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The Licensor grants the Licensee exclusive rights to operate a specific department within the department store for retail sales.
Licensee pays rent based on a percentage of net sales, with a guaranteed minimum rental amount specified in the agreement.
The department must operate under the Licensor's name, and all customer interactions are conducted in that name.
Licensee is responsible for hiring employees, but they must be approved by Licensor and adhere to its regulations.
Licensee must advertise through Licensor's advertising department and meet minimum expenditure requirements for promotions.
Licensee is required to maintain adequate insurance coverage for its operations and property within the department store.
The agreement can be terminated by either party with prior written notice, and specific conditions may lead to immediate termination.