CASH MANAGEMENT SERVICES AGREEMENT

This agreement is made this _____day of ____________, 200__ between INDUSIND

BANK LIIT!D, ha"ing its registered offi#e at 2$0%, &enera' Thimmayya (oad,
)antonment, *+ne , $%% 00% and #or-orate offi#e at .0%, So'itaire )or-orate *ar/ %0.,
&+r+ 1argo"ind2i arg, Andheri 3!ast4, +mbai $00056, and 7 or its bran#h offi#es
amongst other -'a#es at________________________________________________
31ereafter referred to as 8IBL7Ban/9 whi#h e:-ression sha'' +n'ess re-+gnant to the
#onte:t or meaning thereof sha'' be deemed to mean and in#'+de its s+##essors and
assigns4 of the ;ne *art
AND
______________________________________________________________________
______________, ha"ing its registered offi#e hereafter referred to as 8)'ient9 whi#h
e:-ression sha'' +n'ess re-+gnant to the #onte:t or meaning thereof sha'' be deemed to
mean and in#'+de its s+##essors and assigns4 of the ;ther *art<
=1!(!AS
The ban/, at the )'ient>s re?+est, has offered its ser"i#es /nown as )S )o''e#tions
+nder whi#h a'' -a-er based #o''e#tions i<e< 'o#a'7+-#o+ntry instr+ments drawn in fa"or
of the )'ient and -ayab'e at the #entres within the Ban/>s networ/ and7or o+tside the
Ban/>s networ/, de-osited7de'i"ered to the Ban/ and e'e#troni# #o''e#tions i<e< (T&S 7
N!@T remitted to the )'ient by its #+stomers wi'' be #o''e#ted by the Ban/ at "ario+s
#enters or #entra' offi#e and the -ro#eeds wi'' be #redited to the a##o+nt of the )'ient as
instr+#ted in the a--'i#ation and as -er the <
The Ban/ agrees that the abo"e mentioned ser"i#es wi'' be made a"ai'ab'e to the )'ient
in the manner and s+b2e#t to the terms and #onditions set o+t be'ow<
NOW THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND
BETWEEN THE PARTIES HERETO AS UNDER: -
DEFINITIONS
In these Terms and )onditions, +n'ess the #onte:t otherwise re?+ires
3i4 ABan/> or AIBL> means Ind+sInd Ban/ Limited, a Ban/ing #om-any in#or-orated
+nder )om-anies A#t, %5B0, and a ban/ing )om-any within the meaning of the
Ban/ing (eg+'ation A#t %5$5 and 7 or its offi#esC
3ii4 A)'ient> means the a--'i#ant for the )ash anagement )he?+e )o''e#tion
Ser"i#es 3hereafter referred to )S )o''e#tions in short for Ind+sInd Ban/ )ash
anagement Ser"i#es4
3iii4 )ash anagement )entreD eans #entre of the IBL at +mbai, who, sha''
a##e-t the instr+ments in b+'/ for #o''e#tion dire#t'y from the #'ient or thro+gh
any of the bran#hes or thro+gh any its re-resentati"e 'i/e #o+rier et# and sha''
#entra''y monitor and manage the instr+ments de-osited by #'ient for #o''e#tion
and de-ositor re#o"er the -ro#eeds of the instr+ments either on s-e#ified date
or on a#t+a' rea'iEation of instr+ments in the a##o+nt of the #'ient maintained with
the IBL or remit the -ro#eeds in the a##o+nt designated by the #'ient
3i"4 AInstr+ments> mean #he?+es, demand drafts, -ay orders, ban/er>s #he?+e and
s+#h other instr+ments +sed for -ayments thro+gh ban/ing #hanne'sC
3"4 8INDUS INSTANT9 means the -rod+#t +nder whi#h 'o#a' instr+ments drawn on
'o#a' IBL 'o#ations are a##e-ted by the 'o#a' Ban/ bran#h for #o''e#tionC
3"i4 8INDUS !L!)T(;NI) A));UNTS9 means s-e#ia' n+mbers generated for
remitters on the re?+est of the )'ient in order to identify and -ro"ide remitter
detai's for inward (T&S7N!@T transa#tions<
3"ii4 8INDUS (!A)19 means the -rod+#t +nder whi#h instr+ments drawn on a
'o#ation where IBL has a #orres-ondent ban/ing arrangement for #o''e#tion are
a##e-ted by the )ash anagement )entre of the Ban/ at +mbai, dire#t'y from
the )'ient or thro+gh any bran#h of IBLC
3"iii4 8INDUS (!;T!9 means the -rod+#t +nder whi#h instr+ments drawn on
'o#ations where the ban/ has neither a bran#h nor a #orres-ondent ban/
arrangement are a##e-ted by the )ash anagement )entre of the Ban/ at
+mbai, dire#t'y from the )'ient or thro+gh any bran#h of IBL<
3i:4 8INDUS S*!!D9 means the -rod+#t +nder whi#h 'o#a' instr+ments drawn on
nonFIBL 'o#ations are a##e-ted by the 'o#a' )orres-ondent Ban/ of IBL, for
#o''e#tionC
3:4 8INDUS S=I@T9 means the -rod+#t +nder whi#h instr+ments drawn on any of
the IBL 'o#ations are a##e-ted by the )ash anagement )entre of the Ban/,
dire#t'y from the )'ient or thro+gh any bran#h of IBLC
3:i4 8;-erating bran#hes9 means the bran#hes se'e#ted by the )'ient +nder Lo#a'
)he?+e )o''e#tion s#heme, and agreed by the Ban/ for a##e-ting instr+ments
for #o''e#tionC
3:ii4 A*oo'ing bran#h> means the bran#h se'e#ted by the #'ient for the -+r-oses of
-oo'ing the #o''e#tions and to o-erate the a##o+nt or to re#ei"e -ayment
-ro#eeds of the instr+ments #o''e#tedC
3:iii4 8(T&S7N!@T9 means transa#tions re#ei"ed e'e#troni#a''y by the ban/ from the
remitter thro+gh (ea' Time &ross Sett'ement mode or Nationa' !'e#troni# @+nds
Transfer 3net sett'ement4 mode for #redit to the a##o+nt of the )'ient<
%< Ban/ sha'' a##e-t the 'o#a' and o+tstation instr+ments, for #o''e#tion at the ris/ and
#ost of the #'ient< Ban/ sha'' #redit the -ro#eeds in the a##o+nt of the #'ient or sha''
remit the -ro#eeds in the a##o+nt designated by the #'ient on'y after #'earan#e of the
instr+ments by the drawee ban/ and #'ear f+nds are a"ai'ab'e as -er 'o#a' #'earing
as s-e#ified in )'ient Arrangement Sheet in Anne:+re <
2< The 'o#a' instr+ments fa"o+ring the )'ient d+'y endorsed in fa"o+r of the Ban/ or
instr+ments endorsed in fa"o+r of the )'ient sha'' be de'i"ered to the Ban/ or Ban/>s
a+thorised re-resentati"e within the #+t off time that may be s-e#ified by the Ban/,
as -er the arrangement #onfirmed<
6< The )'ient sha'' de-osit the instr+ments sorted and -re-ared as -er 'o#a' #he?+e
and o+tstation #he?+e for #o''e#tion a##om-anied by De-osit S'i-s 3whi#h are
s+--'ied by the Ban/4 -re-ared #enter wise and in tri-'i#ate sets<
$< The -a-er based instr+ments fa"oring the )'ient a##om-anied by d+'y fi''ed De-osit
S'i-s, sorted +nder 'o#a' and +-#o+ntry #o''e#tions and de-osited within the #+t off
time s-e#ified by the Ban/ wi'' be a##e-ted by the Ban/ or the Ban/>s re-resentati"e
dire#t'y from the )'ient or their dea'ers or re-resentati"es for the -+r-ose of
-resentation in 'o#a' #'earing or sending to +-#o+ntry 'o#ations for #o''e#tion<
B< At #enters, where the Ban/ does not ha"e its bran#hes, the )'ient hereby a+thoriEes
the Ban/ to a--oint any other #orres-ondent ban/ at its dis#retion as an agent for
#o''e#tion of the instr+ments on beha'f of the )'ient as a'so a--oint any firm of
#o+rier as an agent for #o''e#tion G transit of instr+ments on beha'f of the )'ient and
they sha'' o-erate at the ris/ and res-onsibi'ity of the )'ient<
0< In #ase the )'ient has e:-ress'y a"ai'ed of e'e#troni# #o''e#tions from the Ban/, the
res-onsibi'ity of information of the e'e#troni# n+mbers of the remitters wo+'d be the
so'e res-onsibi'ity of the )'ient and the Ban/ wi'' not be 'iab'e for any in#orre#t
#redits or #redits not re#ei"ed owing to either mis#omm+ni#ation by the )'ient or the
remitter<
.< In the e"ent of e'e#troni# re#ei-ts of f+nds "ia (T&S or N!@T, if the ban/ is +nab'e
to identify the #orre#t benefi#iary a##o+nt n+mber d+e to in#orre#t n+mber
mentioned by remitter, ban/ reser"es the right to ret+rn the remittan#e to the
remitting ban/<
H< The #'ient f+rther agree that
3a4 The Ban/ may at its o-tion b+t at the #ost, ris/ and res-onsibi'ity in a''
res-e#t of the )'ient a--oint an agent<
3b4 The Ban/ or the agent may, at its or the agent>s o-tion, send for #o''e#tion
on a##o+nt of and at entire #ost, ris/ and res-onsibi'ity of the )'ient by -ost
or otherwise to another agent or to the drawee thereof any instr+ments and
s+#h other agent or the drawee sha'' be deemed to be the agent for
#o''e#tion at the entire ris/ and res-onsibi'ity in a'' res-e#ts of the Borrower<
3#4 The Ban/ or the agent may, at its or the agent>s o-tion b+t at the ris/ and
res-onsibi'ity of the )'ient re#ei"e in e:#hange for instr+ments, #he?+es,
Ban/ drafts or other mandates for -ayment in 'ie+ of #ash from the drawee
ban/<<
3d4 The re#ei-t by the Ban/ or its agents of #he?+es, ban/ drafts or other
mandates for -ayment as abo"e and the 'oss7de'ay m+ti'ation or dishono+r
thereof and7or other se#+rities of any des#ri-tion, is not to -re2+di#e the
Ban/>s rights against the )'ient on any #he?+es or other instr+ments
ret+rned +n-aid by reason of nonFa##e-tan#e or nonF-ayment as the #ase
may be nor sha'' any -ro#eeding ta/en thereon or Ban/>s granting time or
entering into any arrangements with any -arties to s+#h #he?+es or other
instr+ments -re2+di#e or affe#t the Ban/>s abso'+te re#o+rse to the Borrower
+nder the arrangement<
3e4 Sho+'d the Ban/ or the agent re#ei"e in e:#hange for s+#h instr+ments,
-ayment by another instr+ment whi#h the Ban/ or the agent #annot
#on"enient'y #o''e#t thro+gh norma' #hanne's, it is #'ear'y +nderstood that
s+#h instr+ments may be #o''e#ted in any manner and thro+gh any agen#y
3in#'+ding dis-at#h to the drawee himse'f4 at the entire ris/ and res-onsibi'ity
of the )'ient<
3f4 The )'ient hereby agree that as between them and the Ban/ instr+ments
sha'' be deemed to be -aid, rea'ised or #o''e#ted on'y on the amo+nt thereof
#oming into the Ban/>s ti'' in any offi#e of the Ban/ and +nti' then the same
and any money, #he?+es, Ban/ drafts or mandates for -ayment re#ei"ed in
res-e#t there of sha'' be at the ris/ n a'' res-e#ts of the Borrower and that
the 'iabi'ity of the )'ient in res-e#t of any #he?+es, bi''s, h+ndies, and other
instr+ments wi'' #ease on'y on the amo+nt thereof #oming into the Ban/>s ti''
in any offi#e of the Ban/<
3g4 The transmission of the #he?+es re#ei"ed in e:#hange or -ayment thereof
and the ad"i#e and #orres-onden#e re'ating thereto, whether by -ost or
otherwise and whether by 'and sea or air or by te'egram or #ab'e or te'e:
sha'' be entire'y at the )'ient ris/ and res-onsibi'ity and any 'oss, damage or
de'ay howsoe"er o##asioned sha'' be on the a##o+nt of and be who''y borne
by the )'ient< The )'ient agree that the Ban/ and the agents sha'' be
abso'"ed from and indemnified against a'' 'oss or damage in #onne#tion with
s+#h #he?+es or other instr+ments, or any instr+ments re#ei"ed in e:#hange
or -ayment thereof, in genera' and by reason of the fo''owing in -arti#+'arsD
i4 Loss or damage in transmission by any manner<
ii4 Te'egra-hi# or #ab'e 7 te'e: error, irreg+'arity, de'ay, mista/e, omission,
misreading, misinter-retation or m+ti'ation<
iii4 Loss, damage or deterioration to any #ertifi#ate or do#+ments or goods
d+ring transit or wheresoe"er in#+rred<
i"4 Loss or damage to or m+ti'ation or a'teration of any s+#h #he?+es or
other instr+ments or any instr+ments iss+ed or re#ei"ed in e:#hange or
-ayment therefore<
"4 Loss or damage howsoe"er o##asioned d+e to any fai'+re or de'ay in
transmission by -ost, sea, air, te'egram or #ab'e or te'e: of re'ati"e
ad"i#es or #orres-onden#e or nonFdis-at#h of nonFre#ei-t of s+#h
re'ati"e ad"i#es or #orres-onden#e<
5< Ban/ may, at its so'e dis#retion, a''ow the #'ient the 'imit of drawing against the
+n#'eared effe#ts of the instr+ment7s< and de-osit the #redits in the a##o+nt of the
#'ient irres-e#ti"e of a#t+a' #'earan#e of instr+ments by drawee ban/ as s-e#ified in
the Anne:+re 3#'ient Arrangement sheet4<
%0< The tota' o+tstanding of +nF#'eared instr+ments de-osited for #o''e#tion, and for
whi#h the Ban/ has -assed on #redit to the )'ient, before a#t+a' #'earan#e of the
instr+ments by the drawee ban/ sha'' not e:#eed the 'imits as agreed between the
Ban/ and the )'ient< 1owe"er the Ban/ may at its so'e dis#retion -ermit any e:#ess
to be o+tstanding o"er s+#h 'imit, and s+#h -ermission sha'' not be deemed to entit'e
the )'ient to any f+rther 7 #ontin+an#e of s+#h e:#esses in f+t+re<
%%< The )'ient hereby +nderta/es, agrees and #onfirms that any (BI #he?+es7-ay
orders7ban/er>s #he?+e iss+ed by the drawee Ban/ +nder this ser"i#e s+b2e#t to the
-ro"isions #ontained in these -resents wi'' be +sed to 'ower the 'imit as mentioned
abo"e<
%2< In the e"ent of o+tstanding instr+ments de-osited for #o''e#tion, and for whi#h the
Ban/ has -assed on #redit to the )'ient, before the a#t+a' #'earan#e of the
instr+ments by the drawee ban/ and des-ite reasonab'e efforts by the Ban/ to
obtain the -ro#eeds by way of reminders to the drawee ban/, the Ban/ reser"es the
right to debit the )'ient a##o+nt and re"erse the #redits -ro"ided ear'ier within _____
days from the date of initia' #redit and re#o"er the interest, #ost and #harges as
s-e#ified in Anne:+re 3)'ient Arrangement Sheet4<
%6< It is e:-ress'y agreed and +nderstood that nothing #ontained in this agreement sha''
be deemed to #onstit+te an agreement on the -art of the Ban/ for grant of o"erdraft
or any other form of #redit fa#i'ity by the Ban/ to the )'ient with res-e#t to the
amo+nt of the instr+ments #o"ered by the ser"i#e< In the e"ent of any in#identa' or
tem-orary o"erdraft whi#h may be o##asioned or whi#h may res+'t d+e to ret+rn
instr+ments, the #'ient hereby agrees and +nderta/es to 'i?+idate the o"erdraft the
day fo''owing the day on whi#h it o##+rs and in the e"ent of de'ay in 'i?+idating the
same to -ay interest at the rates mentioned in the anne:+re 3i<e< )'ient Arrangement
Sheet4 hereto from the date on whi#h s+#h tem-orary o"erdraft gets #reated<
Notwithstanding the aforesaid, in the e"ent of s+#h in#identa' or tem-orary o"erdraft
being #reated, the )'ient agrees and +nderta/es to -ay interest aforesaid and the
Ban/ is hereby +n#onditiona''y and irre"o#ab'y a+thorise to debit the a##o+nt for
s+#h ?+ant+m of interest or any monies whi#h may be d+e and -ayab'e by the )'ient
-+rs+ant to the arrangement m+t+a''y agreed +-on at the Ban/>s entire dis#retion< If
the )'ient does not ma/e the -ayments as re?+ired aforesaid, it wi'' #onstit+te a
brea#h of these -resents and if not remedied within . 3se"en4 days of being #a''ed
+-on by the Ban/ to do so, the Ban/ in s+#h e"ent sha'' be entit'ed to in"o/e the
-ro"isions of #'a+se %H hereof and terminate the arrangement forthwith<
%$< The Ban/ wi'' ma/e e"ery effort to #om-'ete the transa#tions effi#ient'y< 1owe"er, the
Ban/ if -re"ented or de'ayed in -erforming its ob'igations #ontained in these
-resents sha'' not be 'iab'e and7or res-onsib'e for the de'ay or nonF-erforman#e if it
has res+'ted by reason of or is d+e to fa#tors in#'+ding b+t not 'imited to #i"i'
#ommotion, sabotage or stri/es of any /ind interfering with or affe#ting the norma'
f+n#tioning of the Ban/ or of the #'earan#es of instr+ments, a##idents, nat+ra'
#a'amities, -ower or system fai'+res, damage to Ban/Is fa#i'ities, absen#e of the
+s+a' means of #omm+ni#ation or trans-ortation, or any other #a+se, whether of the
same or of a different nat+re, +na"oidab'e or beyond the #ontro' of the Ban/<
%B< The )'ient hereby a+thoriEes the Ban/ to debit its a##o+nt maintained at the -oo'ing
bran#h, for the #harges, e:-enses and #osts of A)he?+e )o''e#tion Ser"i#es> as
agreed to between the )'ient and the Ban/ in this a--'i#ation< The Ban/ is entit'ed to
re#o"er the ser"i#e #harges in#'+ding interest for ban/ being o+t of f+nds by
ad2+sting from and o+t of the amo+nt of the #o''e#tion -ro#eeds< The Ban/ sha'' be
entit'ed to re"erse any #redit entry #onse?+ent to the ret+rn7dishono+r of the
instr+ment +n-aid by drawee ban/ for any reason whatsoe"er if the same has
a'ready been #redited to the )'ient>s a##o+nt or a'ready effe#ted the -ay o+t for the
instr+ments so de-osited at the -oo'ing bran#h, any time after the ret+rn of
instr+ments The ban/ a'so sha'' be entit'ed to re#o"er the interest, #ost and #harges
as s-e#ified in the Anne:+re 3)'ient Arrangement Sheet4<
16. The Client also agree that the Bank is entitled to treat every cheque deposited and
handed in by the Borrowers as genuine without any further inquiry and the
Borrowers agree to indemnify and keep the Bank indemnified against any loss
caused to the Bank by reason of the said cheques subsequently turning out to be
forged and not genuine and also against any loss caused to the Bank for any reason
whatsoever.
%.< The Ban/ sha'' be entit'ed at its dis#retion to maintain se-arate a##o+nts in the
boo/s in res-e#t of the +n-aid instr+ments and7or interest for the -+r-ose of
effe#ti"e #ontro' and monitoring of re#o"ery thereof< The )'ient hereby
a#/now'edges that #'ient sha'' be 'iab'e to re-ay s+#h o+tstanding amo+nts as d+e
and -ayab'e here+nder and sha'' #ontin+e to be se#+red by the se#+rity #reated
here+nder<
%H< The abo"e arrangement sha'' remain in for#e initia''y for one year from the date
hereof and sha'' stand a+tomati#a''y renewed for f+rther -eriods of one year ea#h,
+n'ess otherwise terminated by a month>s noti#e in writing by either of the -arties<
Termination sha'' not dis#harge the )'ient from any o+tstanding 'iabi'ity to IBL< In
#ase of brea#h of any of the terms of this agreement or anne:+re or the if any
re-resentation made by the #'ient fo+nd to be wrong or mis'eading then the ban/
sha'' be entit'ed to terminate the arrangement forthwith by gi"ing noti#e to the #'ient<
%5< In the e"ent of the )'ient>s tit'e to the instr+ments #o''e#ted being fo+nd to be
defe#ti"e or the )'ient being fo+nd to ha"e no tit'e to the instr+ments #o''e#ted, the
)'ient +nderta/es to ref+nd and /ee- the ban/ indemnified the Ban/ against any
ad"erse #'aims or 'oss s+stained by the ban/<
20< The Ban/ is hereby +n#onditiona''y and irre"o#ab'y a+thorised to re"erse any #redit
entry #onse?+ent to the ret+rn of the instr+ment +n-aid if the same has a'ready been
#redited to the )'ientIs #+rrent a##o+nt at the -oo'ing bran#h7nonFo-erati"e #+rrent
a##o+nt at any bran#h of the Ban/, in the e"ent+a'ity of nonFrea'isation of any
o+tstation #o''e#tions sent to any #orres-ondent ban/, the Ban/ wi'' be entit'ed to
debit the )'ient>s #+rrent a##o+nt, a'ong with re'e"ant #harges for the -eriod for
whi#h it is o+t of f+nds< 1owe"er, in the e"ent the Ban/ re#ei"es information that an
instr+ment has been ret+rned in #'earing, the Ban/ sha'' ha"e the f+'' a+thority to
debit the )'ient>s a##o+nt or otherwise re#o"er the amo+nt from the )'ient,
notwithstanding any drawee ban/ #ertifi#ate stating that the instr+ment has been
-aid in #'earing< The reso'+tion of s+#h a dis#re-an#y sha'' be the )'ient>s so'e
ob'igation<
2%< The )'ient hereby agrees that the ser"i#es +nder these -resents is being -ro"ided
for on'y instr+ments and wi'' not be +ti'iEed for any ty-e of #ash de-osit or #ash
withdrawa'<
22< It is e:-ress'y agreed by and between the -arties hereto that a''
s#hed+'es7Anne:+res in#'+ding A)'ient Arrangement Sheet>, offer 'etters, -ri#ing
s#hed+'es7'o#ations et#< as amended from time to time sha'' be deemed to be a -art
of this agreement<
26< A'' arrangements are e:#'+si"e of inter"ening Ban/ 1o'idays and S+ndays for
#'earing -+r-oses i<e< on a wor/ing day basis on'y< In #ases where there is no 1igh
"a'+e #'earing on Sat+rdays, the arrangement wo+'d #hange a##ording'y to the ne:t
wor/ing day ha"ing 1igh "a'+e #'earing<
2$< Notwithstanding anything to the #ontrary #ontained and in these -resents and7or any
other -resents it is e:-ress'y agreed by and between the -arties hereto that the
Ban/ at its entire dis#retion terminate this agreement forthwith in the e"ent of any of
the fo''owing o##+rringD F
a< The )'ient goes into 'i?+idation and7or enters into any #om-romise or
arrangement with its #reditorsC
b< The )'ient #ommits a brea#h of the terms and #onditions of this agreement and
the same is not remedied within . 3se"en4 days as sti-+'ated in the noti#eC and
#< Any a#t of omission or #ommission has o##+rred and the #ontin+an#e of this
agreement wo+'d -re2+di#e the Ban/>s interests
2B< Any noti#e to be gi"en or other #omm+ni#ation to be -ro"ided here+nder sha'' be
sent in writing to the res-e#ti"e -arties +n'ess otherwise s-e#ified by any *arty
hereto by written noti#e thereof the *arty gi"ing any new address<
20< The wai"er by any *arty of any brea#h of any term of this agreement sha'' not
-re"ent the s+bse?+ent enfor#ement of that term and sha'' not be deemed a wai"er
of any s+bse?+ent brea#h<
2.< No modifi#ation, wai"er or amendment of any term or #ondition of this Agreement
sha'' be effe#ti"e +n'ess and +nti' it sha'' be red+#ed to writing and signed by the
-arties hereto<
2H< A'' ?+estions, dis-+tes, differen#es and #'aims whatsoe"er whi#h sha'' at any time
arise between the -arties hereto or their res-e#ti"e re-resentati"es or any of them
to+#hing or #on#erning this Agreement and a'' other do#+ments in -+rs+an#e hereof
or the #onstr+#tion, meaning, o-eration or effe#t thereof or of any #'a+se herein
#ontained or as to the rights, d+ties, ob'igations or 'iabi'ities of the -arties hereto
res-e#ti"e'y or their res-e#ti"e re-resentati"es or any of them +nder or by "irt+e of
this Agreement or otherwise or to+#hing the s+b2e#t matter hereof or arising o+t of or
in re'ation thereto sha'' be referred to the So'e Arbitrator a--ointed by the ban/ and
sha'' be #ond+#ted in a##ordan#e with the -ro"isions of the Arbitration and
)on#i'iation A#t, %550 as amended from time to time< S+#h arbitration -ro#eedings
sha'' be he'd in !ng'ish and wi'' ta/e -'a#e in +mbai on'y and sha'' be s+b2e#t to
the 2+risdi#tion of the )o+rts in +mbai on'y< The Award -assed by the Arbitrator
sha'' be binding +-on both the -arties<
25< This Agreement sha'' be go"erned by the Laws a--'i#ab'e in India<
60< It is f+rther agreed by and between the -arties hereto that this agreement sha'' be
s+b2e#t to the e:#'+si"e 2+risdi#tion of the #o+rts in +mbai<
IN =ITN!SS =1!(!;@ the -arties hereto ha"e set and s+bs#ribed their res-e#ti"e
hands and sea' at the day, month and year first hereinabo"e written<
SI&N!D, S!AL!D AND D!LIJ!(!D BK 4
Ind+sInd BANK LTD< 4
Thro+gh its A+thorised Signatory r<7s<_______________________ 4
SI&N!D, S!AL!D AND D!LIJ!(!D BK 4
The within named A)'ient> 4
Thro+gh its A+thorised Signatory r<7s< ______________________ 4
in the -resen#e of D
Name Signat+re
%< ____________________________________
2< ____________________________________