Vending Agreement A Vending Agreement governs the operation of vending machines on a premises, specifying product selection, pricing, maintenance, and revenue sharing arrangements.
1.1. Product Selection
Vendor shall provide an assortment of products to be sold in the vending machines (the "Products") at the Location Owner's premises. The Product selection shall be mutually agreed upon by the Parties and may be subject to change as per agreed terms and conditions in writing.
1.2. Pricing of Products
Vendor shall set the retail prices for the Products (the "Prices") in the vending machines. These Prices shall be determined by the Vendor and shall be subject to change at the Vendor's discretion. The Location Owner may request adjustments to the Prices, which the Vendor may consider but is not obligated to adopt.
2.1. Installation and Maintenance of Vending Machines
Vendor shall be responsible for installing, operating, maintaining, and repairing the vending machines at the Location Owner's premises. Location Owner shall provide suitable space, including necessary electric outlets and other facilities as required for the vending machines.
2.2. Refilling and Cleaning
Vendor shall be responsible for refilling the vending machines with Products and for cleaning the vending machines, both as necessary and in compliance with applicable laws and regulations. Location Owner shall allow access to the Vendor, their employees, agents, or representatives during business hours for the purpose of fulfilling Vendor's obligations under this Agreement.
3.1. Revenue Sharing
The Parties agree to share the net revenue generated by the vending machines as a result of sales of Products as follows:
3.2. Revenue Reporting and Payment
Vendor shall provide Location Owner with a detailed report of the vending machine sales, net revenue, and revenue share including the calculation of the net revenue, on a monthly basis. Vendor shall remit the Location Owner's share of the net revenue as indicated in the report within fifteen (15) days of furnishing each report.
This Agreement shall commence on the Effective Date and continue for a period of _______ (__) years (the "Term"), unless terminated earlier by either Party in accordance with the provisions set forth in this Agreement.
Upon completion of the Term, this Agreement may be renewed by written agreement between the Parties for successive one-year terms, unless terminated sooner by either Party in accordance with the provisions set forth in this Agreement.
Either Party may terminate this Agreement without cause, upon providing thirty (30) days written notice to the other Party. In the event of any breach of this Agreement by a Party, the non-breaching Party may terminate this Agreement immediately upon written notice if the breaching Party fails to cure the breach within ten (10) days of receiving written notice of the breach.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the state of Iowa, without regard to its conflicts of law principles. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the state and federal courts located in Davenport, Iowa.
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In this Vending Agreement, you will see the following sections:
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