To: ________________
___________________
AGENCY
AGREEMENT
With
reference to the Murabaha Facility Agreement
dated _______________ , we hereby confirm our
agreement to appoint you as our Agent to acquire
for our account and benefit goods of the description
to be specified in the purchase requisition
which shall be issued from time to time, under
the following terms and conditions;
1. As an Agent of the Institution,
you will be responsible to receive the Goods
directly from the Supplier (s) from time to
time in terms of Purchase Requisition(s) to
be duly endorsed by the Institution and provide
us a declaration confirming acquisition thereof,
alongwith a statement containing relevant details
including place of storage.
2.
The bank shall prepare a Pay Order/Cross cheque,
etc in the name of Supplier that will be handed
over to the Agent. The supplier will issue an
invoice in the name of Bank - Account Client
(e.g. ‘1st Islamic Bank – ABC Company’).
3.
In case of failure on your part to:-
a)
Acquire goods in terms of this agreement and
to refund, in consequence, the amount paid by
us (the Institution) therefore, and/or
b) Repay the amount, if any,
due from you upon a notice of revocation, if
any, served by you in the manner provided hereunder;
you shall become liable to pay a penalty to
the institution by credit to a special Account,
separately maintained by the institution, an
amount which shall be 5% over the rate announced
by SBP for providing short term accommodation
to commercial banks, as on the date of such
default by you. This amount will be calculated
on the entire amount due from you, under this
Agency Agreement and for the entire period for
which the default subsists. The amount of such
penalty shall be utilized by the institution
only for the purposes of charity, in its absolute
discretion.
4.
The Institution shall have the authority, in
its absolute discretion to refuse the disbursement
of funds or to revoke this Agency Agreement
at any time., subject to a notice in writing
served given at least 07 days prior to revocation.
5.
You may revoke this Agency Agreement by giving
a notice in writing of at least 07 days prior
to the date of intended revocation, provided
that any amount due by you to the Institution
shall become payable immediately and until such
time that any such amount due from you has been
discharged in full, this agreement shall not
be deemed to have been revoked.
6.
This Agency Agreement shall remain in force
until revoked and shall be governed by the prevailing
laws of Pakistan and the Murabaha Facility Agreement
dated _______________. Any dispute between the
parties shall be submitted to a Court/Tribunal
of competent jurisdiction in __________.
Kindly
signify your acceptance of the foregoing terms
and conditions by signing the duplicate.
For
and on behalf of (insert name of the Institution)
___________________________
AUTHORISED SIGNATORY OF THE INSTITUTION
AGREED
AND ACCEPTED
For
and on behalf of [insert name]
___________________________________
AUTHORISED SIGNATORY OF THE AGENT
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