Project Agreement Agreement, providing security for the
payment schedule.
This Project Agreement ("Agreement") is entered into
on this 16/11/2024 by and between: Party A agrees to only deposit each post-dated
cheque on or a er the date specified on each
Party A: [Business Name, Address, Contact cheque, as per the agreed-upon schedule.
Informa on]
(Hereina er referred to as "Party A") In the event of a default in payment, Party A
has the right to take necessary legal ac on to
Party B: [Nishant Shekhar Singh, House No. 951, recover the dues as per Indian law.
Vasundhara Ghaziabad, 9990084848]
(Hereina er referred to as "Party B") Upon the comple on of all due payments,
Party A shall return all post-dated cheques to
Party A and Party B are collec vely referred to as "the Party B.
Par es."
Upon deployment of the product/services,
1. Project Scope Party B will issue non-dated cheques to Party
A, allowing a 30-day period for the comple on
Party A agrees to undertake and deliver the
of any outstanding payments.
Product/Services as described in Annexure A
("Project Scope") to Party B. Party A shall have the right to date and
present the cheques for withdrawal at the end
Party B agrees to provide any required
of the 30-day period if full payment has not
resources, informa on, or access needed by
been received by Party A.
Party A to perform the work as per the
agreed-upon meline. 5. Penalty for Late Payment
2. Project Timeline If Party B fails to make the payment within the
specified 30-day period a er deployment of
The project will commence on [Start Date]
product/services, a penalty of 2% per month
and is expected to be completed by [End
on the outstanding amount shall be applicable
Date].
un l payment is completed.
Any changes in the meline must be mutually
In the event of con nued default, Party A shall
agreed upon in wri ng by both Par es.
be authorized to file a legal case against Party
3. Payment Terms B to recover the outstanding dues.
The total payment for the project shall be INR 6. Obliga ons of Party A
[Total Amount] as per the payment schedule
Party A shall perform its obliga ons in a
outlined in Annexure B ("Payment Schedule").
professional manner, adhering to the highest
Payments will be made in installments on the standards of quality and mely delivery as per
dates specified in Annexure B, with full the Project Scope.
payment due 30 days a er the
Party A shall inform Party B of any delays or
Supply/Installa on/Tes ng/Commissioning of
issues that could affect the meline,
the respec ve Product/Services.
payments, or quality of work.
Party B will issue post-dated cheques to Party
7. Obliga ons of Party B
A for each
Supply/Installa on/Tes ng/Commissioning to Party B agrees to make payments on me as
guarantee payment. Each cheque shall be per the Payment Schedule.
dated according to the payment due date as
per the agreed payment schedule. Party B will provide necessary resources,
access, and coopera on required by Party A to
4. Post-Dated Cheques as Payment Guarantee perform the work.
Post-dated cheques shall be issued by Party B
to Party A for all payments due under this
8. Termina on Clause IN WITNESS WHEREOF, the Par es have executed this
Agreement on the date first above wri en.
Either party may terminate this Agreement
with 15 days' prior wri en no ce if the other
party materially breaches the Agreement and
fails to remedy the breach within the no ce
period. Party A
[Name]
Upon termina on, all completed and accepted
[Designa on]
work will be compensated as per the terms
[Signature]
outlined in this Agreement, and any remaining
Date: [Date]
post-dated cheques for uncompleted
Product/Services shall be returned to Party A.
9. Dispute Resolu on
In case of any disputes arising out of or in Party B
connec on with this Agreement, the Par es [Name]
agree to a empt resolu on through mutual [Designa on]
nego a on in good faith. [Signature]
Date: [Date]
If the dispute is unresolved within 30 days of
nego a on, the ma er shall be referred to
arbitra on in accordance with the Arbitra on
and Concilia on Act, 1996, and the place of
Annexure A – Project Scope
arbitra on shall be [Ghaziabad, U ar
Pradesh]. [Detailed Descrip on of Project Scope]
10. Governing Law
This Agreement shall be governed by and Annexure B – Payment Schedule
construed in accordance with the laws of
India. Cheque Date
Due Amount
Milestone (for post-dated
11. Miscellaneous Date (INR)
cheque)
En re Agreement: This Agreement cons tutes [Due
the en re understanding between the Par es [Product/Services] [Amount] [Not Dated]
Date]
regarding the subject ma er hereof.
[Due
Modifica on: Any modifica ons to this [Product/Services] [Amount] [Not Dated]
Date]
Agreement must be in wri ng and signed by
both Par es. [Due
[Product/Services] [Amount] [Not Dated]
Severability: If any provision of this Date]
Agreement is deemed invalid, the remaining
provisions shall con nue in effect.
Assignment: Neither Party may assign its
rights or obliga ons under this Agreement
without the prior wri en consent of the other
Party.
