This Settlement Agreement dated June, 2000 entered between Txxxxxx (xxxx994-H) of No. 5xxxxx ngxxx, 11200 Penang (hereinafter referred to as “the Employer”) of the one part and Exxxxxd (xxxx41-T) of No.xxxxxxak 13, 11900 Bayan Lepas Penang (hereinafter referred to as “the Electrical Contractor”) of the second part.
WHEREAS
3. The Electrical Contractor has also during the course of the Project invoiced the Employer variation orders for the additional works done (hereinafter referred to as “the Variation Order”) to the said project in which the Electrical Contractor has acknowledged that all the payment for the Variation Order have been fully paid.
4. Both parties agrees that as at the date of this agreement, all the payment for the Principal Contract has been paid except an outstanding amount of Ringgit Malaysia One Hundred and Ten Thousand only (RM 110,000.00) (hereinafter referred to as ‘the Outstanding Sum”).
5.The parties hereto entered into agreement for the settlement in respect of the outstanding sum subject to the terms and conditions hereinafter contained.
NOW THIS AGREEMENT WITNESSETH as follows:
1. CONSIDERATION:
1.1 Subject to the stipulations terms and conditions hereinafter appearing, in consideration of the Outstanding sum owed by the Employer to the Electrical Contractor, the Employer agrees to assign all rights title and interest of the said property known as parcel 11 Floorzzzzzzzzz erected or to be erected on all that piece of land known as lzzzzzzzzz Daerah Seberang Perai Utara Penang held under geran no. Pendaftaran 59596 (formerly known as Qualified Title No. H. S (D) zzz6) (hereinafter referred to as “the said unit’) to the Electrical Contractor as a set off consideration of the said the Outstanding sum.
1.2 The Electrical Contractor has hereby irrevocably agreed to accept the said unit in substitution of the Outstanding sum.
The Electrical Contractor is at the liberty to nominate appoint its nominee to act execute on its behalf and to enter into the Sale Agreement with the Employer. The Electrical Contractor has appointed and granted Mr Kor Yeak Tong (NRIC 580315-02-6015) a director in the company of the Electrical Contractor of No. 1502, Jalan Siram 12100 Butterworth or the address of the Electrical Contractor stated above the power to act on behalf for the Electrical Contractor in respect to all the terms and condition hereinafter contained.
3.1 Upon the acknowledgment of receipt of the said notice, the Employer shall covenant to execute the followings:
(a) The Employer shall have a good registrable and marketable title to the said unit;
(b) The Employer shall deliver vacant possession of the said unit to the Electrical Contractor;
(c) The said Unit shall be free from all encumbrances whatsoever as at the receipt of the Electrical Contractor’s said notice, but subject to all conditions of title and restriction in interest whether expressed or implied contained in the document of title.
(b) The Employer shall procure a letter of disclaimer of interest in respect of the said unit from xxF made in favour of the person or persons nominated by the Electrical Contractor.
(c) The Employer shall within a reasonable time executed an Sale Agreement with the person or persons nominated by the Electrical Contractor as the rightful and beneficial owner of the property.
3.3 Upon the execution of the Sale Agreement, the parties hereby agreed that all subsequent maintenance, fee or any other charges in respect of the said unit shall be paid by the person or persons nominated by the Electrical Contractor from the date of the execution of the Sale Agreement.
Any notice to be given under this agreement shall be in writing and shall be deemed to be sufficiently served:-
(a) If it is sent by pre-paid registered post addressed to the other party at the address hereinbefore mentioned or to his solicitors and in such a case it shall be deemed to have been received at the time when such registered letter would in the ordinary course be delivered; or
(b) If it is dispatched by hand to the other party and duly acknowledged receipt by the other party.
6. SPECIFIC PERFORMANCE
7. SUCCESSORS BOUND
8. SOLICITORS COSTS
SIGNED and DELIVERED by the )
DATED THIS DAY OF , 2000
