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LEGAL AGREEMENT/UNDERTAKING FORMAT

Appendix -2O - Procedure - Appendix - DGFT - Appendix -2O - APPENDIX -2O To The President of India (acting through the Director General of Foreign Trade (which expression shall be deemed to include the Joint Director General of Foreign Trade/Deputy Director General of Foreign Trade) Ministry of Commerce, Udyog Bhavan, New Delhi - 110 011. This DEED of Agreement made on ________________ day of ____________ month ___________ year BETWEEN____________________________________________________ (full ex .....

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ignee 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 _______________________ Scheme (fill up the actual Scheme) (hereinafter referred to as 'Scheme') notified by the Government under the Foreign Tr .....

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ter. AND WHEREAS the party has furnished a Legal Agreement in anticipation of the Government issuing Authorisation as above for an amount of the export obligation imposable as per the Scheme. AND WHEREAS the party has agreed to perform the export obligation for the quantity and or to the extent of FOB value shown in the aforesaid application or as may be fixed by the Government in the Authorisation/ Sanction/ Approval within the stipulated period by exporting the goods as required under the Auth .....

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oods 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) .....

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ticipation of granting the said Authorisation by the Government as aforesaid, the party hereby declare(s) and agree(s): (i) That the party shall comply with all the obligations under the aforesaid Scheme specified by the Government and the conditions specified in the Authorisation/Sanction/Approval to be issued for import/export and other conditions specified herein above. (ii) That if the party fails to fulfil the whole or part of the obligations under the Scheme, including the terms and condit .....

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and notwithstanding any dispute raised by the 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 .....

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sum equivalent to the value of the Authorisation / Sanction/ Approval or to the extent of the value of the imported goods against the said Authorisation / Sanction/ Approval, whichever is higher, by way of liquidated damages to the Government. The decision of the Government shall be final and binding on the party. (vii) That this Agreement is executed by the party in public interest. (viii) That the payment of the amount demanded by the government under this Agreement shall not affect the liabi .....

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and final satisfaction of the Government as specified above and till such satisfaction is communicated to the party. (x) That the party irrevocably undertakes that in the event of his default in meeting the aforesaid export obligations / conditions, they shall pay the applicable 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 .....

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ime and/or from implementing any such modified Scheme as if it is in force at the date of this Agreement. IN WITNESS WHEREOF the party hereto has duly executed this Agreement on this ______________ day of ______year_______ signed, sealed and delivered by the party in the presence of: **(Signature)_________________________ ___________________________________ (full and expanded description of the party with residential address) Witness: _____________________ (Signature) 1. Name ___________________ .....

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/ Legal Agreement is to be executed by the surety Bank (Guarantor)/ importer/exporter (party) on a non-judicial stamp paper for an 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. Any stamp duty payable on the B.G./LUT or any document executed thereunder shall be borne by the party. 3. If the party is a sole proprietary firm, the Bond/Legal Agreement shall be executed by the Sole Proprietor of the firm, along wit .....

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