EX-10.5
VARSAL TECH, INC.
RESEARCH AND PRODUCT DEVELOPMENT AGREEMENT
This Research and Product Development Agreement (“Agreement”) is entered into as of July 1, 2018, by and among:
Varsal Technology (Tianjin) Co., Ltd., a company organized under the laws of the People’s Republic of China, with its principal place of business at No.12 Qiangwei Road, Tianjin Port Free Trade Zone, Airport Industrial Park, Tianjin, CHINA (“Varsal Tianjin”);
VARSAL LLC, a company organized under the laws of the United States of America, with its principal place of business at 363 Ivyland Road, Warminster, PA (“Varsal”).
Collectively, the above parties are referred to as the “Parties,” and individually as a “Party.”
1. Purpose
The purpose of this Agreement is to set forth the terms under which Varsal Tianjin and related parties (together, the “Research Entities”) shall conduct product development research for instruments, laboratory parts, and related products (“Products”) for Varsal.
2. Scope of Research and Development
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