Sample of Participation Agreement

PARTICIPATION AGREEMENT

THIS PARTICIPATION AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into this __ day of ______, by and between:

1.            Mr. ______, private person, in this respect acting as majority shareholder and president director of and therefore representing and acting for and on behalf of PT ______, a company dully established and existing under the laws of the Republic of Indonesia, having its address at ______, (hereinafter referred to as the FIRST PARTY).

2.            PT ______, a company duly established under the laws of the Republic of Indonesia, having its registered office at___________, in this matter represented by Mr. ___________, in his capacity as _________ of the company, (hereinafter referred to as "SECOND PARTY");

The above mentioned parties separately shall be referred to as a "Party" and jointly as the "Parties".

WITNESSETH

A.            Whereas, FISRT PARTY is in the process of entering into a Pilot Project with ________ ("xxx") for a ________________(“Project”) , Indonesia.

B.            Whereas, SECOND PARTY has expressed interest with FISRT PARTY to invest in ______ Project and based on several discussions and meetings with FISRT PARTY, that SECOND PARTY is willing to invest in the ______ Project by way of participating in financing the funding requirements of the project.

C.            Whereas, for the above purpose, the SECOND PARTY is conducting a due diligence upon the FIRST PARTY as hereby confirmed by the Parties.

D.            Whereas, the FIRST PARTY has undertaken in accordance with the terms hereof to immediately convene an Extraordinary General Meeting of Shareholders of the Company after the signing of this Participation Agreement, and to complete all necessary requirements such that as a result thereof, the SECOND PARTY shall become the shareholder of the Company, together with the FIRST PARTY.

NOW THEREFORE in consideration of the premises set out above and mutual covenants hereinafter set forth, the Parties agree to enter into this participation agreement with the terms and condition as follows:

ARTICLE  1

DEFINITIONS

1.            In this Agreement, the following terms shall, except where the context otherwise requires, bear the meaning set out below:

  "Agreement" shall mean this Participation Agreement and its subsequent amendments or supplements;

"Amended Articles" shall mean the Articles of Association to be amended to give effect to the equity participation of the SECOND PARTY contemplated hereunder.

"Articles of Association" shall mean the Articles of Association of the Company, and all amendments thereto (if any).

"Assets" shall mean the assets of the Company from time to time, including with out limitation to project and license.;

"Business Days" shall mean Monday through Friday, except public holidays, in Jakarta, provided that if the due day falls on a Saturday or a Sunday, or public holiday prevailing at the relevant place where an obligation is to be performed, such due day shall occur on the next business day.

“xxx Project” shall mean________.

"Project Licenses" shall mean the approvals and other operating licenses required from time to time for the development and operating of the Project;

1.2          Headings

  The headings of the Articles and/or paragraphs of the Articles are inserted for convenience only and shall not be used or taken into consideration in the interpretation of any Articles or paragraphs herein.

ARTICLE 2

CAPITAL INCREASE AND SHAREHOLDING PROPORTIONS

The Parties acknowledge that in the event the Parties reasonably agreed that subscriptions for additional shares in the Company by its shareholders are necessary, the shareholders of the Company shall subscribe and pay for such additional shares pro rata their then current shareholding in the Company as called for by the Board of Directors of the Company. Any share issuance in the Company shall in no circumstance changes the shareholding composition percentage ratio of __ : __ of the Company’s issued shares capital between the FIRST PARTY and the SECOND PARTY, respectively, unless otherwise mutually agreed by the Parties, or to the extent of their not subscribing and paying for additional shares. The capital increase shall be made after the company optioned the profits.  

ARTICLE  3

PROJECT FUNDING

For the purposes of funding the development of any Projects the Parties agree that if, in the future the shareholders of the Company decided based on their unanimous approval that the Company require additional investment than the Intended Investment in this Agreement, the Parties shall use its reasonable endeavors to arrange loan funding for the Company subject to the Company providing adequate and satisfactory security to the lender(s).

ARTICLE 4

SHARE PURCHASE AGREEMENT AND SHAREHOLDERS’ MEETING

4.1.         The Parties shall enter into a mutually satisfactory Share Purchase Agreement and the following meetings shall be convened:

(a)        an Extraordinary General Meeting of Shareholders (Transfer Meeting) for the purpose of adopting the Amended Articles to amend the Articles of Association of the Company, inter alia, to change the shareholding composition of the Company consisting of the FIRST PARTY as holder of __% of the issued share capital of the Company and the SECOND PARTY as  holder of __% of the issued share capital of the Company; and

(b)        an Extraordinary General Meeting of Shareholders to resolve the appointment of the members of the Board of Commissioners and Board of Directors of the Company from candidates recommended for appointment by Parties which shall consist of:

(i)            2 (two) members of Board of Commissioner of which one member as the President Commissioner shall be appointed by the SECOND PARTY and other member shall be appointed by the FIRST PARTY;

(ii)           3 (three) members of Directors of which one member as the President Director shall be appointed by the FIRST PARTY and the other 2 (two) members, one being the Vice President Director shall be appointed by the SECOND PARTY;

4.2          The Parties further acknowledge that the Amended Articles shall stipulate matters concerning the management and organization of the Company, the obligations of shareholders, as well as of members of the Board of Directors and Board of Commissioners.

4.3          Term of Payment. The purchase price of the shares shall be US$ ________________ ( _______________ United States dollars). The SECOND PARTY shall transfer …..% (…… percent) of the total purchase price to a bank account designated by the FIRST PARTY within 3 (three) days as of the date of this Agreement. The SECOND PARTY shall transfer the …….% (……….. percent) of the total purchase price at the signing date of Share Purchase Agreement. The first payment (__ percent of total purchase price) cannot be refundable should SECOND PARTY cancel or withdraw its participation from the Project during or after the due diligence process or either before or after the Transfer Meeting.

Contoh Call Option Agreement

THIS CALL OPTION AGREEMENT (this “Agreement”) is dated [___] among:

(1)        [Mr. A], a private individual, the holder of passport number [_____], having its address at [______], Indonesia (the “Call Option Holder” or the “Put Option Grantor”); and

(2)        [Mrs. B], a private individual, the holder of Indonesia citizenship card number [_____], having its address at [___], Indonesia (the “Call Option Grantor” or “Put Option Holder”).

(the Call Option Holder and the Call Option Grantor shall hereinafter be referred to as, jointly, the “Parties” and individually as a “Party”)

WHEREAS:

(A)           Pursuant to a loan agreement (the “Loan Agreement”) between the Call Option Holder as lender and the Call Option Grantor as borrower dated [______], the Call Option Holder has agreed to make the Loan (as defined therein) to the Call Option Grantor.

(B)            As consideration for the Call Option Holder agreeing to enter into the Loan Agreement, the Call Option Grantor has agreed to grant a call option over [amount] shares of [PT XXX] (the “Option Shares”) owned directly by the Call Option Grantor to the Call Option Holder on the terms and conditions set out in this Agreement.

NOW, THEREFORE, in consideration of the premises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

1.           DEFINITIONS

Capitalized terms used herein but not defined have the meanings set forth in the Loan Agreement.  As used in this Agreement, the following terms have the meanings specified below, unless the context requires otherwise:

“Bankruptcy Law” means any bankruptcy, insolvency, reorganization, composition, moratorium or other similar Law.

“Call Exercise Date” means a date on which the Option Shares are to be purchased and sold pursuant to the exercise of the Call Option (which shall be the Business Day immediately following the date of the Call Exercise Notice).

“Call Exercise Notice” has the meaning assigned to such term in Clause 2.3(a).

“Call Exercise Price” has the meaning assigned to such term, and shall be calculated in accordance with, in Clause 2.4.

“Call Notice Date” means the date on which the Call Option Grantor receives a Call Exercise Notice from the Call Option Holder in accordance with Clause 2.3(a).

“Call Option” has the meaning assigned to such term in Clause 2.1.

“Encumbrance” means (a) any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, deed of trust, title retention, security interest or other encumbrance of any kind securing, or conferring any priority of payment in respect of, any obligation of any Person, including any right granted by a transaction which, in legal terms, is not the granting of security but which has an economic or financial effect similar to the granting of security under applicable laws, (b) any proxy, power of attorney, voting trust agreement, interest, option, right of first offer, negotiation or refusal or transfer restriction in favor of any Person and (c) any adverse claim as to title, possession or use.

“Government Authority” means the government of any nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory, monetary or administrative powers or functions of or pertaining to government.

“Law” means any law, treaty, statute, ordinance, code, rule or regulation of any Government Authority or any Order.

“Loan Agreement” has the meaning assigned to such term in the Recitals hereto.

“Option Shares” has the meaning assigned to such term in the Recitals hereto.

“Order” means any writ, judgement, decree, injunction, award or similar order of any Government Authority (in each case whether preliminary or final).

“Parties” means the Call Option Grantor and the Call Option Holder and any Person who becomes a party to this Agreement under Clause 5.  Each of the Parties shall be referred to as a “Party”.

“Person” means any natural person, corporation, limited liability company, trust joint venture, association, company, partnership, Government Authority or other entity.

 2.           CALL OPTION

2.1          Call Option

The Call Option Grantor hereby grants to the Call Option Holder, with effect and exercisable from the date of this Agreement, a call option (the “Call Option”) exercisable at the Call Option Holder’s sole election, to purchase all or a part of the Option Shares in accordance with the terms of this Agreement.

2.2          Transfer of Option Shares

On the date of this Agreement the Call Option Grantor shall immediately execute and deliver (but leave undated), or procure the execution and delivery of a Share Purchase Agreement in the form of Schedule C hereto and all other documents legally necessary (as solely determined by the Call Option Holder) to effect the transfer of title of the Option Shares to the Call Option Holder and/or its nominees and to effect the registration of the Option Shares in the name of the Call Option Holder and/or his nominees in the share register; such documents shall be held in escrow by the Call Option Holder.

2.3           Exercise of Call Option

(a)          The Call Option may be exercised in whole at any time after the date of this Agreement at the sole discretion of the Call Option Holder. The Call Option is to be exercised by an irrevocable written notice from the Call Option Holder to the Call Option Grantor in the form of Schedule B hereto (the “Call Exercise Notice”).  The Call Option Grantor hereby acknowledges and agrees that no other notice or procedures are required in order for the Call Option to be exercised.  The obligation of the Call Option Holder to pay the Call Exercise Price and accept and/or cause its nominees to accept the transfer of the Option Shares from the Call Option Grantor shall become unconditional on the Call Notice Date, and, subject to herein, the Call Exercise Price shall be paid on the Call Exercise Date.

(b)         Upon receipt by the Call Option Grantor of the Call Exercise Price, the Call Option Grantor shall assign and transfer to the Call Option Holder and/or its nominees all of the right, title and interest in and to all the Option Shares free from any Encumbrance (including all rights) and shall duly complete, execute and deliver all other documents which in the sole opinion of the Call Option Holder are legally necessary to effect the transfer of title of the Option Shares to the Call Option Holder and/or its nominees.

(c)          Notwithstanding the above, the Call Option Grantor hereby acknowledges and agrees that where an Event of Default has occurred and is continuing under the Loan Agreement, the provisions of (b) above shall be deemed satisfied and the Options Shares shall immediately be transferred to the Call Option Holder.

2.4              Call Exercise Price

The Call Exercise Price shall be in the amount of [IDR_____]

2.5              Expiration of Call Option

The Call Option shall expire___ years after the date of this Agreement.

Dan seterusnya...

Representations and Warranties Berlebihan

Ketika anda mereview perjanjian jual beli barang / procurement contract dari sisi si Supplier / Pemasok, disarankan agar anda melihat baik-baik ketentuan yang tercantum di dalam bagian Representations and Warranties (Pernyataan dan Jaminan).

Berdasarkan pengalaman kami dalam membantu klien mereview procurement contract yang di draft awalnya berasal dari si Buyer/Pembeli, terkadang di bagian Pernyataan dan Jaminan, Supplier di bebani dengan pernyataan dan jaminan yang berlebihan, cenderung memberatkan atau malah tidak relevan dengan keadaan si Supplier / barang yang disupply oleh klien kita.

Suatu ketika, klien kami merupakan supplier suatu barang untuk keperluan pembangkit listrik, dimana si Supplier tersebut hanya murni sebagai pemasok, bukan produsen atas barang yang disupplynya, namun si Supplier tersebut dibebani oleh permintaan rep & warrant yang tidak relevan.

Misalnya bunyi ketentuan tersebut adalah sebagai berikut:

Pemasok menjamin kepada Pembeli bahwa:
(antara lain)

a. Penanganan yang wajar dan segala kemampuan telah digunakan untuk merancang dan membuat Barang;

b. Kualitas Barang berada dalam tahap memuaskan;

Jelas bahwa bunyi rep& warrant diatas tidak tepat diberikan oleh si Supplier karena Supplier bukanlah pembuat / produsen / manufacturer dari Barang yang disupply. Beda halnya apabila Supplier juga bertindak / memang yang membuat Barang yang akan disupply.

Untuk itu sebaiknya anda harus berhati-hati atas permintaan-permintaan di Rep & Warrant yang berlebihan.

Hal-Hal Yang Harus Diperhatikan Dalam Mereview Perjanjian Sewa Menyewa Gudang

Berikut adalah hal-hal yang patut untuk diperhatikan bagi calon penyewa, khususnya perusahaan, dalam menyewa suatu gudang untuk keperluan logistik perusahaan, antara lain: 

1. Pemberi Sewa (Lessor): Pastikan bahwa Pemberi Sewa merupakan pemilik gudang atau pihak yang berwenang untuk menyewakan gudang tersebut kepada para penyewa. Calon penyewa dapat meminta Pemberi Sewa atau pemilik gudang untuk memperlihatkan salinan bukti kepemilikan gudang dan/atau tanah diatas gudang.

2. Durasi / Jangka Waktu / Periode Sewa: Pastikan anda tahu jangka waktu dimulainya dan berakhirnya sewa gudang. Umumnya Penyewa dapat meminta periode untuk melakukan fitting sebelum efektif dimulainya jangka waktu sewa, dan dalam periode ini tidak dikenakan biaya sewa.

3. Biaya Sewa: Pastikan biaya sewa anda tetap selama jangka waktu sewa. Selain biaya sewa, beberapa gudang mengenakan biaya pemeliharaan yang mencakup jasa kebersihan serta jasa petugas keamanan diluar gudang. Beberapa Pemberi Sewa mengenakan kenaikan biaya pemeliharaan setiap tahunnya. Pastikan anda mengetahui cakupan dari biaya pemeliharaan, misalnya, apabila Pemberi Sewa mengenakan biaya untuk jasa petugas keamanan, artinya Pemberi Sewa harus bertanggung jawab terhadap keamanan diluar gudang, dan anda tidak perlu lagi menugaskan petugas keamanan sendiri diluar gudang, cukup untuk di dalam gudang saja. Selain biaya pemeliharaan, beberapa gudang mengenakan tarif bongkar muat. Anda harus berhati-hati terhadap komponen biaya bongkar muat karena tidak ada kewajiban untuk menggunakan jasa petugas bongkar muat sehingga anda dapat menegosiasikan hal ini kepada Pemberi Sewa. Beberapa Pemberi Sewa juga meminta deposit sebesar biaya sewa untuk 1 (satu) bulan untuk memastikan pelaksanaan pembayaran biaya sewa dan biaya pemeliharaan oleh Penyewa. 

4. Fasilitas: Pastikan terdapat fasilitas berupa sambungan listrik, telepon serta air bersih didalam gudang yang akan anda sewa. Biasanya, Penyewa wajib untuk melakukan pembayaran biaya utilities ini langsung kepada penyedia jasa, misalnya PLN, Telkom dan PAM.

5. Jam Operasional: Pastikan anda mengetahui jam operasional untuk melakukan aktivitas bongkar muat barang di dalam gudang yang akan anda sewa. Pastikan apakah anda dapat melakukan aktivitas diluar jam operasional, dan apabila dapat, pastikan apakah terdapat biaya tambahan apabila anda melakukan aktivitas di luar jam operasional.

6. Pengakhiran Sewa: Pastikan Pemberi Sewa tidak dapat mengakhiri sewa menyewa sebelum jangka waktunya kecuali apabila terdapat pelanggaran berat yang dilakukan oleh penyewa. Anda sebagai penyewa juga perlu untuk mengetahui apakah anda dapat mengakhiri sewa menyewa sebelum berakhirnya jangka waktu sewa, dan dalam hal diperbolehkan, apakah Penyewa berhak atas sisa biaya sewa yang belum digunakan.

7. Kepemilikan Izin Mendirikan Bangunan: Pastikan Pemberi Sewa atau pemilik gudang memiliki dokumen IMB sebagai persyaratan dalam mendirikan bangunan gudang yang akan anda sewa.

8. Kepemilikan Izin Undang-undang Gangguan: Pastikan Pemberi Sewa atau pemilik gudang memiliki dokumen izin undang-undang gangguan (HO atau Surat Ijin Tempat Usaha) sebagai syarat bahwa bangunan gudang tersebut telah membayar retribusi dan memenuhi ketentuan peraturan daerah setempat.

9. Kepemilikan Dokumen Lingkungan: Beberapa gudang yang berukuran besar yang dibangun diluar kawasan industri dikenakan kewajiban untuk menyusun UKL-UPL, bahkan AMDAL (tergantung luas bangunan/tanah dan dampaknya terhadap lingkungan). Pastikan anda menyewa gudang yang telah memenuhi ketentuan peraturan perundang-undangan di bidang lingkungan.

10. Ganti Kerugian: Dalam hal terdapat sanksi dari pemerintah akibat pelanggaran ketentuan peraturan perundang-undangan, dimana Penyewa dirugikan (misalnya bangunan gudang di segel sehingga penyewa tidak dapat memasuki gudang yang telah disewanya) maka Penyewa berhak menerima ganti rugi dari Pemberi Sewa berupa bangunan pengganti segera tanpa dikenakan biaya tambahan atau setidak-tidaknya pengakhiran sewa lebih awal oleh Penyewa dengan menerima pengembalian sisa biaya sewa yang belum digunakan.