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A Memorandum of Agreement (MOA) is a legally binding document that outlines the terms and conditions of a partnership or collaboration between two or more parties. It is used to establish a mutual understanding and set expectations for the roles and responsibilities of each party involved in the agreement. An MOA typically includes details such as the purpose of the partnership, the scope of the work to be done, the resources to be provided, and any timelines or milestones that need to be met. It also outlines any contingencies or termination clauses in case the partnership is dissolved. MOA's are not legally binding like a contract, but it serves as a formal document that can be used as evidence of an agreement between the parties.
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MEMORANDUM OF AGREEMENT
This Agreement is made at
Islamabad on this 15th day
of March ………… by and
between ……………………………………………, having office
No. ……………………………………………………………………. through its Chief Executive, ………………….., hereinafter referred to
as “ The First Party” which
shall mean and include, unless repugnant to the context, its successors in
interest and assigns of the first part.
AND
………………….., at …………………………………………, hereinafter
referred to as “ The Second Party”
through its Chief Executive ……………………….., which shall mean and
include, unless repugnant to the context, its successors in interest and
assigns of the first part.
WHEREAS the first Party on the request of the second
party, agreed to engage the services of the second party for sale of plots as
detailed in the “Schedule of Plots” at the end of this Agreement of ……………………………………………..
Housing Scheme as the agent of the first party.
AND WHEREAS the Second Party has also agreed to provide
services on the terms and the conditions set forth below:-
1.
The Share of the parties will be:-
b. Second Party’s (……………………) Share - 60%
2. The relationship between the First
Party and the Second Party will be that of a Principle and the Agent. However,
the Second Party is authorized to act on behalf of the First Party subject to
the terms and within the limits of the Agreement. This agreement does not create
any employer/employee or any other relationship between the first party and the
second party.
3.
Obligations of The First
Party
The First Party covenants and
agrees that it will:
3.1.
Provide the details of plots
available for booking.
3.2.
Provides following documents
required for booking.
a.
Price List of plots available for
booking.
b.
Application Forms.
c.
Profile of the Company.
d.
Necessary Broachers.
e.
Made necessary advertisement in
print and visual media.
f.
Parameters of booking, if any.
g.
All the legal documents relating
to the first party including NOCs by the concerned departments.
3.3.
Will pay commission to the Second
Party, in terms of this Agreement, within 5 days after receipt of the Second
Party’s invoice.
4.
Obligations of The Second
Party
The Second Party covenants and
agrees that it will:-
4.1.
Provide quality services by
engaging qualified persons.
4.2.
Issue identity cards to its
employees/representatives to prove their identity.
4.3. Carry out necessary publicity at
its own cost where required after approval of the text of advertisement by the
First Party.
4.4.
At the time of booking, shall not
accept any Cash or Cheque; but receive only Pay Order/Bank Draft favouring “
………………………………..
4.5.
Work within the parameters spelled
out by the First Party is the most transparent manner.
4.6.
Not charge more than prescribed
rates under any circumstances during the allocated period.
4.7.
Will book plots as per the
allocation made by the First Party; No overbooking will be done.
4.8.
No tempering or change will be
done in the broachers of the First Party, however the second party can paste
their stickers on open spaces of broachers showing them as dealers of the First
Party.
4.9.
The Second Party shall spend at
least 10% of their remuneration on proper publicity of the project and submit
proof thereof at the time of submitting their invoices.
5.
Either party can terminate this
Agreement by giving 15 days written notice, however during notice period both
parties shall be responsible for their respective obligations.
6.
This Agreement is valid for the
booking of ……………………………. Housing Scheme and shall remain valid for a period of
one year from the date of signing of this Agreement.
7.
The second party undertakes and
takes full responsibility to complete the marketing of at least 500 (five
hundred) Plots within 45 days. In case of failure of booking within 45 days the
Agreement shall automatically stand as Cancelled.
8.
The First Party reserves the right
to revise the price and payment schedule of plots during and/of after the
expiry of specified time.
9. The Second Party shall be
responsible for timely payment of installments by the clients/allottes till the
final payment.
10.
The Second Party shall be entitled
to remuneration for its services 12% of cost of Plots payable 6% on down
payment and the remaining of out of 25% of subsequent installments to be
collected from the allottees.
11.
The First Party will not be
entitled to deduct any Tax.
12.
That this Agreement once executed
validly, will constitute legal, valid and binding obligations enforceable
against the Second Party in accordance with the terms hereof and according to
the rules prevailing in Pakistan.
13. Both the parties hereby agree that
a Party shall stand indemnified or held harmless on account of any loss
occasioned by any act or omission or negligence unintentionally done on the
part of the other party.
14.
That the validity, construction
and performance of this Agreement shall be governed by the laws of Pakistan
which shall have absolute jurisdiction over any dispute arising with regard to
any provision of this Agreement.
15.
If any of the provisions of this
Agreement be void for whatever reason, validity of the remaining provisions in
case of doubt shall thereby not be effected. In such case the contracting
parties shall upon mutual consent replace the ineffective provision by new
provision which shall approximate the ineffective one as closely as possible.
16.
The matters not specified in this
agreement shall be governed by laws of Pakistan.
SCHDULE OF PLOTS
|
S/No |
Size |
Allocation for Motor Way |
|
1. |
125 Sq. Yds. |
3000 |
|
2. |
252.78 Sq Yds |
2000 |
|
3. |
500 Sq. Yds. |
1000 |
|
Total Plots: |
6000 |
|
IN WITNESSES WHEREOF, the Parties hereto have executed
this Agreement on the day and year first above mentioned.
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