EXHIBIT 10.3
MANAGEMENT AGREEMENT BEETWEEN THE COMPANY AND TIMURSUKH OIDOV
MANAGEMENT SERVICES AGREEMENT
(All amounts are stipulated in United States dollars)
THIS AGREEMENT dated effective as of the 1st day of September 2003.
BETWEEN:
MONGOLIAN EXPLORATIONS LTD.
#0000-000 Xxxx Xxxxxx Xx.
Xxxxxxxxx, XX. Xxxxxx, X0X 0X0
A Nevada State Incorporated Company
(Hereinafter called the "Company")
OF THE FIRST PART
AND:
TIMURSUKH OIDOV
Bayanzurkh Borol
15th Micro District
Buildng #111, Apt #30
Ulaanbaatar, Mongolia
(Hereinafter called "Timur")
OF THE SECOND PART
WHEREAS:
Timur is not an employee of the Company;
Timur is a Mongolian citizen and resident with local area knowledge;
Timur maintains his own office in Mongolia with administration services,
including telephone and computer services;
The Company requires a liaison personnel to provide: (i) local governmental
knowledge source mining claims and licenses; (ii) translation and public
relation services between government and the Company; and (iii) management
services, office and administration services, including telephone and computer
services.
NOW THEREFORE THE PARTIES HAVE AGREED and do hereby agree as follows:
Timur hereby agrees to provide the following services to the Company: (i) local
governmental knowledge source mining claims and licenses; (ii) translation and
public relation services between government and the Company; (iii) management
services, office and administration services, including telephone and computer
services; and (iv) to carry out management and
direction of the business of the Company, including managing and supervising and
coordinating any mineral exploration activities carried out by the Company.
In consideration of Timur providing all the above services the Company agrees to
pay to Timur an upfront fee of $5,000 and consulting fee in the amount of
$750.00 per month payable on the last day of each month effective September 1,
2003 (the "Consulting Fee").
In addition to the payment of the Consulting Fee, the Company agrees to
reimburse Timur for any expenses directly attributable to performing its
obligations to the Company pursuant to this Agreement.
This Agreement shall be for a term of one year commencing September 1, 2003 and
ending August 31, 2004.
No amendment or termination of this Agreement shall be valid unless it is in
writing and executed by both parties.
Time shall be of the essence of this Agreement.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
And year first above written.
MONGOLIAN EXPLORATION LTD.
By its authorized signatory
/s/ Xxxx Xxxxx
Signature of Authorized Signatory
TIMURSUKH OIDOV
By its authorized signatory
/s/ Timursukh Oidov
Signature of Authorized Signatory
