Guidelines for Islamic Modes of Finance, SBP

Means prudential regulations or other regulations as

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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] ------------------- and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/istisna/1.htm (2 of 11) [2/23/2008 11:58:33 PM]
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State Bank of Pakistan - The Central Bank On [insert date] ------------------- On [insert date] ------------------- On delivery ------------------- TOTAL =========== 2.03 The Manufacturer/Supplier agrees that the Contract Price is fixed at the amount stated in clause 2.02 and shall not be revised except by mutual consent, in writing, of the parties hereto due to any reason whatsoever including the Force Majeure events, if any; 2.04 The delivery of the Goods shall be according to the following schedule: Description of Goods Date: Quantity 2.05 The Goods shall remain at the risk of the Manufacturer/Supplier until they are delivered to the point of delivery and have been inspected and accepted by the Institution, immediately after which, all risks in respect of the Goods shall be passed on to the Institution: 3. SECURITY 3.01
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