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Shri Shiddivinayak Tractors

Maranabasari compound
A P M C Yard, Plot no 116 & 117
Gadag

We wish to deal in Escorts/ Powertrac / Framtrac Tractors with you in future as per
the standard terms and conditions of your distributorship agreement you have
agreed to supply the above mentioned goods on our assurance that all the post-
dated cheque/other cheques issued by us from time to time shall be honoured on
their due dates.

In this regard, we further assure you as under:

1. That all the cheques issued by us from time to time shall be encashed on their
presentation to the banks on due dates.
2. That we shall not issue any instruction to our bank for countermanding
payments of the above said cheques.
3. That we shall maintain sufficient balance in our bank account for meeting the
cheques payment on their due dates.
4. That we shall not close our bank account from which the cheques will be
issued from time to time till encashment thereof.
5. That we shall not give you any notice for withholding of the above said
cheques from presentation to the bank on their due dates.

We also agree to pay to Shri Shiddivinayak Tractors, interest for delay of payment as
per the applicable Policy of Distributorship from time to time. (Currently @ 18% per
annum + 2% penalty charges for above 90 days payments.

Besides the above we are also enclosing 6(nos) blank cheques drawn in favour with
the amount/and date left blank. The details of the cheques are as under:
Sr. No Cheque No Name of the bank

1
2
3
4
5
6

We hereby irrevocably authorize you to fill the dates and amounts in the above
cheques in case of default of payments by us.

The Distributor shall be entitled to fill in the cheques equivalent to the amount
payable by us as per the Books of Accounts of the Distributor including interest, if
any. We agree that the aforesaid cheques have been drawn and / or shall be
deemed to have been drawn by us to discharge our liability of debt to the
Distributor.

We agree and acknowledge that in the event of dishonour of all or any of the
aforesaid cheques, the Distributor is entitled to initiate action under the
provisions of the Negotiable Instruments Act, 1881 or under any other law.

We hope that on the basis of above agreement and our above assurance you will
supply us the above-mentioned goods.

Thanking You,

Your’s Faithfully