Midas System definition

Midas System means Midas' unique system for the establishment, management and operation of automotive specialty shops known as "Midas Shops", which engage in the sale and installation of products and services in the automotive aftemarket repair and service industry. The Midas System includes proprietary know-how relating to site selection, shop construction and layout, equipment selection and installation, purchasing and inventory control methods, accounting methods, merchandising, advertising, sales, and promotional techniques, installation techniques, personnel training, and other matters relating to the efficient and successful operation of said Midas Shops and the maintenance of high standards of quality.
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Examples of Midas System in a sentence

  • In case of rejection, MIDAS shall be entitled to introduce the Midas System in such New Country directly or through third parties.

  • At any time, after the second anniversary of the signature of this Agreement, if MIDAS wishes to develop the Midas System in a New Country, it shall request MARELLI to enter into such New Country with the Midas System and MARELLI shall have 180 days time to agree or reject such request.

  • The rights contained in this paragraph 3 are in addition to, and do not amend or replace, the rights contained in Article II, Section 5.5 of the Strategic Agreement as such rights relate to Midas’ right to acquire the assets and rights relevant to the Midas System in any particular country where Norauto or MMS choose to no longer operate the Midas System, other than through a majority owned affiliate of Norauto.

  • For a period of 15 years starting from the date hereof the Parties hereby establish a strategic alliance and cooperation for the worldwide developement of the Midas System, on the basis of the following rules and obligations.

  • For purposes of this Agreement, “Re-Brand a Midas Shop” shall mean any decision or action by Marelli to convert, or to allow any franchisee to convert, any one or more then existing Midas Shops to any non-Midas automotive repair facility (a) which competes with the Midas System in any manner whatsoever and (b) in which Marelli has any direct or indirect financial interest or from which Marelli is to receive any ongoing economic benefit (an “Affiliated Competitor”).

  • The term of this License as it applies to the Midas System shall be fifteen (15) years from the date hereof.

  • Midas and AutoZone shall work together to complete the conversion of the entire Midas System to the new Exhaust Program by December 31, 2005.

  • Franchisee further acknowledges that the Midas System, in its entirety, constitutes trade secrets of Midas which are revealed to Franchisee in confidence, solely for the purpose of enabling Franchisee to establish and operate the shop herein licensed in accordance with the terms of this Agreement.

  • Midas has expended large sums of money over a period of many years in developing and improving the Midas System, and in advertising, promoting, and publicizing the Midas Proprietary Marks and indicia, as well as the various unique Midas guarantees, all of which have become well and favorably known to the public throughout the United States and Canada, and Midas has acquired a valuable goodwill therein.

  • Cooperation in Developement of the Midas System ----------------------------------------------- As long as the License Agreement remains in full force and effect MIDAS and MARELLI agree to cooperate in the continued improvement of the Midas System.