LETTER OF UNDERTAKING AND INDEMNITY
LETTER OF UNDERTAKING AND INDEMNITY
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DATE:
name
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RE:
Vendor :
Purchaser :
Purchase Price : RM xxx,xxx-00
Subject : (“the Business”)
_____________________________________________________________________________________________
Reference made to the above matter.
- I, hereby declare and confirm as follows:-
1.1 I have purchaser the Business pursuant to the Sale of Business Agreement dated (“the SBA”) and I have taken over the entire operation of the Business effective on x April 201x.
1.2. that you are the owner of the license Bil. No. ____________ (“the License”) dated x April 201x granted by the Majlis Perbandaran Pulau Pinang (MPPP) to operate a reflexology business under a trade name known as ____________ .
- In consideration of you agreeing to sell the Business to me, I hereby agree, personally guarantee and irrevocably undertake that I shall:-
2.1 apply for a new and valid license at my own cost and expense to lawfully operate the Business upon execution of the SBA; and
2.2 solely be responsible to settle or pay all penalty, taxes and liabilities of the Business and/or imposed by any relevant authorities effective from x April 201x.
- I hereby undertake to indemnify you and keep you indemnified at all times thereafter against all actions suits proceedings, claims, demands costs and expenses whatsoever including consequential loss which may be taken or made against you or incurred or become payable by you as a result of my failure, neglect and/or refusal to procure all and/or any of the above stated Item 2 within the stipulated time and/or breach of any other terms in the Sale of Business Agreement.
4.. This letter shall be read together with the SBA
The undersign, Witness by,
________________________________ ___________________________
Accepted and agreed by, Witness by,
Date:
_______________________________ _______________________________
