Terms and Conditions

1. Leasing Term & Lock-in Period

The "SECOND PARTY" agrees to pay an upfront minimum sum of Rupee 22,500 including GST under this ‘LSA’ for purchasing and leasing the container. In return, the "FIRST PARTY" agrees to pay a guaranteed monthly rent of 5% per month for 60 months, subject to tax deductions (TDS) as per the Income Tax Act 1961.

2. Repayment Terms

The "FIRST PARTY" is not required to make any interest payments if the "SECOND PARTY" withdraws within one month of investment. However, a 15% deduction applies as upfront charges.

3. Purpose and Use of Proceeds

The "FIRST PARTY" will utilize the investment proceeds strictly to achieve the objectives outlined in its Memorandum of Association.

4. Conditions

Investment is subject to the execution of this Agreement and proper authorization by the board of directors of the "FIRST PARTY".

5. Indemnifications

The "SECOND PARTY" shall indemnify and hold harmless the "FIRST PARTY" from any losses, claims, or liabilities arising due to any acts, errors, or omissions.

6. Binding Agreement and Assignment

This Agreement is binding on both parties and their successors. Assignment of rights or obligations requires prior written consent.

7. Force Majeure

The "FIRST PARTY" is relieved from obligations due to events beyond its control, including natural disasters, wars, strikes, and legal restrictions.

8. Choice of Law

This Agreement shall be governed and interpreted under the laws of the Republic of India.

9. Severability

If any provision is deemed invalid, the Agreement remains in full force, with modifications if necessary.

10. Counterparts

This Agreement may be executed in multiple counterparts, all of which constitute one agreement.

11. Term and Termination

• This Agreement becomes effective upon execution.
• It terminates when the "FIRST PARTY" has paid all obligations under the Agreement.
• The "SECOND PARTY" cannot terminate the Agreement without written consent from the "FIRST PARTY".

12. Arbitration, Dispute Settlement, and Jurisdiction

• Disputes shall first be resolved amicably through conciliation.
• If unresolved within 45 days, arbitration proceedings will be initiated under the Arbitration and Conciliation Act, 1996.
• Arbitration will be held in Mohali, India, and conducted in English.
• Both parties will share arbitration costs equally unless otherwise decided by the arbitrator.
• The courts of SAS Nagar, Mohali, shall have exclusive jurisdiction over disputes.