Sponsorship Agreement By and Between ABC and Mohegan Sun
THIS AGREEMENT (the "Agreement") made as of this 1st day of January 2020 ("Effective Date") by and between ABC, Inc., a Connecticut corporation with offices at 123 Main Street, Hartford, CT ("Sponsor") and Mohegan Tribal Gaming Authority, d/b/a Mohegan Sun, with a principal place of business at One Mohegan Sun Boulevard, Uncasville, Connecticut 06382 ("Mohegan Sun").
WHEREAS, Mohegan sun is the owner of the Mohegan Sun property, which includes gaming, entertainment, two hotels, an Arena (“Arena”), and convention space, among other things; and,
WHEREAS, Sponsor desires certain promotional and other sponsorship benefits to be provided by Mohegan Sun in exchange for financial support.
Now, THEREFORE, in consideration of the mutual agreements and promises contained herein, the parties hereto agree as follows:
SPONSORSHIP BENEFITS
In full consideration for Sponsor's payment of the Sponsorship Fee, Mohegan Sun, at its cost and expense, shall provide Sponsor the following benefits during the Term:
SPONSORSHIP FEE
In consideration for the sponsorship rights granted hereunder to Sponsor, Sponsor shall pay to Mohegan Sun the total sum of fifty Thousand dollars ($50,000), ("Sponsorship Fee"), which shall be paid at the time of signing of this Agreement.
TERM
This Agreement shall be effective as of January 1, 2020 and shall expire on December 31, 2022, unless earlier terminated by mutual agreement of the parties.
Assumptions:
On January 1, 2020, Mohegan Sun (“MS”) expected 10 out of 15 hotel accommodations would be redeemed. However, MS could not reasonably predict how many arena tickets would be redeemed. MS hosts more than 30 events in arena per year.
Cabaret had 20 events, 28 events, and 24 events in each of 2017, 2018, and 2019, respectively.
Standalone selling prices:
Reserved Cabaret tickets $60 per ticket
Arena Ticket Bank $180 per ticket
Complimentary Hotel Accommodation $300 per night (inclusive of tax)
Arena Suite $3,000 per event, inclusive of 16 tickets
Mohegan Sun Golf Club $240 per round
Free chocolate from Godiva $100 each, cost to MS is $50 each.
1.
Agreement is simply defined as the acceptance of offer made by one party to other party where both of the party agree to common terms and conditions. There are various terms and conditions that is agreed between two parties in the agreement . Similarly, here agreement is made between ABC and Mohegan Sun having its effective date from 1 jan 2020. THe agreement is for Sponsorship service provided by Mohegan Sun to Sponsor(ABC) . Following are the performance obligation as required by both the parties.
1. Related to consideration (Obligation of ABC)
ABC shall provide $ 50,000 fee against,Sponsorship benefits provided, to ABC at signing of agreement.
2. Obligations of Mohegan Sun
a. To provide promotional and Sponsorship benefits to ABC.
b. To provide up to 4 Cabaret tickets to ABC as per request made for every event held in Cabaret.
c. To provide 180 tickets for events held in Arena , maximum of 4 tickets per event.
For this, ABC has to make request at least 14 days prior to the date of event.
d. To provide upto 15 room nights to ABC on request. Sun has to refund $50 per room night at end of term for rooms unoccupied.
e. To provide Six uses of 16 person Arena suite at no cost and Sixteen tickets per use.
f. Provide nine complimentary rounds of golf to ABC.
g. Non affiliate tenant of Sun is under obligation to provide 12 boxes of chocolate free of cost to ABC.
Term of agreement: 2 years
All the payment to be done by ABC to Mohegan sun as per selling prices of Mohegan sun.. The calculation for Consideration obligation is as :
For Reserved tickets of Cabaret: $60 *4=$240 per events held
For Arena tickets availed: $180 per ticket i.e. for 180 tickets:$180*180=$ 32,400
Hotel Accomodation: $ 300 per night * 15= $4500
Arena Suite: $ 3000 per event i.e. No cost here.
Golf round : $240 *9 =$2160 for nine golf round
Chocolate: Free of cost
These calculation of consideration is under assumption for a year 2020 that ABC has availed all the benefits in full given to him under the agreement.
Sponsorship Agreement By and Between ABC and Mohegan Sun THIS AGREEMENT (the "Agreement") made as of...
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