Guidelines for Islamic Modes of Finance, SBP

The parties shall consult each other to decide

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Unformatted text preview: 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 ’ s length basis. 15. GENERAL file:///C|/Documents and Settings/Administrator/D...uidelines for Islamic Modes by SBP/murabaha 1.htm (9 of 10) [2/23/2008 11:45:37 PM] State Bank of Pakistan - The Central Bank 15.01 No failure or delay on the part of the Institution to exercise any power, right or remedy under this Agreement shall operate as a waiver thereof nor a partial exercise by the Institution of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power right or remedy. The remedies provided in this Agreement are cumulative and are not exclusive of any remedies provided by law; 15.02 This Agreement represents the entire agreement and understanding between the Parties in relation to the subject matter and no amendment or modification to this Agreement will be effective or binding unless it is in writing, signed by both Parties and refers to this Agreement; 15.03 This Agreement is governed by and shall be construed in accordance with Pakistan law. All competent courts at ________ shall have the non-exclusive jurisdiction to hear and determine any action, claim or proceedings arising out of or in connection with this Agreement. 15.04 Nothing contained herein shall prejudice or otherwise affect the rights and remedies that may otherwise be available under law to the parties. 15.05 Any reconstruction, division, re-organization or change in the constitution of the Institution or its absorption in or amalgamation with any other person or the acquisition of all or part of its undertaking by any other person shall not in any way prejudice or affect its rights hereunder. 15.06 The two parties agree that any notice or communication required or permitted by this agreement shall be deemed to have been given to the other party seven days after the same has been posted by registered mail or the next Business Day if given by a facsimile message or telex or by any other electronic means, or the next Business Day as counted from the date of delivery if delivered by courier mail; IN WITNESS WHEREOF , the Parties to this Agreement have caused this Agreement to be duly executed on the date and year first aforementioned. WITNESSES: For and on behalf of [insert name of the Institution] 1.________________ ________________ 2. ________________ ________________ For and on behalf of 1. ________________ ________________ 2.________________ ________________ © 2003 State Bank of Pakistan. All Rights Reserved. Disclaimer | Instructions State Bank of Pakistan I.I. Chundrigar Road, Karachi, Pakistan....
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