Vetting of Agreement for establishment of drawing/remittance arrangement between Company and Bank.

Dated: July 01, 2007

Mr. A

Managing Director

Bank 1

Head Office

Printers Building

5, Rajuk Avenue

Dhaka – 1000

Dear Sir,

Re: Vetting of Agreement for establishment of drawing/remittance arrangement between Company 1,  and Bank 1..

We refer to your letter No. ID/5032/2007 dated June 27, 2007 on the above subject.

We have perused the draft deed of Agreement for establishing drawing/remittance arrangement between Company 1 (“Company 1/Company”) and Bank 1. (“the Bank”). Our comments on the draft agreement are given below.

Clauses/ Paragraphs Comments.
General It is not stated in the agreement as to whether the agreement is on an exclusive or a non-exclusive basis. It is our opinion that, it should be clearly stated in the agreement as to whether Company 1 and the Bank shall have the right to establish drawing/remittance arrangements with other third parties in Bangladesh and Sri Lanka respectively.
Addition of new a clause 5.3.4 After Clause 5.3.3 we suggest to add the following new Clause to be numbered as 5.3.4 5:“5.3.4 The Company shall remit the Cover Funds to the Agent in accordance with Schedule 3.”

Please renumber the remaining clauses accordingly.
Section 5.3.4 (to be renumbered as 5.3.5) Before the first line of the existing Clause 5.3.4 (to be renumbered as 5.3.5.), please add “Subject to Clause 5.3.6”
Clause 13.2 In this clause the contents of the report, to be submitted by the Company, is not defined. Please ensure that the contents of the report is defined in this clause, and also when that report shall be submitted.
Clause 35.1 In the 3rd line of Clause 35.1, please delete “arebitration” and replace it with “arbitration”.
Schedules The schedules contain commercial terms which should be checked by the Bank.
General Please check all commercial terms and conditions of the Agreement.

Finally, the transactions under the Agreement can only be carried out upon obtaining prior written permission from Bangladesh Bank. Prior to execution of the Agreement, it is therefore advisable to seek the necessary permission from Bangladesh Bank.

Subject to the above comments the agreement referred to us is otherwise in order.

If you have any further query, please do not hesitate to contact the undersigned.

All documents referred to us are returned herewith.

Thanking you.

Yours faithfully,

___________________

Barrister-at-Law

Drafted by: 

 The Lawyers & Jurists
M.L.Hotel Tower Ltd, 208, Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.
www.lawyersnjurists.com

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.