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Agreement Individual

This agreement outlines the terms for a startup business to utilize facilities and receive seed funding from the Student Start Ups Business Center at Virtual University Pakistan. The startup must submit quarterly progress reports and use reasonable care of facilities. The seed funding must be refunded within 4 years.

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21 views2 pages

Agreement Individual

This agreement outlines the terms for a startup business to utilize facilities and receive seed funding from the Student Start Ups Business Center at Virtual University Pakistan. The startup must submit quarterly progress reports and use reasonable care of facilities. The seed funding must be refunded within 4 years.

Uploaded by

CREATIVE SKILLED
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SSBC Agreement for Team

Student Start Ups Business Center (SSBC)

Virtual University of Pakistan, Lahore

AGREEMENT FOR

SSBC SERVICES UTILIZATIONS AND RETURN OF SEED MONEY

This Agreement is made at Lahore on the _______________ day of July, 2017.

Student Start Up Business Center (SSBC), Virtual University of Pakistan herein as referred Party-1
through its Director;

AND

VU Student_______________, Student ID_____________, CNIC _____________ (Company/Start Up


Name----------------------------) herein as referred Party-2 through its proprietor/Partner/Director.

AND WHEREAS the parties hereto have agreed to follow the terms and conditions of the agreement in
writing which shall be as under:

1. Party 1 shall provide the facilities (as defined in SSBC Rules) to party 2 to launch
business/start-up named as “____________” and also to carry on initial business activities
and necessary guidance for the period of ____ months. The facilitation period may be
extended on request of the party 2.
2. Party 1 shall provide the seed money amounting Rs._________________ to carry on business
activities to party 2. The amount will be disbursed in installments which may be demanded
by the party 2 as and when required, upon approval of SSBC management committee.
3. Amount of approved seed money will be transferred to the bank account of party 2.
4. Party 2 shall refund the amount of seed money in 4 years from the signing date of the
agreement as stated in clause 2”.
5. Postdated cheques shall be taken from Party 2 as collateral against seed money.
6. Start-up will take reasonable care of the premises and fixtures and fittings and all other
facilities provided by SSBC-VU.
7. It will be mandatory for party 2 to submit the quarterly progress reports including expenses,
revenue, profit/loss etc. and any set-backs encountered to the SSBC management.
8. The award will be cancelled, if party 2 is not following the terms and conditions laid
down by SSBC Virtual University of Pakistan and/or failure to comply with any of the
clause of agreement would lead to refund of the whole released amount by the party
2.
9. This agreement shall be bound by all SSBC rules stated in SSBC terms & conditions.
10. Duration: This Agreement shall be affective from the date on which it is signed and shall
remain in force till the mentioned period as per clause 4.
11. Notices: All the notices required or contemplated under this agreement shall be given in
writing by registered mail/email, acknowledgment due or by fax on the following:-

If to SSBC- VU: Attention:___________________

Address:
Phone No:
Email:
If to Start-Ups: Attention:___________________

Address:
Phone No.
Email:
12. Entire Agreement: This agreement constitutes the entire agreement between the parties in
relation to the subject matter hereof. Any amendment, variation or modification to this
agreement shall be made in writing and be signed by duly authorized representative of both
parties.
13. Applicable law: This agreement shall in all respects be construed and interpreted in
accordance with the law of Pakistan.
14. Assignment of rights and duties: Neither rights nor duties under this agreement, nor the
agreement itself in whole or in part may be assigned or transferred by either party without
the prior written approval of the other party.
15. In witness whereof, the parties have caused this agreement to be signed in duplicate at the
place and on the date of _____________.

SIGNED and SEALED BY:

On the ___________ day of the _______________________ month of _____________________year.


The effective date of this agreement coming in to operation is as stated above.

Mr. /Ms. ____________________ (Registered Entrepreneur/Company operating from SSBC, VU)

Signature of the Start-Up Signature of Director SSBC

(Name)

Witness 1: ________________________ Witness 2: ______________________

CNIC: _________________________ CNIC: _______________________

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