The purpose of this agreement is to provide an employer some protection against the possibility that knowledge gained by an employee will be used in the future to compete with the employer.
Full description
This Agreement is used to define the understanding between a supplier of products or merchandise and their client.
170
Form No. 5
Agreement for sale of a plot in a Development Layout Agreement for sale made at ........ this ........ day of .......................... between Mr ‘A’ Indian Inhabitant, residing at— hereinafter referred to as the ‘Vendor’ of the one part and Mr ‘B’ Indian Inhabitant residing at hereinafter referred to as the “Purchaser” of the other part. WHEREAS 1. The Vendor owns a large piece of land situate at — and more particularly described in the First Schedule hereunder written 2. The Vendor has converted the said land which was agricultural, into non agricultural use with the permission of the Collector of — as per the order passed by the Collector No—— dated ........ a copy of which is hereto annexed as Annexure ‘A’ 3. The Vendor Vendor has, with the help of his architect, divided the said land into several plots providing for common inter nal roads, areas of common use such as childrens play grounds, community hall , electric station, water pump house, etc and the said layout of t he land has been approved by the Town Planning authority for the locality and the Collector by order No — dated — a copy which is annexed as Annexure B. hereto. 4. The said land is however uneven with trees bushes, ditches, etc and is required to be developed so as to make it usable for constructing bungalows on the plots, for roads etc. 5. Pending the work of development, the Vendor proposes to sell the plots to different purchasers for constructing residential bungalows. 6. The Purchaser has offered to purchase one plot being plot No. — of the said land and which is more particularly described in the Second Schedule hereunder written. 7. A copy of the said layout with the location of the said plot No. — is hereto annexed as Annexure ‘C’ 8. The parties have agreed to the following terms and conditions for the sale of the said plot No. .....(hereinafter referred to as ‘the plot’) by the Vendor to the Purchaser. Now it is agreed by and between the Parties hereto as follows (1) The Vendor shall sell and the Purchaser shall purchase the said plot more particularl y described in the Second Schedule hereunder written at the price of Rs......on as is where is basis but subject to the following conditions hereinafter mentioned . The said price is exclusive of the cost of development of the sale plot which will be actuall y incurred by the Vendor. Vendor. (2) The said price will be paid as follows i.e to say that a sum of Rs..... will be paid by Purchaser to the Vendor on the execution of this agree-
AGREEMENT FOR SALE OF A PLOT IN A DEVELOPMENT LAYOUT
171
ment as earnest money and the balance will be paid on the execution of the deed of conveyance of the said plot by the Vendor to the Purchaser. (3) Vacant possession of the said plot will be given by the Vendor to the Purchaser on the execution of the deed of conveyance. (4) The sale shall be completed within a period of one year from the date hereof failing which the agreement can be cancelled by giving fifteen days prior written notice to the defaulting party,cancelling the agreement and in which event the Vendor shall return the earnest money paid on the execution of this agreement without interest and without any liability for damages by one party to the other. This is without prejudice to the right of any party to have this agreement specifically enforced. (5) In the mean while the Vendor shall make out a marketable title to the said plot free from encumbrance and for that purpose shall produce to the Purchaser or his advocate the documents of title for inspection, and for investigation of title as and when required by the Purchaser or his advocate. (6) If the title is not found marketable as aforesaid the Purchaser will be entitled to cancel this agreement by 15 days notice in writing to the Vendor to that effect and in that event the Vendor will return to the Purchaser the earnest money without interest and without any liability for damages or otherwise but without prejudice to the right of the Vendor for the specific performance of the agreement. (7) The sale will be completed on the Purchaser accepting the title and the development of the said land being completed as herein provided. (8) On the completion of the sale the Vendor and all other interested parties shall execute a deed of conveyance in favour of the Purchaser or his nominee and all the costs of and incidental to such deed including stamp duty and registration charges will be paid by the Purchaser. (9) The said plot will be sold subject to the terms and conditions mentioned in the order of the Collector and the Town Planning Authority copies of which are hereto annexed and the same will be binding on the Purchaser and or his legal representatives /Assigness. (10) The deed of conveyance will contain a covenant for production of the document of titl e in the possession of the Vendor in favour of the Purchaser and the Purchaser will not be entitled to ask for the custody of the original documents. The Vendor will be entitled to transfer the obligation under such covenant to the Purchaser of any other plot in the said layout. (11) As the said land described in the First Schedule hereunder written can be developed by a single agency and not separately by the plot holders, The Vendor has appointed as an agent a contractor to carry out the development work such as levelling the said land, demarcating each plot as per the layout, constructing internal roads, providing a garden area, electric station and water pump in terms of the said orders of the Collector. The Purchaser has been shown the agreement entered into by the Vendor with the contractor and the Purchaser has accepted t he same. The plots will be developed in ter ms of the said agreement. (12) The Purchaser agrees to contribute his share in the total cost of development payable to the contractor in terms of the said agreement and such share will be determined in proportion to the area of the said
172
AGREEMENT FOR SALE OF A PLOT IN A DEVELOPMENT LAYOUT
plot with the area of the whole land including the cost of development of the common areas of roads etc. and common amenities to be provided. In the event of any difference or dispute regarding the proportionate share of the Purchaser the decision of the Vendor’s architect will be final and binding on the Vendor and the Purchaser. The Purchaser shall pay to the Vendor on the execution of this agreement a sum of Rs ......... towards such development charges and the balance will be paid by instalments as and when demanded provided that the same will be paid in full in any event before completion of the sale. (13) If the Purchaser fails t o pay any amount towards the develop ment charges as aforesaid when demanded the Vendor will be entitled t o cancel this agreement and the mo ney paid by the Purchaser t o the Vendor under this agreement including the earnest money will stand forfeited to the Vendor as liquidated damages. (14) The said land including the said plot will be developed in terms of the agreement of development entered into by the Vendor with the said contractor and the certificate of the Vendor’s architect that development has been carried out accordingly shall be final and binding on the Purchaser. If in the course of the such development and demarcation of boundaries of the plot the area of the plot as given in the Schedule hereto is reduced or increased, the price will be adjusted accordingly at the rate of Rs ........ per sq.ft. (15) If the said contractor fails to carry out the contract entered into with him as aforesaid, the Vendor will enter into a similar contract with any other contractor or carry out the development work himself as the agent of the Purchaser and other plot purchasers and the purchaser will not be entitled to raise any objection on that account and the purchaser’s liability to contribute will continue as if the said contract of development was subsisting . (16) If for any reason the development of the said land is delayed beyond one year from the date hereof, the period for completion will be extended accordingly. IN WITNESS whereof the Parties have put their respective hands the day and year first herein before written The First Schedule above referred to (description of the land)
) )
The Second Schedule above referred to (description of the plot)
) )
Signed and delivered by the withinnamed Vendor in the presence of
) )
Signed and delivered by the withinnamed Purchaser ) in the presence of
)
__________
Notes : See the Notes at the foot of the previous Forms.
