Common use of Business Development Services Clause in Contracts

Business Development Services. a) researching macroeconomic trends affecting the oil tanker markets; b) developing and implementing strategic plans for the purpose of expanding existing business as well as developing new business; c) providing advice regarding the negotiating and arranging the purchase, sale and financing of vessels; d) coordinating construction of new vessels in various shipyards around the world; e) monitoring and evaluating ship construction and scrapping activities in order to assess available tonnage; f) providing advice and making introductions to enable TOH to develop strategic alliances; g) assisting in implementing strategic business decisions such as new joint ventures or profit pooling arrangements; h) monitoring and analyzing markets worldwide on a continuous basis to stay abreast of market activities and potential business opportunities; i) providing advice regarding strategic customer relations; j) all such other business development services as TOH may request from TSL from time to time. 1. In return for the provision of the Services by TSL for TOH, TOH shall pay to TSL an annual Service Fee for each calendar year during the term of this Agreement divided into Twelve (12) equal monthly installments payable in advance and which is equal to the annual aggregate amount of such costs and expenses (the ‘Costs and Expenses’) as TSL may reasonably incur in connection with the provision of the Services plus a reasonable profit ▇▇▇▇-up to be agreed upon and reviewed annually by the parties to this Agreement and which shall be consistent with the guidelines of the Organization for Economic Co-operation and Development (‘OECD’) for transfer pricing as well as local rules and regulations. 2. In respect of each calendar year during the term of this Agreement, TSL shall prepare an estimate of the Costs and Expenses it reasonably expects to incur during such year and shall submit such estimate to TOH within Fourteen (14) days of the last day of the immediately preceding year. 3. The calculation of TSL’s aforesaid estimated Costs and Expenses may be adjusted from time to time by agreement between the parties, and the Service Fee payable by TOH shall be re-calculated accordingly. 4. Within Ninety (90) days (or such longer period as the parties shall agree) after the end of each year, TSL shall submit to TOH an accounting of the Costs and Expenses it has incurred in that year (the ‘Actual Costs and Expenses’). 5. Fourteen (14) days (or such longer period as the parties shall agree) after the date on which TSL delivers such accounting of its Actual Costs and Expenses: a) where the aggregate of all Service Fees paid in the relevant year, is less than the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any), TOH shall pay an Adjustment to TSL; b) where the aggregate of all Service Fees paid in the relevant year, is greater than the Actual Costs and expenses with the agreed profit ▇▇▇▇-up (if any), TSL shall pay an Adjustment to TOH; and c) where the aggregate of all Service Fees paid in a year, is equal to the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any), no Adjustment is payable. 6. For the purposes hereof ‘Adjustment’ means a payment (made in accordance with the foregoing) in the amount of the difference between the aggregate of all Service Fees paid in a year, and the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any) incurred in that year.

Business Development Services. a) researching macroeconomic trends affecting the oil tanker markets; b) developing and implementing strategic plans for the purpose of expanding existing business as well as developing new business; c) providing advice regarding the negotiating and arranging the purchase, sale and financing of vessels; d) coordinating construction of new vessels in various shipyards around the world; e) monitoring and evaluating ship construction and scrapping activities in order to assess available tonnage; f) providing advice and making introductions to enable TOH to develop strategic alliances; g) assisting in implementing strategic business decisions such as new joint ventures or profit pooling arrangements; h) monitoring and analyzing markets worldwide on a continuous basis to stay abreast of market activities and potential business opportunities; i) providing advice regarding strategic customer relations; j) all such other business development services as TOH may request from TSL from time to time.. TOH/TSL ADMIN SERVICES AGREEMENT 9 1. In return for the provision of the Services by TSL for TOH, TOH shall pay to TSL an annual Service Fee for each calendar year during the term of this Agreement divided into Twelve (12) equal monthly installments payable in advance and which is equal to the annual aggregate amount of such costs and expenses (the ‘Costs and Expenses’) as TSL may reasonably incur in connection with the provision of the Services plus a reasonable profit ▇▇▇▇-up to be agreed upon and reviewed annually by the parties to this Agreement and which shall be consistent with the guidelines of the Organization for Economic Co-operation and Development (‘OECD’) for transfer pricing as well as local rules and regulations. 2. In respect of each calendar year during the term of this Agreement, TSL shall prepare an estimate of the Costs and Expenses it reasonably expects to incur during such year and shall submit such estimate to TOH within Fourteen (14) days of the last day of the immediately preceding year. 3. The calculation of TSL’s aforesaid estimated Costs and Expenses may be adjusted from time to time by agreement between the parties, and the Service Fee payable by TOH shall be re-calculated accordingly. 4. Within Ninety (90) days (or such longer period as the parties shall agree) after the end of each year, TSL shall submit to TOH an accounting of the Costs and Expenses it has incurred in that year (the ‘Actual Costs and Expenses’). 5. Fourteen (14) days (or such longer period as the parties shall agree) after the date on which TSL delivers such accounting of its Actual Costs and Expenses: a) where the aggregate of all Service Fees paid in the relevant year, is less than the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any), TOH shall pay an Adjustment to TSL; b) where the aggregate of all Service Fees paid in the relevant year, is greater than the Actual Costs and expenses with the agreed profit ▇▇▇▇-up (if any), TSL shall pay an Adjustment to TOH; and c) where the aggregate of all Service Fees paid in a year, is equal to the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any), no Adjustment is payable. 6. For the purposes hereof ‘Adjustment’ means a payment (made in accordance with the foregoing) in the amount of the difference between the aggregate of all Service Fees paid in a year, and the Actual Costs and Expenses with the agreed profit ▇▇▇▇-up (if any) incurred in that year.