Both the parties have agreed as under :

 

1) That the first party has agreed to supply the raw material and the raw material for the converting of Reels shall be given to the second party and the second party undertakes to collect the Raw Materials from the nearby Transport office of the second party on its own.

2) That the second party is bound to supply the finished goods (Reels) to the first party at least for continues period, till the expiry of this M.O.U.

3) That the second party has agreed to deliver the manufactured finished goods ( i.e. Thread’s Reels) to the first party in fine / good conditions as per given below:-   

        A) All pieces to be Same size / equal weight / length as per Specifications of the first party.

        B) The Reels with the mixing color shall not be accepted by the first party.

        C) The Reels shall be nice on the top and in case of misbalanced Reels or not equal Reels or any complaint shall not be accepted by the first party.

        D) That the Whole Reel shall be packed in a bag properly.

4) That the party of the first part undertakes to given the profit / Conversion charges of Rs. 180/- per kg, to the party of the second Part, It may be differ time to time. That the first party will make lot wise payment to the second party after Check and passing all the Thread’s Reels.

5) That the First party will dispatch the Raw Material in Advance According the Production of Machine to Ensure Continuous Uninterrupted Production. 

6) That this Agreement has been executed on a specific conditioned and assurance given by the first party that after Reaching / Inspection or Verification of Reels (finished goods), the party of the first part shall make the payment to the second party respectively.

7) That the Second party when ready with Prepared Threads Reels will inform the First party to depute Distributer / Sales Man to Collect the Finished Goods and Salesmen of the First Party will visit to the Place of Second Party Once on every week to Collect the Finished Product and the Distributer / Sales Man of the First party will make Lot wise Payment instantly in Cash only to the Second Party.

8) That the First party is Bound to Supply the Raw Material and to take Finished / Prepared Goods from the Second Party at least for Continuous Period, till the Expiry of this M.O.U otherwise will Refund the whole invested Money and the First Party is not responsible for any Refund to the Second Party, if the Second Party is not willing to Continue, till the Expiry of this M.O.U.

9) That if the Reels (finished goods) delivered by the second party are not as per the specifications as mentioned in para 3, will be Return for alteration and if the second party will not alter the same ( Rejected Finished Goods), then the first party has right to cancel this Agreement and the Second party shall have no right to claim anything against the first party and the Second party also have to pay the total cost of Rejected Goods Rs. 300 /- per kg to the first party.

10) That the first party has got the right to check each Reel before taking delivery / receiving of the finished goods, prepared / converted by the second party and If the Raw Material or finished goods will lost / destroyed at the place of second party, The cost of Raw Material will be charged Rs. 300/- per kg from the party of the second part.

11) That the second party will assures the first party, that they ( second party ) will not approach the buyer from market directly / indirectly during the period of this M.O.U. for selling the Thread’s Reels and Thread’s Cones and If the second party is found selling the same to any other person, then second party shall give total cost of sold materials plus Rs. 10,000/- also as penalty charges to the first party.

12) That the first party is not responsible for any refund to the second party, If the second party is not willing to continue, till the expiry of this M.O.U. for any reason.

13) That the second party assures to the first party that he will only contact / correspondence to the first party regarding Raw Material / Payment and any Dispute etc.

14) That this M.O.U. is valid for 05 ( Five ) years, from xx/xx/2021 to xx/xx/2025. The second party will inform the First party before one month, Expiry of this Agreement

15) That, If the second party will not approach to the first party within one month, without any Correspondence / Information, then the first party has right to cancel the M.O.U. and the second party shall have no right to claim anything against the first party.

16) That in case any Dispute Arising out of this Agreement ( related to Raw Material, Payments and Cheques ) shall be subject to the jurisdiction of the court of Delhi only.

17) That any Dispute Arising out of the aforesaid Agreement shall be settled through the Arbitration as per the provision of Indian Arbitration Reconciliation Act, 1996. The both parties have the absolute power to appoint the sole Arbitration whose award shall be binding on both the parties.