NOW IT IS AGREED Template India - Free PDF/Word Download

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NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS Format

Struggling to structure the operative section of your legal agreement? Discover our professional "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS Format" – a ready-to-use legal template perfect for Indian contracts, available in PDF or Word format for free download and customization.

What is the "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" Format?

The "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" Format is a standard clause used in legal agreements across India to transition from the preliminary recitals (the 'WHEREAS' clauses) to the main binding terms of the contract. Rooted in common law practices and widely recognized under the Indian Contract Act, 1872, this phrase signals the start of the enforceable obligations between the parties. It's an essential component in various agreements, ensuring clarity and professionalism.

Whether you're preparing a sale deed, lease agreement, partnership deed, or service contract, incorporating this format helps avoid ambiguities and strengthens the document's legal validity in Indian courts.

Why is the "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" Format Important?

In legal drafting, structure is key to enforceability. This format serves several critical purposes:

Clarity and Separation: It distinctly separates background information from actionable terms, making the agreement easier for courts, arbitrators, and parties to interpret.
Legal Compliance: Aligns with standard practices in India, reducing the risk of challenges based on poor drafting. It's commonly required in commercial, property, and business transactions.
Professionalism: Using this established phrasing lends credibility, signaling that the document was prepared with legal expertise.
Time-Saving: Our customizable template eliminates the need to start from scratch, allowing quick adaptations for specific needs.

Neglecting proper operative clauses can lead to disputes, as seen in numerous Indian case laws where ambiguous contracts were voided for uncertainty.

Key Elements of the "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" Format

A well-crafted format includes:

The Operative Phrase: "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" – placed after recitals.
Numbered Clauses: Detailed terms like consideration, obligations, payment schedules, warranties, etc.
Confidentiality and Termination Provisions: Standard inclusions for protection.
Governing Law: Specify Indian law and jurisdiction (e.g., courts in Mumbai/Delhi).
Signatures: Spaces for parties, witnesses, and dates.

Our legal template comes pre-formatted with these elements, fully editable in Word or PDF.

Who Should Use This Format?

This versatile "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS Format" is ideal for:

Businesses: For vendor agreements, NDAs, service contracts.
Real Estate: Lease deeds, sale agreements.
Partnerships: Joint venture or partnership deeds.
Individuals: Freelance contracts, loan agreements.

Common in civil and commercial matters across India, from startups in Bangalore to family businesses in Delhi.

Download Your Ready-to-Use Template Today!

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Important Note: This is a sample legal template designed for general use in India. It is customizable and ready-to-use but not a substitute for professional legal advice. Consult a qualified lawyer to tailor it to your specific situation and ensure compliance with current laws. Explore related templates like Partnership Agreement Format, Lease Agreement Sample, and more for all your legal document needs.

NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS

Non-Judicial

NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

1. The owner, being the owner of the printing press with fittings, tools, and accessories, more particularly described in the Schedule hereto shall let and the hirer shall take on hire from the .............. day of ...............

2. On execution of these presents, the hirer shall pay a sum of Rs ............ to the owner as initial payment by way of hire and shall during the continuance of this agreement pay to the owner at his address for the time and without previous demand by way of rent for the hire of the said printing press the monthly sum of Rs............... the first payment to be made on the .............. day of .............. next and each subsequent payment on the .............. day of each succeeding month during the said term.

3. During the continuance of the agreement, the hirer shall-

(a) not sell or offer for sale, assign, mortgage, pledge, underlet, let or otherwise deal with the said printing press or any part or parts thereof or with any interest therein;

(b) keep the said printing press in his own possession and will not remove the same or any part or parts thereof from the place where such printing press is for the time being situate without the previous consent in writing of the owner;

(c) not allow any lien to be created upon the said printing press whether for repairs or otherwise and will duly and punctually pay all rents, taxes, rates, charges and levies payable in respect of the premises wherein the said printing press shall for the time being be situate and produce all receipts for such payment to the owner on demand and will protect the said printing press against distress, execution or seizure;

(d) use the printing press in a skilful and proper manner and shall at his own expense keep the said printing press in good and substantial repair and condition (reasonable wear and tear excepted);

(e) keep insured the printing press during the period of hiring against any loss or damage by hire or otherwise in the sum of Rs ............. with an insurance company in the name of the owner and deliver the policy of such insurance to the owner and duly and punctually pay all premiums necessary for keeping the said insurance effective throughout the period of this agreement:

Provided that in case the hirer shall at any time fail to effect or keep effect the said policy by making default in any payment of premium, the owner shall be entitled to effect such insurance and pay the premium to the said insurance company and the hirer shall forthwith pay to the owner ail the premiums and other sums paid by the owner;

(f) not do or omit to do any act which may result in seizure and/or the confiscation of the printing press by the Central or State Government or local authority or any public officer or authority under any law for the time being in force.

4. If the said printing press shall be destroyed or damaged by fire or otherwise, all moneys received or receivable in respect of such insurance as aforesaid shall forthwith be received by the owner who shall as the case may require, apply such money either in making good the damage done or in replacing the said printing press by other articles of similar description and value and such substituted articles shall become subject to the provisions of this agreement in the same manner as the articles for which they shall have been substituted.

5. The hirer may determine the hiring at any time by giving ............. days notice in writing to the owner at his address for the time being and by returning the said printing press at the hirer's own risk and expense and shall thereupon forthwith pay to the owner all hire charges upto the date of such determination and other sums due under the agreement and 25% of the balance of the total hire charges still to fall due as settled compensation.

6. If the hirer shall make default in punctual payment of the monthly sum so to be paid by him for the hire of the said printing press or if a receiving order in bankruptcy is 'made against him or if he compounds with his creditors or do or suffer any act or thing whereby or in consequence of which the said printing press may be distrained or taken in execution under legal process or by any public authority or fails to pay to the Government or any public authority any taxes or surcharges due in respect of the said printing press or fails to observe and perform the terms and conditions of this agreement on his part to be observed and performed or if the hirer shall do or cause to be done or permit or suffer any act or thing whereby the owner's rights in the said printing press may be prejudiced or put in jeopardy, the owner may without notice determine the hiring and it shall thereupon be lawful for the owner to take possession of the said printing press and for that purpose to enter into or upon any premises where the same may be kept and the determination of the hiring under this clause shall not affect the right of the owner to recover from the hirer any money due to the owner under this agreement or damages for breach thereof. The hirer shall also be liable to pay to the owner all expenses incurred by the owner in repossessing or attempting repossession of the said printing press.

7. If the agreement is determined before the property in the said printing press passes to the hirer, the hirer shall forthwith return to the owner, policies and other documents relating to the said printing press.

8. The hirer acknowledges and agrees with the owner that he has inspected the printing press and he is satisfied that the printing press is suitable for his purpose and the owner shall not be liable to the hirer for any liability, claim, loss, damage or expenses caused directly or indirectly by the said printing press or any inadequacy thereof for any purpose or any defect therein or by the use thereof or in relation to any repairs, servicing, maintenance of the said printing press.

9. The hirer shall be liable to bear and incur the installation cost, cost of detachment of the printing press taken on hire and to pay any tax, levy, rates or assessments levied at any time by the Central Government, State Government or any local authority on the total of or any installments payable under this agreement.

10. If the hirer shall duly perform and observe all the terms and conditions in this agreement and the covenants on his part to be performed and observed and shall punctually pay to the owner the sums specified in clause 2 hereof amounting (together with the said sum of Rs .............. so paid on the execution of this agreement as aforesaid) to the sum of Rs ........... then the hiring shall come to an end and the said printing press shall become the property of hirer and the owner will assign and make over all his rights, title and interest in the same to the hirer but until such payments have been made, the printing press shall remain the property of the owner.

11. No neglect, delay, indulgence, forbearance or waiver on the part of the owner in enforcing any terms or conditions of this agreement shall prejudice the rights of the owner hereunder.

12. In consideration of the owner letting the said printing press to the hirer at the rent and under the agreements and conditions hereinbefore expressed, the surety hereby guarantees the due payment of the said rents and ail other sums of money which may become payable under this agreement and the performance and observance of the said agreements and conditions by the hirer and this guarantee shall not be prejudiced by the owner neglecting or forbearing to enforce this agreement against the hirer or giving time for the payment of the said rents when due or delaying to take any steps to enforce the performance or observance of the said agreements or conditions or granting any indulgence to the hirer.

13. The parties to this agreement hereby declare that they have fully understood the meaning of all the clauses, terms and conditions of this agreement and they have accepted and executed this agreement with full knowledge and understanding of the obligations herein.

IN WITNESS WHEREOF, the parties have executed this agreement on the day and the year first hereinabove written.

The Schedule above referred to

(Particulars of the printing press)

The common seal of ABC & Co. Ltd., the within named

owner has been hereunto affixed pursuant to the

Resolution of its Board of Directors on ...............

in the presence of Shri .................. Director and

Mr. .......................... Secretary of the company,

who have signed these presents

Signed and delivered by M/s. X Y & Sons,

the within named hirer by its partners

Signed and delivered by A, the within named surety

WITNESSES;

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Important Guidelines

Sure, here is a small guideline for drafting the phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS":

The phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" is used to introduce the terms of an agreement. It is typically used in contracts, leases, and other legal documents. The phrase serves as a formal declaration that the parties involved have reached an agreement and are bound by its terms. Here are some

Common Mistakes to Avoid:

when drafting the phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS":

Failing to properly identify the parties involved Failing to state the terms of the agreement in clear and concise language Using vague or ambiguous language Failing to get the agreement signed by all of the parties involved Here are some additional tips for drafting the phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS":

Be sure to properly identify the parties involved. This includes their full names, addresses, and identification numbers. State the terms of the agreement in clear and concise language. This means using plain language that is easy to understand. Avoid using vague or ambiguous language. This could lead to confusion and disagreements later on. Get the agreement signed by all of the parties involved. This is important to ensure that the agreement is legally binding. By following these guidelines, you can help to ensure that your use of the phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS" is clear, comprehensive, and enforceable.

Here are some additional things to keep in mind when drafting the phrase "NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS":

The phrase should be used at the beginning of the agreement, immediately after the introductory clauses. The phrase should be followed by a colon. The terms of the agreement should be listed after the phrase. The agreement should be signed by all of the parties involved. I hope this helps!

Frequently asked questions

What is the purpose of the 'NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS' clause in an Indian legal agreement?→

This standard clause introduces the main terms and conditions agreed upon by the parties in Indian contracts, ensuring clarity and legal enforceability under the Indian Contract Act, 1872.

Is this agreement clause legally valid across India?→

Yes, this clause is legally valid in all states of India when used in a properly drafted agreement compliant with the Indian Contract Act, 1872, and relevant state laws.

Do I need to pay stamp duty on agreements containing this clause?→

Stamp duty applies based on the agreement type and value under the Indian Stamp Act, 1899; consult your state's stamp duty schedule for the specific document.

Can I download this agreement template in PDF or Word format?→

Yes, the agreement template is available for download in both editable Word and non-editable PDF formats for convenience in India.

How can I customize or edit this agreement clause?→

You can easily customize this clause and the entire agreement in the Word version using any word processor; ensure changes comply with Indian legal standards.

Who should use agreements starting with 'NOW IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS'?→

Businesses, individuals, and professionals in India use this in contracts like partnership deeds, service agreements, or sales contracts for formalizing terms.