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China NNN Agreements: How to Get Them Properly Signed and Executed
(Before It's News)
This post is nothing more than as described in its title. It focuses on what you typically should do to by way of contract signing formalities for your China NNN Agreement. It answers this question we frequently get from our blog readers and from our own clients: What exact steps should I take to get a China NNN Agreement signed?
The below is the typical response from our China lawyers:
The next step is to send this bilingual agreement to the Chinese side for review. If the Chinese side accepts all terms (sometimes they will propose changes), the best way (for you) to proceed would be for you to go first. That is, you should sign, date and then submit the contract to the Chinese side. Then don’t do anything (do not send any confidential information s your product or your molds) until the Chinese side returns with a fully executed version, signed, dated and chopped. You are right that you will want to make sure the exhibit listing your confidential information is properly filled out and dated, signed and chopped by the Chinese side. And you want to make sure of this not only at the time of first execution but also every single time a new product item or a new mold item is entered onto the record. For your own protection, you will want to make sure you in the end hold on to at least one original, fully executed agreement.
Please note that though the above says “bilingual agreement,” the official portion of the agreement is strictly in Chinese. The English language portion is strictly a translation for the benefit/convenience of our clients. I am careful to make this distinction because nearly all of the contracts we draft call for Chinese as the official language and we never draft contracts where more than one language is the official language. For why this distinction is so crucial, I urge you to read Silly Rabbit, The Chinese Language Contract Is What Matter and Dual Language China Contracts Double Your Chance Of Disaster.
We will be discussing the practical aspects of Chinese law and how it impacts business there. We will be telling you what works and what does not and what you as a businessperson can do to use the law to your advantage. Our aim is to assist businesses already in China or planning to go into China, not to break new ground in legal theory or policy.
Source: http://www.chinalawblog.com/2017/03/china-nnn-agreements-how-to-get-them-properly-signed-and-executed.html
