英语翻译3.\x05TERM The Agreement shall commence on 1 April 2008

英语翻译
3.\x05TERM
The Agreement shall commence on 1 April 2008 and expire on 1 November 2008 (the “Term”),subject to early termination pursuant to Clause 13.
4.\x05OPTION TO RENEW
The Association grants ESS the first option and last right of refusal to renew this Agreement in respect of the KIA X Games Asia 2009 (the “2009 Event”) on the same terms and conditions as set out herein including the Sanction Fee except that the Venue and the Event Title shall be determined by ESS in relation to the 2009 Event.ESS may exercise its option at any time prior to six (6) months before the first day of Event.For a period of sixty (60) days from the time the Association receives notice from ESS to exercise the option,the parties shall enter into exclusive negotiations in respect of the 2009 Event.If after sixty (60) days the parties have not reached agreement,the Association shall be free to enter into negotiations with third parties,provided that the Association shall not conclude any agreement with a third party without giving ESS fourteen (14) days’ notice to match the terms offered by the third party.If ESS is prepared to match such terms then the Association shall enter into an agreement with ESS upon those terms.
5.\x05CONDITION PRECEDENT
As a condition precedent to the commencement of this Agreement,the Association shall deliver a sanction letter (the “Sanction Letter”),to ESS and the Shanghai Sports Federation (the “Federation”) in a form designated by ESS.
6.\x05RECOGNITION OF RIGHTS
The Association agrees and recognizes that ESS owns and controls the Rights to promote the Event as set out in Schedule II,excluding those rights that are owned/controlled by any Government or statutory body in Shanghai.
SANCTION AGREEMENT
THIS AGREEMENT is effective as of 1 April 2008.
BETWEEN \x09(A)\x09CHINESE MOUNTAINEERING ASSOCIATION of NATIONAL SPORTS COMMISSION of 9 Tiyuguan Road,Chongwen District,Beijing 100763,People’s Republic of China (the "Association"); and
\x09(B)\x09ESPN STAR SPORTS of 151 Lorong Chuan,#03-01 New Tech Park,Singapore 556741 ("ESS");

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