Mahindra Agreement
Mahindra Agreement
Mahindra Agreement
AND
AND WHEREAS, MMFSL has in course of its business activity let out on hire
purchase / leased to its various customers Property from time to time
under the terms and conditions stipulated in the agreement/s of Lease /
Hire Purchase entered into with such Customers;
AND WHEREAS, as per the terms and conditions of the Agreement/s, in the
event of any default (as defined here under) by the Customer in honoring
any of the terms and conditions of the agreement, MMFSL is legally entitled
to take possession of the Property from the defaulting Customer;
1. DEFENITIONS:
Unless otherwise required or repugnant to the context, the following
terms shall have the meaning assigned to them are under:
3. CONSIDERATION:
In consideration of the services provided by the Contractor and
subject to the observance and performance of the terms and conditions of
the Agreement, Mere particularly Clause (4) MMFSL shall pay the following
consideration to the Contractor.
if vehicle
Product released back
to customer
Two — Wheeler 2000
Three — Wheeler
(M&M,Bajaj,APE all 4000
Models)
SUV & MUV ( Scorpio,
Bolero,Innova,Safari 8000
etc.,)
FES — ( All Tractors ) 8000
HCV & CV — ( All
15000
Manufacturers )
Pick up / LCV — ( TATA
ACE, MAXIMO ,
5000
VENTURE / MMT / BMT
& PICKUPS )
LCV — ( EICHER ,
SWARM MAZDA & 10000
MAHINDRA School Bus)
LMV - ( All Cars ) 8000
On repossession the Contractor shall inform the local police station of the
repossession and submit a copy of the Inventory to the police station and
obtain an acknowledgement of the same. The letters of the pre and post
intimation to the Police Station shall be prepared and issued by the
Company to the Contractor for the purpose of submission to the concerned
Police Station/s. He shall forward the same to MMFSL to be kept as a part
of their record.
The Contractor shall be solely responsible and accountable for the conduct
and supervision of its employee/agent/servant etc., or any person acting on
express/implied authority or in association with or under instructions of
Contractor.
5. INDEMNITY:
The Contractor hereby agrees to indemnify and hold harmless MMFSL, its
Directors, employees, servants, against all direct and/or indirect
consequences / claims / actions / suits / damages / prosecutions resulting
out of or in relation to.
The Contractor hereby acknowledges that MMFSL is not and will not in any
manner be liable for the manner of execution of its obligations by the
Contractor and the Contractor will be solely and absolutely liable for the
same.
The employee, agent associate, partner, servant or any person acting on
express or implied authority or in association with or under instructions of
the Contractor including any appointment made pursuant to Clause 7
below, shall in no event to treated or deemed to be the agents, employees
or servants of MMFSL and will be for all purposes, including for discharging
any liability whatsoever, be deemed to be employees of the Contractor.
7. NATURE OR RELATIONSHIP:
The Contractor shall use its/his own discretion as to the time, place
and manner of repossession of the Property. MMFSL shall only inform the
Contractor about the details of the property and thereafter all further
action, decision shall be, taken by the contractor only, subject to this
agreement, as its own discretion.
8. TENURE OF AGREEMENT:
9. NOTICE:
10. TERMINATION:
11. ASSIGMNET:
The Contractor shall not assign its rights and obligations under
this Agreement in part or in whole, to any other person without the
prior written consent of MMFSL
12. ARBITRATION:
13. JURISDICTION: