Court orders No Signboard, GuGong to reinstate independent contractor agreement
No Signboard will need to pay $5,000 for its services.
No Signboard will reinstate its intellectual property (IP) sales and purchase agreement (IP SP) and independent contractor agreement |(ICA) with its controlling shareholder, GuGong, following court order.
In relation to the ICA, the court also ordered No SignBoard to pay GuGong costs fixed at $5,000 with “the quantum of the disbursements to be agreed, if not fixed by the court.”
Meanwhile, No Signboard has also notified GuGong that the IP SPA was "reinstated with immediate effect."
“The High Court has fixed another hearing on 25 September 2023 to deal with the withdrawal of the IP SPA Injunction Application and costs,” the company announced.