To: ________________
___________________
AGENCY AGREEMENT
With reference to the Murabaha Facility
Agreement dated _______________ , we hereby confirm our agreement to
appoint you as our Agent to acquire for our account and benefit goods
of the description to be specified in the purchase requisition which
shall be issued from time to time, under the following terms and
conditions;
1. As an Agent of the Institution, you will be
responsible to receive the Goods directly from the Supplier (s) from
time to time in terms of Purchase Requisition(s) to be duly endorsed
by the Institution and provide us a declaration confirming acquisition
thereof, alongwith a statement containing relevant details including
place of storage.
2. At your request, we
will effect payment(s) directly to the Supplier(s) nominated by you,
for the Goods to be specified in the Purchase Requisition. All
Purchase Requisitions shall be accompanied by quotation(s) from the
Supplier(s). All payments to Supplier(s) shall be evidenced by a
Receipt to be signed by you, in your capacity as an Agent of the
Institution.
3. In case of failure
on your part to:-
a) Acquire goods in
terms of this agreement and to refund, in consequence, the amount
paid by us (the Institution) therefor, and/or
b) Repay the amount, if any, due from you upon a
notice of revocation, if any, served by you in the manner provided
hereunder;
you shall become liable to pay a penalty to the institution by
credit to a special Account, separately maintained by the
institution, an amount which shall be 5% over the rate announced by
SBP for providing short term accommodation to commercial banks, as
on the date of such default by you. This amount will be calculated
on the entire amount due from you, under this Agency Agreement and
for the entire period for which the default subsists. The amount of
such penalty shall be utilized by the institution only for the
purposes of charity, in its absolute discretion.
4. The Institution shall
have the authority, in its absolute discretion to refuse the
disbursement of funds or to revoke this Agency Agreement at any time.,
subject to a notice in writing served given at least 07 days prior to
revocation.5.
You may revoke this Agency Agreement by giving a notice in writing of
at least 07 days prior to the date of intended revocation, provided
that any amount due by you to the Institution shall become payable
immediately and until such time that any such amount due from you has
been discharged in full, this agreement shall not be deemed to have
been revoked.
6. This Agency
Agreement shall remain in force until revoked and shall be governed by
the prevailing laws of Pakistan and the Murabaha Facility Agreement
dated _______________. Any dispute between the parties shall be
submitted to a Court/Tribunal of competent jurisdiction in __________.
Kindly signify your acceptance of the
foregoing terms and conditions by signing the duplicate.
For and on behalf of (insert name of
the Institution)
___________________________
AUTHORISED SIGNATORY OF THE INSTITUTION
AGREED AND ACCEPTED
For and on behalf of [insert name]
___________________________________
AUTHORISED SIGNATORY OF THE AGENT
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