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Guidelines for Islamic Modes of Finance, SBP

Means confirmation of receipt of goods as set out in

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Unformatted text preview: means confirmation of receipt of Goods as set out in the Appendix “ B ” ; "Indebtedness" means any obligation of the Supplier for delivery of the Goods or for payment of any sum of money due or, payable under this Agreement; "License" means any license, permission, authorization, registration, consent or approval granted to the Manufacturer/Supplier for the purpose of or relating to the conduct of its business; "Lien" shall mean any mortgage, charge, pledge, hypothecation, security interest, lien, right of set-off, contractual restriction (such as negative covenants) and any other encumbrance; “ Parties ” mean parties to this Agreement; "Principal Documents" means this Agreement and the Security Documents; "Promissory Note" is defined in Clause 3.01(b); "Prudential Regulations" means Prudential Regulations or other regulations as are notified from time to time by SBP; "Security Documents ” and “ Security " is defined in Clause 3.01; "Secured Assets" means the following assets of the Manufacturer/Supplier; [insert description of assets in respect of which charge/mortgage may be created]; "Rupees" or "Rs." means the lawful currency of Pakistan; "SBP" means the State Bank of Pakistan; "Title" means such title or other interest in the Goods as the Institution receives from the Manufacturer/Supplier; "Taxes" includes all present and future taxes (including central excise duty and sales tax), levies, imposts, duties, stamp duties, penalties, fees or charges of whatever nature together with delayed payment charges thereon and penalties in respect thereof and "Taxation" shall be construed accordingly; "Written Offer" means the Offer made by the Manufacturer/Supplier to the Institution as per Appendix "A" . 1.03 Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. In this Agreement, unless the context otherwise requires, references to Clauses and Appendices are to be construed as references to the clauses of, and Appendices to, this Agreement and references to this Agreement include its appendices; words importing the plural shall include the singular and vice versa and reference to a person shall be construed as including references to an individual, firm, institution, corporation, unincorporated body of persons or any state or any agency thereof. 1.04 The Appendices to this Agreement shall form an integral part of this Agreement. 2. MANUFACTURE OF GOODS 2.01 The Manufacturer/Supplier hereby agrees to manufacture or cause to manufacture the Goods described below on Istisna for the Institution to be delivered as per schedule set out in clause 2.04: [Insert description of the Goods with specifications, quantity quality and respective contract price] 2.02 The Contract Price shall subject to the provisions of clause 5 hereof, be paid by the Institution as per the following schedule: Within ____ days of signing this Agreement Rs. [insert amount] On [insert date]------------------- file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/istisna/1.htm (2 of 11) [2/23/2008 11:58:33 PM] State Bank of Pakistan - The Central Bank...
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