DEED OF AGREEMENT
THIS AGREEMENT is made on _________________ day of
______________at[ ], ,
between
[ ] incorporated under the laws of Pakistan,
with its head office through its [],
[Mr/Ms []] duly authorised vide [](here in after called the First Party
which expression shall include its
representatives, successors in interest and assignees).
and
[ ] incorporated under the laws of United
Kingdom, with its head office situated at [] through its [], [Mr/Ms []] duly
authorised vide [] (here in after called the Second Party which
expression shall include its
representatives, successors in interest and assignees).
(Both the First Party and the Second
Party are collectively referred to as the “Parties” where the context so
permits).
WHEREAS:
I
NOW, BASED UPON THEIR RESPECTIVE
REPRESENTATIONS, THEREFORE THE PARTIES
MUTUALLY AGREE AS UNDER:
1. That both the Parties mutually
agreed on 50% partnership subject to the conditions of performance which are as
follow.
(a) That the Second Party shall be
bound to sell the member ship of total project (which is approx. 15700 members
with Membership fee £1200/= each) within the agreed time period of 3 years
which shall be categorized in 3 phases.
(b) That the first phase shall be based
on 3 months after signing this agreement, in which the Second Party
shall sale out approx. 7300 member ship for phase one which cover 200
apartments build on 66 plots.
(c) That the Second Party shall
sale out the remaining memberships (8400) in
2nd and 3rd phase. Second phase in 12 months and
third phase in 21 months consecutively after the end of first phase.
(d) That the Second Party shall
not invest in the construction of the said project.
(e) That both the Parties agreed
for Escrow Collection Account.
(f) That no single Party shall
withdraw any amount from Escrow Account.
2. That both Parties shall
mutually agreed for remittance under the following conditions.
(a) That the said project shall be liable
to be completed first from the remittances and the Second Party shall
have the right to conduct the audit.
(b) Secondly, First Party’s
initial investment Rs.450 million will be paid back once the project is
completed in all respect.
(c) That the Second Party shall
bear all the marketing/advertising cost of total project and will be paid back
after the completion of condition a & b.
(d) That both the Parties shall
share the 50% profit afterwards.
3. That both the Parties shall
agree that in case of any dispute the First Party shall have the
complete right to withdraw the initial invested amount of Rs.450 million from
the Escrow Account than work to resolve the dispute.
4. That the Second Party shall
not invest amount up till the completion of all construction work. However, the
Second party shall check any construction related matter for its own
satisfaction.
5. That in case of failure to achieve
the performance based targets mentioned in clause 1, than the First Party
shall have complete right to run and complete the project solely.
6. That the First Party shall agree to
share it’s 25% (75:25) profit in case of property selling. However, the Second
Party shall not sale his portion of property without the prior permission
of the First Party.
7. That this is to verify that both the
Parties have studied this Agreement, the translation of which has been
explained in the language they understand, and they, after understanding and
following all the clauses, have affixed their signatures.
IN WITNESS WHEREOF the Parties above
named have signed those present and The Parties have affixed their stamps, in
the presence of the witnesses noted below.
__________________ ___________________
THE FIRST PARTY THE SECOND PARTY
WITNESSES: 1.___________________________
2.___________________________
3.___________________________
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