MEMORANDUM OF UNDERSTANDING
Between
Arto Engineer Company Limited, Nonthaburi, Thailand
Siam Element Company Limited, Nonthaburi, Thailand
Forever Green Solution Company Limited, Thailand
And
MooGoongMooJin Company Limited, Korea
Peaceuworld Company Limited, Korea
HNK Commerce Company Limited, Korea
Between
Arto Engineer Company Limited, Nonthaburi, Thailand
Siam Element Company Limited, Nonthaburi, Thailand
Forever Green Solution Company Limited, Thailand
And
MooGoongMooJin Company Limited, Korea
Peaceuworld Company Limited, Korea
HNK Commerce Company Limited, Korea
This Memorandum of Understanding (MOU) signifies the collaborative commitment of Arto Engineer Company Limited, Siam Element Company Limited, Forever Green Solution Company Limited, MooGoongMooJin Company Limited, Peaceuworld Company Limited and HNK Commerce Company Limited towards fostering international cooperation in the South Korean market, focusing on the innovative technology of Synthetic Mangrove, referred to as "C-AOS." Encompassing efforts in shoreline protection and beach restoration, this agreement delineates key activities aimed at mutual benefit.
1. TECHNOLOGY EXCHANGE ON C-AOS:
Parties involved agree to share and exchange technological advancements related to C-AOS. This collaborative effort seeks to enhance knowledge and innovation in the field of Synthetic Mangrove, contributing to the overall improvement of shoreline protection and beach restoration.
2. ESTABLISHMENT OF A DEDICATED COMPANY:
A joint venture will be formed to establish a company devoted to promoting C-AOS within the Korean market. This strategic initiative aims to leverage the collective expertise of Arto Engineer Company Limited, Siam Element Company Limited, Forever Green Solution Company Limited, MooGoongMooJin Company Limited, Peaceuworld Company Limited and HNK Commerce Company Limited for effective market penetration and promotion of C-AOS technology.
3. IDENTIFICATION OF OPPORTUNITIES WITH KOREAN AUTHORITIES:
The parties commit to identifying and exploring opportunities for collaboration with Korean authorities. This includes engagement with relevant stakeholders to ensure alignment with regulatory frameworks and harnessing support for the successful integration of C-AOS in the South Korean market.
4. FACILITATION OF VISITS AND ACADEMIC/RESEARCH EXCHANGE:
To deepen cooperation, authorized officers from each company will engage in visits for academic and research exchange. These interactions aim to foster a deeper understanding of each party's expertise and pave the way for expanded collaboration in areas beyond the initial scope.
1. TECHNOLOGY EXCHANGE ON C-AOS:
Parties involved agree to share and exchange technological advancements related to C-AOS. This collaborative effort seeks to enhance knowledge and innovation in the field of Synthetic Mangrove, contributing to the overall improvement of shoreline protection and beach restoration.
2. ESTABLISHMENT OF A DEDICATED COMPANY:
A joint venture will be formed to establish a company devoted to promoting C-AOS within the Korean market. This strategic initiative aims to leverage the collective expertise of Arto Engineer Company Limited, Siam Element Company Limited, Forever Green Solution Company Limited, MooGoongMooJin Company Limited, Peaceuworld Company Limited and HNK Commerce Company Limited for effective market penetration and promotion of C-AOS technology.
3. IDENTIFICATION OF OPPORTUNITIES WITH KOREAN AUTHORITIES:
The parties commit to identifying and exploring opportunities for collaboration with Korean authorities. This includes engagement with relevant stakeholders to ensure alignment with regulatory frameworks and harnessing support for the successful integration of C-AOS in the South Korean market.
4. FACILITATION OF VISITS AND ACADEMIC/RESEARCH EXCHANGE:
To deepen cooperation, authorized officers from each company will engage in visits for academic and research exchange. These interactions aim to foster a deeper understanding of each party's expertise and pave the way for expanded collaboration in areas beyond the initial scope.
FINANCIAL ARRANGEMENTS, TERMINATION, AND CONSULTATION:
Details regarding financial commitments, termination procedures, and other specific arrangements will be outlined in separate agreements. This approach ensures that each aspect is thoroughly addressed and agreed upon by all parties involved. The MOU is effective upon signatures by all parties and maintains its validity for three years. In the event of termination, a written notice of at least six months is required by any party, and the terms of termination will be subject to consultation among Arto Engineer Company Limited, Siam Element Company Limited, Forever Green Solution Company Limited, MooGoongMooJin Company Limited, Peaceuworld Company Limited and HNK Commerce Company Limited, and the relevant authorities.
In essence, this MOU establishes a framework for sustained collaboration, emphasizing mutual growth, technological exchange, and strategic initiatives in the South Korean market for Synthetic Mangrove technology.
Countersign 4 March 2024
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