First Supplemental Agreement

First Supplemental Agreement

This first Supplemental Agreement is made on this _______ day of __________, 2013 between

___________________________________, a company incorporated under the Companies Ordinance, 1984 having its registered office at _______________________________________, (hereinafter referred to as “the company” which expression shall include its successors in interest and assigns where the context so permits)

AND

Mr. Imtiaz Saleem of M/s Urban Foods incorporated of Sahaj Pal, Defence Road, Lahore (hereinafter referred to as “the concessionare” which expression shall include its successors in interest and assigns where the context so permits)

WHEREAS pursuant to an Agreement dated _________ hereinafter referred to as the “Principal Agreement” between the company and the concessionaire, the concessionaire has agreed to establish at its own cost according to the guidelines laid down by the company cold storage and other facilities and whereas the company had agreed to assist the concessionaire in establishing such facilities.

NOW THEREFORE THIS AGREEMENT WITNESSETH AS FOLLOWS:

  1. That the company has already ordered machinery and equipment for cold storage and other facilities on behalf of the concessionaire. The company will now make payments to the suppliers of such machinery and equipment on behalf of the concessionaire.  
  2. Payments made by the company to suppliers shall be in the nature of the advances made by the company to the concessionaire which shall be repaid by the concessionaire without interest according to the Schedule attached hereto at Annexure ‘A”. However, in the event that the concessionaire defaults in making payment or delays payment beyond the due date stated in the Schedule, the concessionaire shall pay the company mark up on the out standing amount at the rate of 19% per annum for each day payment remains due beyond the stipulated date of payment. As security for the advance made, the title of the machinery and equipment ordered by the company for the concessionaire shall remain with the company until the company receives payment in full for all the machinery and equipment required to set up the cold storage and other facilities.
  3. The company shall at the cost of the concessionaire keep fully insured this machinery and equipment and shall take delivery from the suppliers. However, since title will remain with the company in the event of default in the repayment of monies to the company pursuant to this Agreement, the company shall have the right to re-possess and dispose of all the machinery and equipment in addition to its other remedies under the law.
  4. This Agreement shall be supplementary to the Principal Agreement.

IN WITNESS WHEREOF the parties hereto have duly executed these presents the day and year first above written.

For and on behalf of

LEVER BROTHERS PAKISTAN LIMITED

Name: _______________

Address: ______________

For and on behalf of

M/s Abbas Enterprises (Pvt) Ltd

Name: __________________

Address: ________________

Scroll to Top