To,
The Indian Oil Corporation Limited,
Indian Oil Bhavan,G-9, Ali yavar Jung Marg,
Bandra (East)-51.
I/wE, rM/s. (Name of the Dealership) the dealer of the Indian oil Corporation
Limited (IOCL) located at (mention the address), do solemnly affirm and
state as
follows;
Whereas IOCL is having an arrangement of Electronic Dealer Financing
Scheme
(hereinafter referred to as e-DFS) with the State Bank of India (Bank)
and I/We
desire to avail the facilities of e-DFS from the Bank.
Whereas the arrangement between the Bank and IoCL requires the
dealer to
submit an undertaking to IoCL, thereby authorizing IoCL to suspend supplies
in
case of default by the dealer as regards to e-DFS facility.
Whereas to avail the e-DFS facility from the Bank, we have agreed
to submit this
undertaking cum indemnity bond to IOCL.
Whereas l/We am/are fully authorised to sign and submit this unconditional
undertaking on behalf of (Name of the Dealership).
IN VIEW OF THE ABOVE PREMISE AND FOR VALID CONSIDERATION
NOW THTS INDENTURE WITNESSETH AS FOLLOWS
I/We the dealer hereby agree and confirm that all debit made by me/us
through
Corporate Internet Banking (CINB)/the Bank shall be absolute and binding
on
me/us and I/we shall be liable for the repayment of all such debits in accordance
with the loan documents executed by me/us in favour of the Bank, and
irrespective of the fact that such debit(s) shall amount to an overdraft
or
otherwise to our account with the Bank.
l/We, the dealer hereby undertake that after availing credit facility under
e-DFS
tie-up from SBI, all the purchases (i.e. MS & HSD) from IoCL would be routed
through SBI e-DFS loan account onty and no payment would be made through
any other mode to IocL for purchasing petroleum products.
That I/We undertake and agree to make timely payments to SBI as per the
conditions of e-DFS Facility.
In so far as, regarding the powers of IOCL to suspend supplies under the
dealership agreement, this undertaking cum indemnity bond shall provide
additional powers to IOCL to suspend supplies in case of default by the dealer to
adhere to the terms of the e-DFS facility as I/We have agreed for thg same with
the Bank while avaiting the e-DFS facility.
That I/we hereby irrevocably authorize IOCL to suspend the supplies to me/us
on instructions of the Bank, if l/we default to adhere to the terms of the e-DFS
Facility.
I/We, the dealer hereby undertake that no claim will be made against IOCL for
suspension of supplies in case of mylour default under the e-DFS facility.
I/We, the dealer hereby undertake that the Corporation shall not be made a party
in any dispute that may arise between me/us and the Bank as regards to the
disputes arising out of e-DFS facility.
l/We, the dealer hereby undertake that in case of breach of the undertaking
caused by melus or if any claim made by the Bank/Third party seeking any
claims and/or interest thereon from the Corporation because of IOCL accepting
this arrangement, I/we (name of the dealership) shall keep IOCL and its officers
, employees , agents indemnified and shall also make good any loss, damage,
cost or expense, arising directly or indirectty from such claim, that may have
occasioned to the Corporation and to also compensate the corporation for any
inconvenience caused to or proceedings suffered by.
That this indemnity bond cum undertaking cum lndemnity bond shall bind legal heirs
/ successors, administrators and executor of the Applicant.
I/We confirm, once again that the terms of this undeftaking cum indemnity bond
given herein shall be absolute, irrevocable and unconditional and I/we shall be
liable for all consequences of any action under this undertaking cum indemnity
bond,
I/We confirm that the information furnished as above is correct and no fatse
information has been provided. In case of breach of above statements and
undertaking, IocL shall be free to take any statutory action
including termination of dealership for which actlobligation I/we (Name of the
Dealership) shall be fully responsible.
The place for execution of this undertaking cum indemnity bond shall be
- - -
Dated on this day of 2013.
For (Name of the Dealership)
Authorized Signatory place:
In the presence of:
Witness Witness
Name Name
Address Address
