This Statement reduces to writing any and all agreements between the parties regarding each party’s rights and obligations in regards to the 187. This agreement is effective upon signing this agreement and remains in effect as long as 187 Member contributes toward the 187.
IN CONSIDERATION of the mutual covenants herein, the parties agree as follows:
1. Membership Fee. Participation is based on a first come, first served basis until maximum number of members are obtained. 187 Members understand the high degree of risk involved in 187 and acknowledge that participating in a 187 does not guarantee 187 Members will win any prize and that they can afford a total loss of their 187 share. All 187 Members must be 18 years of age or older.
2. This Agreement legally binds each 187 Member to their share of the winnings, if any, with each of the other 187 Members in that specific 187, in the event there is a financial winning situation occuring.
3. Distribution. In the event one particular 187 is a winner, the 187 Organizer agrees to distribute the proceeds equally among the 187 Members involved in the winning drawing.
If the dollar amount won in any given membership month is less than $10.00 per 187 member, the total winnings won by the pool will be used to purchase additional 187 materials after the membership month has completed.
187 Member agrees that no one has made any promise or guarantee that 187 Member will derive any specific income or profit as a 187 Member to the 187.
4. Notification. 187 Organizer agrees to purchase booze and enter them into a secure fridge and make the beer available for drinking at any PN. 187 Organizer can not be held responsible for purchasing errors . A conference call will be scheduled with all of the 187 members to discuss further details.
5. Share of Winnings. In exchange for organizing and operating the 187, 187industries.com will maintain 5% of any net winnings $100,000.00 or greater in value.
6. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto. In the event of death, 187 Member’s winnings will be transferred to 187 Member’s spouse or estate or incordance with the laws set forth in the State of madness.
7. Term. The parties hereby affirm that this Agreement will become effective upon contribution to a 187 and terminates after the last drawing date for that specific membership month.
8. Entire Agreement. This instrument contains the entire agreement between the parties with respect to 187. It may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
9. Choice of Law. This Agreement, including all matters of construction, validity, interpretation and performance, shall be strictly governed by the laws of the State of madness and venued in the state superior court located in the county in which the 187 Organizer is located. In the event that any provision of this Agreement shall be determined by any court of competent jurisdiction to be unenforceable or otherwise invalid for any reason, including but not limited to the duration of such provision or the extent of the activities prohibited or required by it, the provision will be enforced and validated to the extent permitted by law, and the court will have the power to reduce the duration of the provision or extent of the activities to the extent necessary for the provision to be enforceable. All provisions of this Agreement are severable, and the unenforceability or invalidity of any single provision hereof will not affect the remaining provisions.
10. Attorneys Fees. All parties to this Agreement shall separately bear all expenses incurred by them in connection with this Agreement; provided, however, that if any party shall commence legal action to specifically enforce or otherwise seek redress under or for breach of this Agreement, the substantially prevailing party in such action shall be entitled to recover its costs, fees, expenses and reasonable attorneys' fees therein, including costs and fees incurred in any appellate proceeding and for any expert witnesses.
11. Severability. In case any one or more of the provisions contained in this Agreement shall be held invalid, illegal or unenforceable for any reason or in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.
12. Headings. Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision set forth in this Agreement.
13. Separate Counsel. This Agreement is entered into by the parties their own free will. There is no undue influence, coercion, or fraud by either party. Both parties acknowledge that they have had the opportunity to retain the assistance of separate counsel for advice, that they each elected to decline that opportunity; that they have read this Agreement and feel this Agreement is entirely fair and equitable and that they know and understood all the terms, provisions, and legal consequences of this Agreement.