MEMORANDUM OF UNDERSTANDING
The Memorandum of Understanding (“MOU”) is entered into in Bangalore on this 20 th
day of October 2014
BETWEEN
Wings Creations Private Limited a private limited company incorporated under the
company’s act of1956, and having its corporate branch office at No.16, PID No. 67-
8-16, situated at 5th Cross, 6th Block, Koramangala, Bangalore-560 095 India, (herein
after referred to as the “WCCAMD” which expression shall unless repugnant to the
contest or meaning thereof shall include its holding, subsidiary, sister, associate
Companies, directors, successors and assigns of FIRST PART.
AND
. , S/o _______, aged about ___ years, Residing at No.
_________________________________________________ (hereinafter referred to
as the “Proposed Franchise” which expression unless repugnant to the context or
meaning thereof be deemed to include his/her heirs, legal representative, executors,
administrators, successors and permitted assigns of the other PART, each a party
and collectively referred to as parties.
“WCCAMD” and the Proposed Franchisee are hereinafter referred to individually as
“Party” and collectively as “Parties”.
This MOU sets out the understanding between the Parties for the grant of Franchise
of the “WCCAMD” (as detailed hereinafter) to the Proposed Franchisee:
1. “WCCAMD” ( “Wings Creations College of Art Media & Design”) is interalia
engaged in Preschool, Youth initiatives, Media and Creative Art Studies and
other Creative Courses which is Affiliated with Mysore University as for now.
2. WCCAMD through its “Wings Creations College of Art Media & Design”,
conducts the several courses of Animation.
3. The Proposed Franchisee is desirous of conducting a WCCAMD “Wings
Creations College of Art Media & Design” Franchisee Centre where training
will be given on, Advance Diploma in Animation & Visual Effects ( 3 Years
Course) which contains 6 Modules, Diploma in Animation and Visual Effects (
2 Years Course) Which contains 4 Modules, Diploma in Visual Effects Film
Making (2 Years Course), E3D – Expert in 3D ( 1.5 Years Course), EFX –
Expert in Visual Effects ( 1.5 Years Course), AGD – Advanced Game Design (
1.5 Years Course), Diploma in 3D ( 1Years Course), Diploma in Visual Effects
( 1Years Course), Diploma in Digital Visualization ( 1Years Course), Diploma
in Animation ( 1 year Course),Diploma in graphic and web Design ( 1Years
Course), Bachelors in Animation & VFX ( 3 Years Bachelors Course), Short
Term Courses like ARCH 3D – 3D Architectural Visualization ( 8 Months
Course), Certificate in Graphic Design ( 6 Months Course),Certificate in WEB
Design ( 6 Months Course),Certificate in Editing ( 6 Months
Course),Certificate in Rotoscopy & Sterescopy ( 4 Months Course) etc where
after Approval of the Rules and Regulations the Several courses will be
allowed to conduct according to the Universities Regulations. The Proposed
Franchisee asked for WCCAMD H.O for conducting Training in these courses
at premises situated at
__________________________________________________WCCAMD has
explained to the Proposed Franchisee the terms and conditions for the grant
of the Franchisee of WCCAMD and has accordingly explained to the
Proposed Franchisee the terms of Payment as mentioned in the Agreement.
4. The Proposed Franchisee represent that he/she/it/they has/have adequate
infrastructure, investment capacity, Branding Knowledge, Marketing Support,
and qualification support to conduct the WCCAMD centre as a Franchisee
and shall afford a reasonable opportunity to WCCAMD to satisfy itself of the
same before grant of the WCCAMD Franchisee as established by the
Proposed Franchisee as per his records and Financial Capacity.
5. As a token of its Guarantee to take up the Franchisee of WCCAMD, the
Proposed Franchisee has ready to pay to with WCCAMD a sum of Rs.
1,00,000/-(Rupees One Lakh Only) dated 13 th of October, 2014 vide through
Cheque No.”________” drawn on ____________ cheque date 13/10/2014 in
favour of Wings Creations private Limited and today at the time of confirming
the jayanagar Franchisee place remaining Rs.4,00,000/-(Rupees four lakhs
Only) dated 11/10/2014 paying Rs.10,00,000/-(Rupees Ten Lakhs Only)
through Cheque No. “_______” Bank ____________ being a part of
remaining MOU confirmation Franchisee Fee, totally the Proposed Franchisee
paid Rs.5,00,000/-(Rupees Five lakhs Only) out of final Franchisee fee
Rs.10,00,000/- (Rupees Ten Lakhs Only) as a part of Franchisee Fee from
the Proposed Franchisee and remaining Rs.5,00,000/-(Rupees Five Lakhs
Only) will be paid at the time of Executing or before the Execution of the
Franchisee Agreement, to the satisfaction of the WCCAMD within 45 days
from the date of this MOU.
6. Only after the balance payment of the Franchisee fee by the Proposed
Franchisee and only after the Execution of the Franchisee Agreement for
WCCAMD between the parties, as sated above, the Earnest money deposited
by the Proposed Franchisee would be adjusted towards the Franchisee fees
in accordance to clause 9 herein below.
7. If the Proposed Franchisee, for any reasons whatsoever, fails to deposit the
balance franchisee fees and failed to execute the franchisee agreement, to
the satisfaction and acceptance of WCCAMD, within the period of 45 to 60
days from the date of this MOU, WCCAMD shall be entitled to deduct such
amount as mentioned herein below without further prior notice
8. If the proposed franchisee intends to discontinue with the MOU, which
communication should reach the Corporate office of the franchisor during this
period i.e., between 1st day and the 30th day from the execution of the MOU,
the franchisor shall be entitled to forfeited the entire Fee paid by the Proposed
Franchisee if the proposed Franchisee fails to intimates to the H.O with in
30days if in case intimates within 30 days the Amount of Rs. 50,000/- will be
deducted apart from the Marketing and Branding Fee which the H.O as spend
to promote the Proposed Franchisee Branch from the date of the signing of
this MOU.
9. From the date of this MOU the H.O i.e., Franchiser will assure the Proposed
Franchisee Rs.10,00,000/- (Rupees Ten lakhs Only) business booking from
the third month of the franchisee Agreement only when the Proposed
Franchisee supports the H.O in the Branding and Marketing as per the
regulations and directions of the H.O. i.e, the Proposed Franchisee should
help the H.O in the sector of Branding Development of Jayanagar branch and
Marketing of the Jayanagar Branch. The H.O assures the Proposed
Franchisee 10,00,000/- (Rupees Ten lakhs Only) business booking
irrespective of any courses or tie of schools colleges from the third from of the
Franchisee Agreement with the support of branding and Marketing support
from the Proposed Franchisee. From the date of the Inauguration day of the
Jayanagar Franchisee place the business booking of Rs.10,00,000/-(Rupees
Ten lakhs )
10. The Proposed Franchisee should intimate any indifference arises with H.O in
future to H.O Legal Department that time after mutual discussion the Legal
Department of the Wings Creations H.O after consulting and after detail report
and Internal Department enquiry with the concerned Persons the Legal
Department will send a report to the Proposed Franchisee then the Proposed
Franchisee will be at liberty to take suggestions and to solve the Indifference.
11. The Proposed Franchisee acknowledges that she/he/they/ it will not be
entitled to claim refund of the earnest money if she/he/they/it fails to pay the
balance Franchisee fees and execute the Franchisee agreement.
12. It is agreed that by and between the parties hereto that all disputes under the above
MOU shall be subject to the exclusive jurisdiction of the Courts in Bangalore only.
THIS AGREEMENT HAS BEEN EXECUTED ON THE DATE SET FORTH HEREIN
IN TWO (2) COPIES OF WHICH THE PARTIES HAVE TAKEN ONE EACH.
IN WITNESS WHEREFORE THE PARTIES HERETO HAVE SUBSCRIBED THEIR
HANDS ON THE DAY AND THE YEAR AS GIVEN HEREIN ABOVE
Signed, sealed, and Delivered to both the Parties
For Wings Creations Private Limited For Proprietor Concern/Individual/
Name: Sowmya .B (Director) Name:. Hariesh.
Authorized signatory Authorized signatory
_____________________ _____________________
For Wings Creations Private Limited
Name: Lokesh R Yadav
C.O & Legal Head
Authorized Signatory
__________________________
Witness 1 Witness 1
Signature: Signature:
Name : Name :
Address : Address:
Witness 2 Witness 2
Signature: Signature:
Name : Name :
Address : Address:
Date: 11/10/2014
Bangalore
