- It is been agreed that this Agreement for Testing, Purchase and sale of precious Metal will be signed right at the beginning by both the parties in __________ and the commitment to carry out the transaction starts on signing of this agreement by all the parties.
- It is agreed that the term “PURCHASE REPRESENTATIVE” is to be considered as the First Party.
- It is agreed that the term “SELLER REPRESENTATIVE” is to be considered as the Second Party.
- The “PURCHASE REPRESENTATIVE” being Mr. __________S/o __________ residing in __________.
- The “SELER REPRESENTATIVE” being Mr. __________S/o__________ residing in __________.
- It has been agreed that on signing this agreement the First Party and Second Party shall first deposit a sum of Rs. xxxxxxxx each by way of cash towards commitment to carry out the transaction.
- It has been agreed that on receipt of the commitment amount, the First party along with his company and second party along with the precious material shall arrive at the place fixed by the second party at xxxxxxxx day morning 10:00 am fro carrying out the testing to the location of the item in a confidential manner.
- The material should be unpacked and given free for testing by the owner of the material at 10:00 am. If it’s suit work material will be unpacked by company person/Seller or seller representative.
- It has been agreed that only two basic tests shall be carried out to check the genuinity of the precious metal. The test shall be to check the MR and RR of the precious metal and no chemical washing of the material required. The genuinity of the precious metal can be made out in the day time itself. No other additional tests shall be carried out in the last moment. This would be deemed to the changing the terms of the agreement and make the transaction null and void and the commitment amount along with the damages shall be claimed by the Second Party.
- The material genuinity should be confirmed on or before 10:30 am by the First Party.
- The name of company and all relevant documents will be produced after the material being declared. And the repacking of the material would be done the company.
- An amount of 10 crore as advance would be given from First party to the second party within a stipulated times i.e. before 3:00 pm & balance payment of 15crore would be given with in the bank time in the next 5days a sum of 100crore shall be given. After that, the item shall be insured by the Company and the terms of the purchase agreement and the payment modes shall be finalized.
- . It has been agreed that the entire Purchase and Sale transaction shall be completed with in 40 Banking Days.
- It has been agreed that the initial commitment amount of Rs. xxxxxxx given to first party shall not be refunded, if it is found that the item is not genuine and sufficient explanation shall be given as to why the item is not genuine.
- It has been agreed that, the first party shall refund the commitment amount and make good any losses, if the First Party and Company Representatives fails to the terms and conditions of the agreement.
- It has been agreed that any deviation from the terms of this agreement shall make the transaction null and void and both parties are liable for losses suffered.
- It has been agreed that both parties shall carry out the transaction in utmost good faith and both are moving forward with the intention of completing the sale and Purchase transaction.
- We, both the parties have agreed for the above conditions-
FIRST PARTY confirmation SECOND PARTY Confirmation