9911796707
TMI BlogLEGAL AGREEMENT/UNDERTAKING FORMATX X X X Extracts X X X X X X X X Extracts X X X X ..... sion shall be deemed to include his/her heirs, successors, administrators and assignee, if the firm is Sole Propreitory firm/jointly and severely all the Partners through their legal heirs, successors, administrators, and assignee as well as the portions where body corporate or not having the control of the affairs of the said firm, if it is Partnership firm/successors in business and assignee if firm is limited company. AND The President of India (hereinafter referred to as the Government which expression shall include his successors in office and assigns). WHEREAS the party has made an application bearing Reference No. _____________ dated ______ for a Authorisation for a value of Rs.___________ for import under the _________ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be issued; c) to fulfill all the terms and conditions of the Authorisation/sanction/approval which may be issued; d) to fulfill the conditions subject to which the goods may be cleared by the Customs authorities including conditions imposed under the relevant Customs notification pertaining to the Scheme; e) to send a 'Statement of Exports' to the Regional Authority in original, on a monthly/quarterly/half-yearly basis, within 15 days from the end of the period; f) to furnish from a Nationalised/Scheduled bank, in original, a Bank certificate of exports evidencing the exports/deemed exports of goods made in fulfillment of the export obligation(s) and such other documents as may be demanded by the Regional authorities a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e party in any form, the Government's written demand to the party shall be final and binding. (iv) That this Agreement shall continue and shall not be discharged by any change in the constitution of the party. (v) That in the event of the non-fulfillment of export obligations mentioned in the Authorisation as aforesaid, the party shall on the instructions of the Government hand over the unutilised imported goods to any agency as the Government may nominate, for disposal in any manner. The amount so recovered by sale shall be deposited with the Government towards the fulfillment of export obligations/ conditions, after deducting the normal commissions and other expenses incurred by the said agency. The decision of the agency as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Customs Duties, 15% interest per annum on the amount of customs duties saved from the date of import of the first consignment till the date of payment to meet the shortfall in the export obligations as may be imposed on the Authorisation/ sanction/ approval /scheme. In addition to the aforesaid the party shall also abide by the conditions imposed by the relevant Customs notification for the Scheme. (xi) That the party irrevocably undertakes that in the event of his default in meeting the aforesaid export obligation / conditions, they shall execute a Bank Guarantee for an amount as required by the Government. (xii) Nothing in this Agreement shall debar the Government from modifying the said Scheme from time to time and/or from imple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esidential address. In such a case the expression Importer/Exporter or Party used in the opening paragraph of the Legal Agreement should include his/her heirs, successors, administrators and assignee . 4. If the party is a partnership firm, the 2 [ LUT ] shall be executed in the name of the partnership firm, through the partners to be specified, or the Managing partner, if so specified in the Partnership Deed, along with the address of the partner/Managing Partner, and the place where the Registered Office of the partnership firm is situated. In that case, the expression Importer/Exporter or Party used in the opening paragraph of the Legal Agreement should include jointly and severely all the partners, through respecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ---- Notes:- 1. Substituted vide Public Notice No. 29(RE-2012)/2009-14, dated 12/11/2012 , before it was read as:- 1. The Bank Guarantee /Legal Agreement is to be executed and signed by the importer/exporter (party) and the surety Bank (Guarantor) on a non-judicial stamp paper of the minimum value of ₹ 15/-, or any amount as may be prescribed by the concerned State Government under the Indian Stamp Act, 1899 or State Act, as the case may be. 2. In Notes 4 5 of the Note for Guidance, BG/ shall be deleted only LUT would remain. Vide Public Notice No. 29(RE-2012)/2009-14, dated 12/11/2012 , - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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