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Consulting Agreement

This is an actual contract by Chicago Rivet & Machine.

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Sectors: Metals and Mining
Governing Law: Illinois, View Illinois State Laws
Effective Date: November 09, 2006
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CONSULTING AGREEMENT


CONSULTING AGREEMENT, effective as of July 1, 2006, between Chicago Rivet & Machine Co., an Illinois corporation (the "Company"), and John C. Osterman (the "Consultant").


WHEREAS, the Company and the Consultant wish to enter into a consulting agreement upon the terms and subject to the conditions set forth below.


NOW THEREFORE, in consideration of the premises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:


1. General. The Company hereby agrees to engage the Consultant, and the Consultant hereby agrees to perform services for the Company on the terms and conditions set forth herein.


2. Term. The Term of this Agreement (the "Term") shall commence as of the date hereof and, unless extended by mutual written agreement of the parties, shall automatically terminate on the first anniversary of the date hereof without any further action by either party. The Consultant's engagement as a consultant hereunder and the Term may also be terminated by either party at any time with thirty (30) days' advance written notice to the other party. The Term shall also terminate automatically on the death or disability of the Consultant. Sections 5 (with respect to fees accrued and expenses incurred prior to the date of termination), 6 and 8-16 shall survive the expiration or termination of this Agreement and the Term.


3. Duties. From time to time during the Term, the Consultant shall render to the Company such services as Consultant and the Company may agree upon in writing from time to time, including those set forth on Exhibit A, as amended from time to time.


4. Place of Performance/Office Use. The Consultant shall perform his duties and conduct his business at such locations as are reasonably acceptable to him and the Company, such locations shall include the Consultant's place of residence and the Company's offices.


5. Compensation.


(a) Fees. During the Term, the Company shall pay to the Consultant, $60,000.00 as compensation for the services to be performed by the Consultant hereunder, such payments to be made quarterly.


(b) Business Expenses. In connection with the performance by the Consultant of consulting services hereunder, the Company shall reimburse the Consultant for all reasonable business expenses in accordance with the Company's normal reimbursement procedures.


(c) Independent Contractor. It is understood and agreed that this Agreement is not an employment agreement and the Consultant shall at no time and under no circumstances be an employee, representative, or agent of the Company or any of its subsidiaries. The Consultant is an independent contractor and the Company shall exercise no immediate control over the Consultant or the manner in which he performs his services under this Agreement except to the extent that the Company provides instructions to the Consultant and exercises the right to accept or reject any submissions made by the Consultant. The Consultant may not bind or sign any documents on behalf of the Company or any of its operating subsidiaries. The Consultant shall be responsible for payment of all taxes for remuneration received under this Agreement, including Federal and State income tax, Social Security tax, Unemployment Insurance tax, and any other taxes or business license fees as required.


6. Exclusivity; No-Conflict of Interests. The Con
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