Guidelines for Islamic Modes of Finance, SBP

State bank of pakistan the central bank on[insert

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Unformatted text preview: 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 As security for the performance of this Agreement by the Manufacturer/Supplier under this Agreement, the Manufacturer/ Supplier shall: (a) Furnish to the Institution a collateral (s), substantially in the form and substance attached hereto as ______, (the "_______"); (b) Execute such further deeds and documents as may from time to time be required by the Institution for the purpose of more fully securing and or perfecting the security created in favour of the Institution; and (c) Create such other securities to secure the Manufacturer ’ s/Supplier ’ s obligations under the Principal Documents as the parties, hereto, may by mutual consent agree from time to time. (The above are hereinafter collectively referred to as the "Security"). 3.02 In addition to above, the Manufacturer/Supplier shall execute a demand promissory note in favour of the Institution for the amount of the Contract Price (the "Promissory Note"); (The Security and the Promissory Note are hereinafter collectively referred to as the "Security Documents") 4. FEES AND EXPENSES It is understood each party shall bear the fees and expenses incurred from its own account: (i) in connection with the negotiation, preparation and execution of the Principal Documents and of amendment or extension of or the granting of any waiver or consent under the Principal Documents and (ii) in contemplation of or otherwise in connection with, the enforcement of, or preservation of any rights under the Principal Documents 5. PAYMENT OF CONTRACT PRICE Payments to be made to the Manufacturer/Supplier under this Agreement shall be made after adjustment of such withholding that the Institution is required to deduct file:///C|/Documents and Settings/Administrator/De.../Guidelines for Islamic Modes by SBP/istisna/1.htm (3 of 11) [2/23/2008 11:58:33 PM] State Bank of Pakistan - The Central Bank under various laws in force. The Institution shall promptly deliver to the Manufacturer/Supplier any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid; 6. REPRESENTATIONS AND WARRANTIES a) The financial statements together with the notes to the accounts...
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State Bank of Pakistan The Central Bank On[insert date...

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