THIS AGREEMENT is made the day of 20
BETWEEN
Engineering, a business incorporated in Malaysia and having a place of business at [Insert Address] g (hereinafter referred to as “the Seller”) of the one part.
AND
, a business incorporated in Malaysia and having a place of business at [Insert Address](hereinafter referred to as “the Purchaser”) of the other part.
WHEREAS the Seller is the proprietor and owner of [Name] , [Machine Detail], model V c/w together with all the standard accessories for operation on 415V, 50Hz, 3PH AC supply (hereinafter referred to as the “Equipment”).
AND WHEREAS the Seller is desirous of selling and the Purchaser is desirous of purchasing the Equipment, free from all encumbrances upon the terms and conditions hereinafter contained.
AND WHEREAS the Purchaser shall obtain an Industrial Hire-Purchase Facility from & [Company Name] (Company No-D) of , [Insert Address] (hereinafter referred to as “the Financier”) to assist the Purchaser in the purchase of the Equipment.
NOW THIS AGREEMENT WITNESSETH that it is hereby mutually agreed between the parties hereto as follows:-
1. SCOPE OF THE AGREEMENT
The Seller is to sell the Equipment on an as is where is basis and the duty and obligation of the Seller is restricted to only delivering possession to the Purchaser to the Site.
2. NATURE OF GOODS
a) The Purchaser has inspected the Equipment immediately before executing this Agreement and is satisfied with the condition of the Equipment and agrees that the Seller shall not be giving any warranty as to the fitness for its purpose and merchantable quality of the Equipment.
b) The Equipment shall be deemed to have been inspected by the Purchaser who shall be deemed to have purchased and accepted the Equipment, and shall take delivery of the same in the same condition and stated as at the date of this Agreement.
3. CONDITIONS OF PAYMENT OF PURCHASE PRICE
a) The purchase price of the Equipment shall be the sum of Ringgit Malaysia [Insert Amount] of which the sum of Ringgit Malaysia [Insert Amount] by way of earnest deposit cum part payment was on or before the execution of this Agreement paid to the Seller (the receipt of which sum the Seller hereby acknowledge) and the balance shall be paid as hereinafter provided.
b) The balance purchase price amounting to Ringgit Malaysia [Insert Amount] shall be paid by the Purchaser within one (1) month from the date of this Agreement (hereinafter referred to as “the Completion Date”)
3. SECURITY
a) In consideration of the Seller agreeing to grant the Purchaser one (1) month’s duration to make payment for the balance purchase price of the Equipment,[Name] (New NRIC No.)(Old NRIC No. ) of No. Agreement deliver to the Seller Registration Form No.[insert no] for the [Name]with the Chassis No. bearing the registration No. (hereinafter referred to as “the Vehicle”) to the Seller as security for the remaining unpaid sum of the Equipment.
b) [Name of Party] guaranteed that he is the registered and beneficial owner of the Vehicle and that during the continuance of this Agreement and until the balance price of the Equipment is paid by the Purchaser to the Seller, [Name of Party] shall not sell assign the vehicle to any person(s) or any financial institution without the written consent of the Seller.
c) In the event the Purchaser failed to settle the balance purchase price on or before the Completion Date, then the Purchaser shall transfer the ownership of the Vehicle to the Seller and that the Seller shall be the rightful owner of the Vehicle and neither the Purchaser nor Tek shall demand any or all of the monies paid by the Purchaser prior to the default on the Purchaser’s part from the Seller nor to ask for any form of compensation from the Seller.
d) Once the remaining balance purchase price of the Equipment or any other sum due and owing by the Purchaser to the Seller is fully settled, then the Registration From of the Vehicle shall be returned to the Seller and the Purchaser shall not demand from the Seller any form of compensation for any purported damage done to the Vehicle by the Seller.
e) The Seller shall be entitled to use the Vehicle reasonably during the retention of the Vehicle.
4. FAILURE TO PAY BALANCE PURCHASE PRICE ON OR BEFORE THE COMPLETION DATE
(a) If the Purchaser shall default in the payment of the balance purchase price under Clause 3(b) above on or before the Completion Date (time being of the essence of the contract in this respect) the Seller may at any time and without prejudice to any other rights the Seller may have herein or under the law, thereafter at their absolute discretion forthwith determine this Agreement and rescind the contract which shall be effective from the date of the Seller giving notice in writing to the Purchaser and on the happening of such event the Seller shall be entitled to forfeit the sum of Ringgit Malaysia [Insert Amount] paid under Clause 3 (a) above as forfeitable earnest deposit.
(b) Without prejudice to Clause 4(a) above, the Seller shall also be entitled to any claim, proceed with any forms of actions against the Purchase to recover damages for any loss occasioned by the Purchaser’s default.
5. TRANSPORTATION COST
The Seller and the Purchaser have agreed that the transportation cost in delivering the Equipment to the Site shall be equally borne by both parties hereto.
6. PACKAGING
The Purchaser shall at its own cost and expense repair or replace any damage or deterioration in quality in any of the Equipment as a result of transportation of the Equipment to the Purchaser.
7. INSURANCE
The Purchaser shall at its own cost and expense arrange for the necessary insurance certificate and/or policy on the Equipment upon executing this Agreement.
8. DEFECTIVE GOODS, DAMAGED, UNMERCHANTABLE QUALITY AND NOT FIT FOR ITS PURPOSE OR PART DELIVERY OF THE EQUIPMENT
The Purchaser shall at its own cost and expense replace or repair the Equipment that are defective, damaged, unmerchantable quality and not fit for its purpose after delivery or the Equipment not completely delivered with condition that defect, damage, unmerchantable quality and not fit for its purpose or the Equipment not completely delivered not transpiring during transit.
9. FORCE MAJEURE
The seller shall not be held liable for any delay in delivery, or failure to carry out this Agreement, if the delay or failure is caused by any Act of God strike, lockout, riot, civil commotion, fire, flood, war, or any cause comprehended in the term ‘force majeure’.
10. LIQUIDATED DAMAGES
If the Purchaser shall default in the payment on any due date of any monies covenanted to be paid herein. The Purchaser shall pay damages by way of interest on the unpaid amounts from the date of default up to the date of payment at the rate of one per centum (1%) per month.
11. OWNERSHIP AND RISK
a) Title and ownership to the Equipment shall not pass to the Purchaser but be retained by the Seller until the Purchaser intimates acceptance of the Equipment to the Seller and full payment of the Purchase Price has been received by the Seller.
b) Ownership shall be evidenced by receipt of the acknowledgement letter or in any other form of written documentation by the Purchaser and the Seller has received full payment of the Purchase Price.
12. CONSENT FOR LEASING OR ASSIGNING THE EQUIPMENT
The Seller hereby agrees and consents to the Purchaser leasing or assigning the Equipment to a Financier to finance the purchaser of the Equipment before the payment of the full purchase price provided that a written consent of the Seller is being obtained first.
13. STAMP DUTY
The Stamp Duty on this Agreement shall be borne by the Purchaser.
14. LAWS APPLICABLE
This Agreement shall be construed and interpreted under the Laws of Malaysia in Malaysia.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above written.
SIGNED by )
for and on behalf of nics )
Precision Engineering in the )
presence of:- ) …………………………………………
SIGNED by )
for and on behalf of )
Engineering in the presence of:- ) …………………………………………
SIGNED by Tek in the )
presence of:- )
) …………………………………………
