such case such Party will advise the other Party and the Company in advice of any disclosure and will consult in good faith with the other Party and the Company as to the scope of disclosure;

To the extent the information was received from third party which has a lawful right to disclose such information;

To the extent required by the law, or the extent the information is required to be submitted to governmental regulatory authorities;

To the extent that the information is given to either Parties consultants, counsels and professional advisors, provided that each Party must ensure

that they will keep confidential the information given them.

11.3

The Parties shall maintain in confidence the contents of this Agreement and shall not disclose the same, or any part hereof, without the written concert of the other Party(ies), except as may be otherwise required by law, regulation or effective government policy.

11.4

Notwithstanding the provision of Article 15, the provisions of this Article 12 shall continue to apply (i) to each of the Parties and to any individual or entity who becomes a party to this Agreement and for a period of 24 (twenty-four) months after such party, individual or entity is no longer a party hereto, or (ii) for a period of 24 (twenty four) months after the termination of this Agreement.

11.5

The foregoing provisions of Article 12 shall not be interpreted to prevent any Party, provided that it is and titled under the Articles of Association to sell all or any of the shares it owns to third parties, from disclosing to potential third party purchasers information relating of the company and its operations so long as prior to the disclosure, the Party intending to sell the Shares has obtained in writing an agreement form the third party not to disclose such information to other persons, and to use such information only for the purpose of evaluating whether or not to acquire the Shares being offered for sale.

12.

Non-Competition

12.1. In the event a party wishes to develop a new business activity in Indonesia competitive to the business activity carried out by the Company, the relevant party shall offer it first to the Company as a vehicle to develop that business except there is a strong objection form the relevant government institution and/or business partners of that party. If it is not possible for the party to channel the activity through the Company, it shall give first option to the other party to

join the business on mutually acceptable terms and conditions, in which case the offering party can proceed to develop such business activity after consultation with the other party.

12.2. It is clearly understood and agreed upon by the Parties that notwithstanding Paragraph 13.1 above, each of the Parties shall be entitled to continue and develop the respective business activities of its existing subsidiaries or affiliates (including joint venture companies with other business partners), even though such activities may directly or indirectly compete with the business of the Company.

13.

Auditors, Books Records and Dividends

13.1. The Parties hereto agree to cause the Annual General Meeting of Shareholders of the Company to appoint an independent firm of registered public accountants in Republic of Indonesia nominated by the Board of Directors to audit the books of the Company at the end of each fiscal year of the Company.

13.2. All books of account, vouchers, and documents of the Company shall be available for inspection by the accountants of the Company. The Company shall maintain its books and make reports in accordance with generally accepted accounting principles and laws of the Republic of Indonesia including the establishment of an appropriate system of internal controls and annual compliance representations by the Parties providing reasonable assurances with respect to the disposition of the Company’s funds.

13.3. Each Party shall on a monthly basis be furnished with a copy of the financial statements, sales and other reports, particularly the balance sheet and profit and loss statement, of the Company.

13.4. The Board of Commissioners may, upon approval of shareholders representing

not less than the majority of the issued shares, and subject to applicable law, call a meeting to declare dividends out of the unrestricted retained earnings determined in accordance with generally accepted accounting principles, which dividends shall be payable in cash or in shares to all shareholders on the basis of issued shares held by them.

13.5. The fiscal year of the Company shall begin on April 1 and end on March 31.

14.

Duration and Termination:

14.1. The initial term of this Agreement shall be five (5) years from the date of execution hereof by __________ and _________, and thereafter shall be automatically extended for further three (3) year terms unless either of the party shall give written notice to the other party of the contrary at least six (6) months prior to the end of the term then in effect.

14.2. Notwithstanding Paragraph 14.1 above, this Agreement may be terminated at any time upon agreement of all individuals and entities who are parties hereto.

14.3. If until twelve (12) months from the date of this Agreement the Parties have not obtained the required consents from the competent authorities to establish the Company, either Party may terminate this Agreement upon giving the other Party not less than thirty (30) days prior written notice,provided however, that should __________ terminate this Agreement in accordance with the foregoing, _________ shall at the request of ___________, within such thirty (30) days period, assign to a person or persons designated by ________ all of its rights, title and interest therein in consideration for such person or persons paying to _________ the amounts referred to in Article 10 (a), (b) and (c) hereof that have been incurred by ________.

14.4. _________ shall inform ________ of any impending substantial change in the

shareholding structure of ________ or if the company has come under the control of a third party such as through transfer of its entire business or a significant portion thereof, through an agreement for leasing, delegation or sharing of profits and losses, or through a strong cartel agreement, etc. Should any of the above occur, VISION shall have the right to choose whether to continue, terminate or modify its participation ratio with regard to its investment in the Company.

Upon the occurrence of any of the following events, any party shall be entitled to terminate this Agreement immediately by written notice to the other party:

(a)

the laws or regulations of Indonesia or Singapore shall at any time be or become such that this Agreement cannot be continued, enforced or performed to its terms;

(b)

at any time if the Company shall become insolvent or any order shall be made for it to be wound up as an insolvent company; or

(c)

if a party fails to remedy a material breach of this Agreement committed by it within a period of thirty (30) days from the date of a written notice of default by the non-defaulting party.

14.5. If this Agreement is terminated by either of the party for any reason other than Article 14.3 above, then: (a) such terminating party shall have the right to secure, at the Company’s expense, an appraisal of the Net Book Value of the Company’s shares from an independent Certified Public Accountant appointed by the Company on a regular basis to audit the Company’s accounts; and

(b) such terminating party shall have the right cipher (i) to require the other

party to sell to the terminating party or its designee all of such other party’s shares at the Net Book Value as thus appraised, or (ii) to require the other party to join with in promptly taking such steps as may be necessary to wind up the Company.

In this connection, a pre-operating fund shall be set-up, the amount and administration of such fund shall be mutually agreed upon by both parties.

15.

General Provision

15.1

All notices and other communications required or permitted to be transmitted to any Party pursuant to the provision here of shall be in English and in writing delivered by hand or by prepaid courier ( in each case against signature or receipt) or sent by telecopier addressed as follows to the party (ies) to receive such notice or other communication :

(i)

if to the company, at its then principal business office, and

(ii )

if to the Shareholders, as follows: (a)

to _______ __________________ Singapore _______ Fax No. (65) 2457429

(b)

to _______ ___________________ ___________________

Jakarta _______ Indonesia Fax No. ( 6221) 2135763

Notices shall be deemed received upon receipt if hand delivered and 5 (five) business days after the date of dispatch there of if by prepaid air courier and 1 (one) business day after sending if by telecopier. A copy of any notice sent by telecopier shall be also be sent by prepaid air courier, provided that failure to receive such copy shall not invalidate the telecopier notice.

15.2

Neither this agreement nor any rights or obligations here under may be assigned or transferred (including any assignment or transfer by operation of law or Otherwise) by any Party without the prior written consent of the other Party.

15.3

This Agreement contains the entire agreement of the Parties here to with respects to the subject matter here of, and may be amended or modified only by a written instrument signed by each of the parties here to. No waiver of any provisions of this Agreement shall be deemed to constitute a waiver of any other or subsequent breach of the same or any other provision here of. Nothing contained in this Agreement shall be deemed to prevent or restrict other agreements among some or all of the Parties, whether with respect to the subject matter here of or other matters, so long as such other agreements shall not be inconsistent here with.

15.4

Except as otherwise expressly provided here in, nothing in this Agreement shall be construed so as to constitute any Party the agent or legal representative of any other Party for any purpose. No party has any right or authority to assume or create in any way any obligation of any kind or to make any warranty or representation, express or implied, in the name or on behalf of any other party.

15.5

Notwithstanding any other provision here of, should any law or regulation, or

any governmental ruling, order, policy, or request (such as import or export restrictions, license requirements, exchange controls, or request on any document for certification or statements) effectively restrict the company or any party from implementing this agreement or the investment contemplated here in, then the company and such party shall use their best reasonable efforts to reduce the effect of such restriction.

15.6

Neither of the Parties shall be liable to the other for non-performance or delay in performance of any of its obligations under this agreement resulting from any Act of God, flood, fire, war, riot, civil commotion, natural catastrophe, strike, act of government, change of law, or other like or dissimilar unexpected causes beyond the reasonable control of, or not preventable by reasonable diligence of, such party, provided the Party prevented by reasonable diligence of, such Party, provided the party prevented or delayed makes every reasonable effort to remove the obstacle and to resume the performance at the earliest practicable time.

15.7

This Agreement shall be construed and interpreted in accordance with the laws of The Republic of Indonesia.

15.8

Each Party agrees to perform any further acts and execute and deliver any further documents which may be reasonably necessary to carry out the provision of this Agreement.

15.9

If any provision of this agreement or the application their of to any situation or Circumstance shall be invalid or unenforceable, the remainder of this Agreement shall not be affected, and each remaining provision shall be valid and enforceable to the fullest extent. In the event of such partial invalidity, the parties agree to in good faith replace any such legally invalid or unenforceable provision with valid and enforceable provision that, from an economic viewpoint, most nearly and fairly approach the effect of the invalid or

unenforceable provision.

15.10 The headings to the article of this Agreement are to facilitate reference only, do not form a part of this Agreement, and shall not in any way affect the interpretation here of.

15.11 This Agreement is in the English language only, which language is controlling in all respects. No translation, if any, of this agreement in to the Indonesian or any other language shall be of any force or effect in the interpretation here of.

15.12 In no event shall any party, the Company upon adoption here of, any affiliate, any director, shareholder, officer, employee or agent of the foregoing be responsible to any other Party for any consequential damages, indirect damages, damages for loss of profits, damages for slander, liability for other tort on account of alleged breach of this agreement or act of omission alleged to arise out of the performance of this agreement.

16.

Arbitration

16.1

_________ and VISION each agrees that any dispute arising out of or in connection with This Agreement, including without limitation any question regarding its existence, validity, termination, or the rights or obligation of either of them, that cannot be settle amicably within thirty (30) days after it has been first raised in writing shall be settled by arbitration under the Arbitration Rules of Singapore International Arbitration Center (the” Rules”) and the provisions of this article 17.

The arbitration shall be conducted in Singapore at the facilities of the Singapore International Arbitration Center by 3 (three) arbitrators appointed in accordance with the Rules. Any notice of arbitration, response or other communication given to or by a party to the arbitration shall be given and deemed received as

provided in the rules. The costs of the arbitration shall be determined and paid by the parties to the arbitration as provided in the Rules.

AMI and VISION each agrees that it will not institute any legal proceedings arising out of or in connection with this Agreement, except only as provided in this Article 17 and to enforce in any court having jurisdiction any award rendered by the arbitrators. In the event any legal proceedings are instituted in any court to enforce any arbitration award, the party against whom enforcement of that arbitration award is sought shall pay all costs, including without limitation the costs of legal counsel and translation fees, of the party seeking to enforce the arbitration award.

Each of _______ and _________ here by expressly waives Article 641 and 650, section 2 of the Regalement op de Rechtsvordering (the”R.V.”), and Article 39 of Law No. 14 of 1985 and its amendments (Supreme Court Rules) and other Indonesian Laws and regulations, decrees or policies having the force of law which would otherwise give the right to appeal the decision of the arbitrators, so that on decision taken by the arbitrators, so that on decision taken by the arbitrators there shall be no other Indonesian authority or panel. The Parties here to further expressly agree that Article 631 of the R.V. shall apply to the extent that the arbitrators shall be bound by the strict rules of law in making their decision and not on equitable principles.

17.

Further Matters

17.1

Any matters pertaining to the implementation of this Agreement which remain Unresolved shall be resolved prior to the establishment of the Company by mutual consent of the parties here to, and after incorporation in accordance with the Articles of Association.

17.2

This Agreement shall be effectively valid and on the date of the consent from the

competent authorities has been given to the Parties to establish the Company.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed in Jakarta, by heir duly authorized representatives, on the date first mentioned above.

________________________ _____________________________

Name : _______________

Title

: President Director

: President Director.

*Contoh Joint Venture Contract, Hanya Untuk Kebutuhan Akademis

2 2 0 2 G N I T F A R D T C A R T N O C : E S R U O C G N I D I S O R P

B BE ER RS SA AM MA A ,, M MA AJ JU U ,, D DA AN N B BE ER RP PR RE ES ST TA AS S II

L A G E L

FORUM KAJIAN DAN PENELITIAN HUKUM (FKPH) FAKULTAS HUKUM UNIVERSITAS BRAWIJAYA