Common use of Duties and Obligations of the Agent Clause in Contracts

Duties and Obligations of the Agent. The Agent, in performance of its duties and obligations under this Agreement, undertakes to: 2.1 Select goods and/or assets (whether financial assets or otherwise) for trading, leasing and/or partnership, to be responsible for all contracts of such goods/assets against advance, spot or credit payments, entered into with any third party (“Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts 2.2 Assume all losses and liabilities towards third parties concerning its negligence, omission, willful misconduct or breach of the Contract conditions. 2.3 Ensure, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 Perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth herein. 2.5 Comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts in conformity with the written and published rules of Xxxxx’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Standards”) as interpreted by the Internal Xxxxx’ah Supervisory Committee of the Agent (the “ISSC”). 2.6 To provide the Principal, if requested, with the reasonable details, to the extent it is provided in customary banking practices for similar transactions, related to the Contracts executed by the Agent to enable the Principal to ensure the Agent’s compliance with the Xxxxx’ah Standards. 2.7 Agent may invest the Funds on its “best efforts” basis in Contracts which have the potential to meet the Indicative Profit Rate. If such Contracts are not readily available in the market in the opinion of the Agent, the Agent shall obtain the prior consent of Principal to enter into such other Contracts which may have a lower return rate. For this purpose, the Agent will request the Principal, through the established communication channels; like, email or recorded telephone-line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return rate. Principal will have to provide express consent to the Agent within the stipulated time (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank. The Principal shall be deemed to have consented to Agent to enter into such other Contacts after the lapse of the Consent Period, and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claims 2.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has the full authority and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall be for the Account of the Principal. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action to confirm that this Agreement is compliant with the Xxxxx’ah Standards. It has not relied on the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant with the Xxxxx’ah Standards.

Duties and Obligations of the Agent. The Agent, in performance of its duties and obligations under this Agreement, undertakes to: 2.1 Select goods and/or assets (whether financial assets or otherwise) for trading, leasing and/or partnership, to be responsible for all contracts of such goods/assets against advance, spot or credit payments, entered into with any third party (“Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts 2.2 Assume all losses and liabilities towards third parties concerning its negligence, omission, willful misconduct or breach of the Contract conditions. 2.3 Ensure, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 Perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth herein. 2.5 Comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts in conformity with the written and published rules of Xxxxx’ah Shari’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Shari’ah Standards”) as interpreted by the Internal Xxxxx’ah Shari’ah Supervisory Committee of the Agent (the “ISSC”). 2.6 To provide the Principal, if requested, with the reasonable details, to the extent it is provided in customary banking practices for similar transactions, related to the Contracts executed by the Agent to enable the Principal to ensure the Agent’s compliance with the Xxxxx’ah Shari’ah Standards. 2.7 Agent may invest the Funds on its “best efforts” basis in Contracts which have the potential to meet the Indicative Profit Rate. If such Contracts are not readily available in the market in the opinion of the Agent, the Agent shall obtain the prior consent of Principal to enter into such other Contracts which may have a lower return rate. For this purpose, the Agent will request the Principal, through the established communication channels; like, email or recorded telephone-line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return rate. Principal will have to provide express consent to the Agent within the stipulated time (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank. The Principal shall be deemed to have consented to Agent to enter into such other Contacts after afer the lapse of the Consent Period, and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claims 2.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has the full authority and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall be for the Account of the Principal. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action to confirm that this Agreement is compliant with the Xxxxx’ah Standards. It has not relied on the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant with the Xxxxx’ah Standards.

Duties and Obligations of the Agent. The Agent, in performance of its duties and obligations under this Agreement, undertakes to: 2.1 Select goods and/or assets (whether financial assets or otherwise) for trading, leasing and/or partnership, to be responsible for all contracts of such goods/assets against advance, spot or credit payments, entered into with any third party (“Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts 2.2 Assume all losses and liabilities towards third parties concerning its negligence, omission, willful misconduct or breach of the Contract conditions. 2.3 Ensure, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 Perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth herein. 2.5 Comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts in conformity with the written and published rules of Xxxxx’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Standards”) as interpreted by the Internal Xxxxx’ah Supervisory Committee of the Agent (the “ISSC”). 2.6 To provide the Principal, if requested, with the reasonable details, to the extent it is provided in customary banking practices for similar transactions, related to the Contracts executed by the Agent to enable the Principal to ensure the Agent’s compliance with the Xxxxx’ah Standards. 2.7 Agent may invest the Funds on its “best efforts” basis in Contracts which have the potential to meet the Indicative Profit Rate. If such Contracts are not readily available in the market in the opinion of the Agent, the Agent shall obtain the prior consent of Principal to enter into such other Contracts which may have a lower return rate. For this purpose, the Agent will request the Principal, through the established communication channels; like, email or recorded telephone-line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return rate. Principal will have to provide express consent to the Agent within the stipulated time (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank. The Principal shall be deemed to have consented to Agent to enter into such other Contacts after the lapse of the Consent Period, and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claims 2.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has Mashreqbank PSC and Mashreq Al Islami (Islamic Banking Division of Mashreqbank PSC) are licensed and regulated by the full authority and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall be for the Account of the PrincipalUAE Central Bank. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action to confirm that this Agreement is compliant with the Xxxxx’ah Standards. It has not relied on the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant with the Xxxxx’ah Standards.

Duties and Obligations of the Agent. The Agent, in the performance of its duties and obligations under this Agreement, undertakes to: 2.1 Select keep the Funds invested in Xxxxx’ah compliant investments only. 2.2 select, at its sole discretion, goods and/or assets (whether other financial assets for trading or otherwise) for trading, leasing and/or partnershipinvestment, to be responsible for all purchasing such goods from suppliers and entering into the sale contracts of such goods/assets pertaining to the same, against advancecash or credit, spot or credit payments, entered into with any third party (“Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts. 2.2 Assume 2.3 assume all losses and liabilities towards third parties concerning its negligence, omission, incurred by the Principal resulting from the Agent’s gross negligence and/or willful misconduct or breach of the Contract conditionsmisconduct. 2.3 Ensure2.4 ensure, in the event of an investment in commodities, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 Perform 2.5 perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall interests, take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth hereinin this Agreement. 2.5 Comply 2.6 comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts to purchase goods from suppliers and sell the same for cash or on credit in conformity with the written and published rules principles of Xxxxx’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Standards”) as interpreted by the Internal Xxxxx’ah Supervisory Committee of the Agent (the “ISSC”). 2.6 To provide the Principal, if requested, with the reasonable details, to the extent it is provided in customary banking practices for similar transactions, related to the Contracts executed by the Agent to enable the Principal to ensure the Agent’s compliance with the Xxxxx’ah StandardsXxxxx’ah. 2.7 Agent may invest the Funds Funds, on its a “best effortseffort” basis basis, in Contracts which have the potential to meet the Indicative Profit Rate. If such Contracts are not readily available in the market in the opinion of the Agentmarket, the Agent shall obtain the prior consent of the Principal prior to enter entering into such other Contracts which may have a lower return raterates. For this purpose, the Agent Principal will request be requested by the PrincipalAgent, through the established communication channels; like, email or recorded telephone-telephone line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return raterates. The Principal will have will, if it agrees to such request, provide express its consent to the Agent by sending an email confirmation within 2 working days from the stipulated time the Agent made the request (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank). The Principal shall be deemed to have consented to Agent to enter into such other Contacts given its consent after the lapse of the Consent Period, Period and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent need of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities notice to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claims 2.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has the full authority and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall be for the Account of the Principal. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action 2.8 if the return on the existing Contracts is expected to confirm that this Agreement is compliant be less than the Indicative Profit Rate, renegotiate the Indicative Profit Rate with the Xxxxx’ah StandardsPrincipal based on prevailing market conditions as determined by the Agent. It has not relied on During renegotiation, the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at shall be bound to keep the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant Funds invested in accordance with the Xxxxx’ah Standardsexisting Relevant Wakalah.

Duties and Obligations of the Agent. The Agent, in performance of its duties and obligations under this Agreement, undertakes to: 2.1 Select goods and/or assets (whether other financial assets or otherwise) for trading, leasing and/or partnership, to be responsible for all purchasing contracts of such goods/assets goods from suppliers and the sale contracts pertaining to the same, against advance, spot cash or credit paymentscredit, entered into with any third party (“Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts. 2.2 Assume all losses and liabilities towards third parties concerning its negligence, omission, willful misconduct violation or breach of the Contract conditions. 2.3 Ensure, in the event of an investment in commodities, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 Perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth herein. 2.5 Comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts to purchase goods from suppliers and sell the same for cash or on credit in conformity with the written and published rules principles of Xxxxx’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Standards”) as interpreted by the Internal Xxxxx’ah Supervisory Committee of the Agent (the “ISSC”)Sharia’h. 2.6 To provide the Principal, if requested, with the reasonable details, particular details related to the extent it is provided in customary banking practices for similar transactions, related transactions pursuant to the Contracts executed by the Agent to in its performance of this Agreement. The Agent shall enable the Principal to review such particulars to ensure the Agent’s compliance with the Xxxxx’ah Standardsregulations of Sharia’h during performance of its duties and obligations set forth herein. 2.7 Agent may Not invest the Funds on its “best efforts” basis Principal’s funds other than in Contracts investments which have are expected to make returns not less than the potential to meet the Indicative Profit Rate. If such Contracts are not readily available rate specified in the market acceptance as set forth in Annexure II, and if an investment with such returns is not available on the opinion of the Agentmarket, the Agent shall obtain the express consent and approval of the Principal prior consent of Principal to enter entering into such other Contracts any investment which may have a lower return rate. For this purpose, the Agent will request the Principal, through the established communication channels; like, email or recorded telephone-line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return rate. Principal will have to provide express consent to the Agent within the stipulated time (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank. The Principal shall be deemed to have consented to Agent to enter into such other Contacts after the lapse of the Consent Period, and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claims. 2.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has the full authority retention and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall amount will be for the Account of the Principal. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action to confirm that this Agreement is compliant with the Xxxxx’ah Standards. It has not relied paid on the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant with the Xxxxx’ah Standardsgoods’ delivery date.

Duties and Obligations of the Agent. The Agent, in performance of its duties and obligations under this Agreement, undertakes to: 2.1 3.1 Select goods and/or assets (whether financial assets or otherwise) for trading, leasing and to enter into any and all purchase and sale contracts in relation to such goods and/or partnership, to be responsible for all contracts of such goods/financial assets with any suppliers and/or third parties against advance, spot cash or credit payments, entered into with any third party (collectively referred to as “Contracts”). The Agent shall have all the authorities from the Principal to claim its rights under the Contracts, executed in the Agent’s name, and to fulfill its obligations within such Contracts. 2.2 3.2 Assume all losses and liabilities towards third parties concerning its negligence, omission, willful misconduct violation or breach of the Contract conditions. 2.3 3.3 Ensure, in the event of an investment in commodities, that the suppliers deliver the goods in the proper and stipulated time frame and directly without any attachment, fees, encumbrances or guarantees. 2.4 3.4 Perform and to fulfill its obligations hereunder as if it is working for its own interests and it shall take all the steps and procedures necessary in order to protect the rights and interests of the Principal and shall refrain from doing anything which is not in conformity with its obligations as set forth herein. 2.5 3.5 Comply with the terms and conditions of this Agreement and to ensure the execution of the Contracts to purchase goods from suppliers and sell the same for cash or on credit in conformity with the written and published rules principles of Xxxxx’ah compliance issued by the Accounting and Auditing Organization for Islamic Financial Institutions (the “Xxxxx’ah Standards”) as interpreted by the Internal Xxxxx’ah Supervisory Committee of the Agent (the “ISSC”)Sharia. 2.6 3.6 To provide the Principal, if requested, with the reasonable details, particular details related to the extent it is provided in customary banking practices for similar transactions, related transactions pursuant to the Contracts executed by the Agent to in its performance of this Agreement. The Agent shall enable the Principal to review such particulars to ensure the Agent’s compliance with the Xxxxx’ah Standardsregulations of Sharia during performance of its duties and obligations set forth herein. 2.7 Agent may 3.7 Not invest the Funds Principal’s funds other than in investments which are expected to make the Investment Return, and if an investment is unable to generate the Investment Return or the Investment Return is not available on its “best efforts” basis in Contracts which have the potential to meet the Indicative Profit Rate. If such Contracts are not readily available in the market in the opinion of the Agentmarket, the Agent shall obtain the express consent and approval of the Principal prior consent of Principal to enter entering into such other Contracts any investment which may have a lower return rate. For this purpose, rate than the Agent will request the Principal, through the established communication channels; like, email or recorded telephone-line, to provide its consent to the Agent to enter into such other Contracts with an expected lower return rate. Principal will have to provide express consent to the Agent within the stipulated time (“Consent Period”) in one of the following ways: Confirmation by email within 2 days of receiving the Bank’s offer; or Confirmation over a recorded telephone-line at the time it is communicated by Bank. The Principal shall be deemed to have consented to Agent to enter into such other Contacts after the lapse of the Consent Period, and the Agent can proceed to act on its own without any liabilities attached to securing the prior consent of Principal. In the case of Principal expressly denying the consent to the Agent within the Consent Period to enter into such other Contracts, the Agent will not have any further obligations or liabilities to invest the Funds; and the Principal agrees to defend, indemnify and hold harmless the Agent immediately on demand for any and all such claimsInvestment Return. 2.8 3.8 Ensure that any amount paid by the Principal as a price to purchase goods and/or and /or finance assets is inclusive of any taxes, fees, import tax or retention. The Principal acknowledges that: 3.1 It has the full authority retention and power required to enter into this Agreement and to fulfill the obligations herein provided that such fulfillment does not contradict with the clauses of the Principal’s Articles of Association or with any law, contract, covenant or obligation towards any third party. Subject to clause 2.2, all losses arising under the Relevant Wakala shall amount will be for the Account of the Principal. 3.2 It has made its own investigation into and satisfied itself and it has taken all necessary action to confirm that this Agreement is compliant with the Xxxxx’ah Standards. It has not relied paid on the Agent or any written declaration, fatwa, opinion or other documents prepared by, on behalf or at the request of the Agent for the purposes of a determination or confirmation that this Agreement is compliant with the Xxxxx’ah Standardsgoods’ delivery date.