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Guidelines for Islamic Modes of Finance, SBP

11 indemnities the client shall indemnify the

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Unformatted text preview: 11. INDEMNITIES The Client shall indemnify the Institution against any expense which the Institution shall prove as rightly incurred by it as a consequence of : (i) the occurrence of any Event of Default, (ii) the purchase and sale of Goods or any part thereof by the Client or the ownership thereof, and (iii) any mis-representation. 12. SET-OFF The Client authorizes the Institution to apply any credit balance to which the Client is entitled or any amount which is payable by the Institution to the Client at any time in or towards partial or total satisfaction of any sum which may be due or payable from the Client to the Institution under this Agreement. 13. ASSIGNMENT 13.01 This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Institution, the Client, and respective successors permitted assigns and transferees of the parties hereto, provided that the Client shall not assign or transfer any of its rights or obligations under this Agreement without the written consent of the Institution. The Institution may assign all or any part of its rights or transfer all or any part of its obligations and/or commitments under this Agreement to any Institution, or other person. The Client shall not be liable for the costs of the assignment and/or transfer of commitments hereunder by the Institution. If the Institution assigns all or any part of its rights or transfers all or any part of its obligations and commitments as provided in this Clause, all relevant references file:///C|/Documents and Settings/Administrator/...delines for Islamic Modes by SBP/musawamah/1.htm (9 of 11) [2/23/2008 11:51:13 PM] State Bank of Pakistan - The Central Bank in this Agreement to the Institution shall thereafter be construed as a reference to the Institution and/or its assignee(s) or transferee(s) (as the case may be) to the extent of their respective interests. 13.02 The Institution may disclose to a potential assignee or transferee or to any other person who may propose entering into contractual relations with the Institution in relation to this Agreement such information about the Client as the Institution shall consider appropriate. 14. FORCE MAJEURE Any delays in or failure by a Party hereto in the performance hereunder if and to the extent it is caused by the occurrences or circumstances beyond such Party ’ s reasonable control, including but not limited to, acts of God, fire, strikes or other labor disturbances, riots, civil commotion, war (declared or not) sabotage, any other causes, similar to those herein specified which cannot be controlled by such Party. The Party affected by such events shall promptly inform the other Party of the occurrence of such events and shall furnish proof of details of the occurrence and reasons for its non-performance of whole or part of this Agreement. The parties shall consult each other to decide whether to terminate this Agreement or to discharge part of the obligations of the affected Party or extend its obligations on a best effort and on an arm...
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11 INDEMNITIES The Client shall indemnify the Institution...

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