Deed of agreement

29. May, 2011

DEED OF AGREEMENT

This Agreement is made on this the _______ day of ________, Two Thousand Ten of the Christian Era.

BETWEEN

X, son of Mohammad Nurul Islam, address:  4-C, Sheltech Dream, 153/1, Mailbagh Bazar Road, Dhaka-1217, hereinafter referred to as the ‘CREDITOR’ (Which expression, unless repugnant or contrary to the context, shall mean and include his heirs, legal representatives, executors, successors-in-interest, assigns and nominees) of the ONE PART.

AND

Y, son of _________________________________, address:  ____________________________________________________________________ hereinafter referred to as the ‘DEBTOR’ (Which expression, unless repugnant or contrary to the context, shall mean and include his heirs, legal representatives, executors, successors-in-interest, assigns and nominees) of the OTHER PART.

AND WHEREAS pursuant to the offer of the ‘DEBTOR’, the ‘CREDITOR’ has agreed to give the scheduled amount of Tk.2,00,000.00 (Taka two lac) only (hereinafter referred to as ‘Debt. amount’) to the‘DEBTOR’ for investment into business subject to the terms and conditions hereinafter contained:

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:

a)   In consideration of the above the ‘DEBTOR’ and the ‘CREDITOR’ have mutually been agreed to make this agreement and;

b)  ‘DEBTOR’ will hold the ‘Debt. Amount’ for a period of 2 (two) years 6 (six) months commencing from the 1st day of May 2010 and the date of expiry will be the 30th day of September 2012.

c)   At the time of returning the ‘Debt Amount’ to the ‘CREDITOR’, the ‘DEBTOR’ will pay 15% interest of the ‘Debt Amount’.

d)  The ‘DEBTOR’ shall repay the ‘Debt Amount’ by 30 (thirty) equal monthly instalment of an amount of Tk.8,035.70 (Taka eight thousand thirty five point seven zero) only and first instalment of loan will be paid on 10th May, 2010 without any hesitation or delay.

e)   The ‘DEBTOR’ shall disburse the Debt Amount through an account payee cheque, vide Cheque No……………………. dated ………….. from the Dutch Bangla Bank Limited to the Bank Account No. 107.101.36702.

f)   The ‘DEBTOR’ shall deposit 30 post dated MICR cheque in favour of CREDITOR for an amount of Tk.8,035.70 (Taka eight thousand thirty five point seven zero) only and 01 (one) post dated MICR cheque for an aggregated value of Tk.2,40,000.00 (Taka two lac forty thousand) only.

g)   On the termination of this time fixed by this deed unless renewed under mutual understanding, to return the ‘Debt. Amount’ peacefully, the ‘DEBTOR’ shall be bound to return the ‘Debt. Amount’ with 15% interest of the ‘Debt. Amount’ from any sources to the ‘CREDITOR’ and for which the ‘CREDITOR’ will not be liable.  Any delay caused by accident from act of nature and through reasonable ground is hereby exempted. Any delay caused by the ‘DEBTOR’ or their representative/agent, except by reasonable ground, shall be repaired by the ‘DEBTOR’.

h) If the ‘DEBTOR’ be failed to repay the ‘Debt Amount’ with 15% interest of the Debt Amount then the ‘CREDITOR’ will be empowered to satisfy the ‘Debt. Amount’ with 15% interest of the ‘Debt. Amount’ with the help of the Court. And the ‘DEBTOR’ will bare the cost of the suit.

i) The rights of the ‘CREDITOR’ shall not be prejudiced or restricted by any indulgence or forbearance extended to the ‘DEBTOR’ and no such waiver by the ‘CREDITOR’ in respect of any breach shall be construed as a waiver in respect of any subsequent breach.

j)  The ‘DEBTOR’ fails to repay cumulative 4 (four) instalments then the ‘CREDITOR’ can sue against the ‘DEBTOR’ and then the pledged cheque may be used.

k)  No amendment or modification of this Agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the parties to that effect.

l) This Agreement shall be governed by and construed in accordance with the laws of Bangladesh.

m)  If any dispute relating to the terms and conditions of this agreement arises between the parties to the agreement, the parties shall try to settle the dispute amicably by appointing their respective representatives. If the dispute (arises any) is not resolved amicably between the parties, the dispute shall be resolved by an arbitration proceeding in Dhaka following the prevailing arbitration law of Bangladesh at the time of dispute. Each party shall be able to appoint an arbitrator of its choice, and two arbitrators shall appoint third arbitrator. The decision of the majority arbitrators shall be conclusive in this regard.

n) That there shall be 2 (two) reflection of this Agreement for the party each but both of the same shall constitute one agreement.

SCHEDULE OF THE AMOUNT

Debt. Amount – Tk.2,00,000.00 (Taka two lac) only

CREDITOR

__________________________

For:

DEBTOR

 

________________________

For.
WITNESSES:______________________

  1. Name:

Address:

____________________

  1. Name:

Address:

 WITNESSES: 

 

 

________________________

  1. Name:

Address:

_______________________

  1. Name:

Address:

For: The Lawyers & Jurists

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208,Shahid Syed Nazrul Islam Sarani,

Bijoy Nagar, Dhaka-1000.

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