Guidelines for Islamic Modes of Finance, SBP

Appendices are to be construed as references to the

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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. 1.05 The recitals herein above and Appendices to this Agreement shall form an integral part of this Agreement. 2. SUPPLY OF THE GOODS PURCHASED 2.01 The Supplier has agreed to supply the Goods to the Institution pursuant to the Written Offer for the Contract Price. Upon receipt by the Institution of the Supplier s Notice of Delivery, which shall be date] or such other date as may be mutually agreed between the parties hereto, hereinafter referred to as Delivery Date, advising the Institution to take delivery of the Goods, the Institution shall receive or cause to receive the Goods at the designated point of delivery.; 2.02 The Goods shall remain at the risk of the 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 Supplier under this Agreement, the Supplier shall: (a) Furnish to the Institution a collateral(s), substantially in the form and substance attached hereto as Salam Document # __ ; (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 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 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 that each party shall bear the fees and expenses incurred from its own account 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. 5. PAYMENT OF CONTRACT PRICE and Settings/Administrator/D.../Guidelines for Islamic Modes by SBP/salaam/1.htm (3 of 10) [2/23/2008 11:56:22 PM]
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State Bank of Pakistan - The Central Bank Payment to the Supplier under this Agreement has been made of such withholding taxes that the institutions is required to deduct under various laws in force. The Institution shall promptly deliver to the Supplier copies or
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  • Fall '11
  • Finance, Institution, state bank, Islamic modes

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