Execution of Murabahah Sale Contract Sample Clauses

Execution of Murabahah Sale Contract. (a) For the purpose of Section 2.2 above, the Customer will appoint the Bank as its execution agent to execute the Murabahah Sale Contract on behalf of the Customer, (for the purpose of the purchasing of the Commodities from the Bank at the Selling Price). With this appointment, the Bank will at all times act as the Customer’s agent and the Bank will:- (i) be authorised to sign and execute all documents and do all acts and observe and perform all obligations required to be done in connection with or imposed under any agreement of purchase of the Commodities; and (ii) be authorized to delegate its rights and duties as an agent herein to any third party to do all acts necessary for the completion of the required transactions; and (iii) be required to do all the administrative duties regarding the purchasing of Commodities and subsequently holding the Commodities; and (iv) take possession (physical or constructive) of the Commodities (if any). (b) The Customer will be held liable for the sale and purchase contract entered into by the Bank in accordance with specified terms and conditions agreed upon under this Agreement. The Bank will not be held liable except in the event of misconduct, negligence or breach of specified terms for any of the appointment made under Section 2.2 above, and Section 2.4 below. In such case, the Bank will be liable for loss or damage including any actual cost suffered by the Customer. In the event that a breach of specified terms results in any gain to the Customer (such as selling at the higher price or buying at a lower price) than that the Bank is authorised for, the Bank shall disclose this to the Customer and must not retain any portion of the gains without the consent of the Customer. (c) The parties agree that the Commodities shall not be the subject matter of any other Tawarruq transaction at any one time. Any defect in the Commodities which occurred before entering into the Murabahah Sale Contract which is discovered by the Customer after the execution of the Murabahah Sale Contract shall entitle the Customer to the defect option as stated in Section 2.3(d) below. Nonetheless, the Customer hereby agrees to waive the Bank from any liability due to any defect on the Commodities before the Customer entering into the Murabahah Sale Contract with the Bank. (d) Under the defect option, the Customer has the right to: (i) terminate the Murabahah Sale Contract; (ii) continue with mutually agreed variation of the terms of the Muraba...
Sample 1Sample 2
AutoNDA by SimpleDocs
Execution of Murabahah Sale Contract. (a) For the purpose of Section 2.2 above, the Customer will appoint the Bank as its execution agent to execute the Murabahah Sale Contract on behalf of the Customer, (for the purpose of the purchasing of the Commodities from the Bank at the Selling Price). With this appointment, the Bank will at all times act as the Customer’s agent and the Bank will:- (i) be authorised to sign and execute all documents and do all acts and observe and perform all obligations required to be done in connection with or imposed under any agreement of purchase of the Commodities; and (ii) be authorized to delegate its rights and duties as an agent herein to any third party to do all acts necessary for the completion of the required transactions; and (iii) be required to do all the administrative duties regarding the purchasing of Commodities and subsequently holding the Commodities; and (iv) take possession (physical or constructive) of the Commodities (if any). (b) The Customer will be held liable for the sale and purchase contract entered into by the Bank in accordance with specified terms and conditions agreed upon under this Agreement. The Bank will not be held liable except in the event of misconduct, negligence or breach of specified terms for any of the appointment made under Section
Sample 1

Related to Execution of Murabahah Sale Contract

  • EXECUTION OF CONTRACT 20.1 Depending on the type of service provided, one of the following methods will be employed. The method applicable to this contract will be checked below: _ a. PURCHASE ORDER, unless otherwise noted. 1. This contract shall consist of a Lancaster County Purchase Order. 2. A copy of the Bidder’s bid response (or referenced bid number) attached and that the same, in all particulars, becomes the contract between the parties hereto: that both parties thereby accept and agree to the terms and conditions of said bid documents.

  • Transfer Agreement Exhibit B, Transfer Agreement, between the Bureau, CONTRACTOR, and the Florida Department of Corrections (the FDC) which establishes guidelines for transfer of inmates between the Graceville Correctional Facility and facilities operated by the FDC.

  • Assignment of Management Agreement As additional collateral security for the Loan, Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.

  • AGREEMENT OF SALE Agreement of Sale shall be construed, interpreted, and applied according to the laws of Virginia, and it shall be binding upon and shall inure to the benefit of the heirs, personal representatives, successors, and assigns of the parties. This is a legally binding contract and if not understood, competent advice should be sought before it is signed.

  • Sale Agreement The Sale Agreement is the only agreement pursuant to which the Seller purchases Collateral.

  • Execution of Agreement The HSP represents and warrants that: (a) it has the full power and authority to enter into this Agreement; and (b) it has taken all necessary actions to authorize the execution of this Agreement.

  • Co-Sale Agreement The Co-Sale Agreement shall have been executed and delivered by the parties thereto.

  • Data Processing Agreement The Data Processing Agreement, including the Approved Data Transfer Mechanisms (as defined in the Data Processing Agreement) that apply to your use of the Services and transfer of Personal Data, is incorporated into this Agreement by this reference. Each party will comply with the terms of the Data Processing Agreement and will train its employees on DP Law.

  • Termination of Management Agreement Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager.

  • Purchase and Sale Agreement The Participating Investors and the selling Key Holder agree that the terms and conditions of any Proposed Key Holder Transfer in accordance with this Section 2.2 will be memorialized in, and governed by, a written purchase and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and provisions for such a transaction, and the Participating Investors and the selling Key Holder further covenant and agree to enter into such Purchase and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Section 2.2.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!