Annexure-J
AGREEMENT BETWEEN THE BANK AND THE RECOVERY AGENCY
This
Agreement is made at ____on this ______, day of _____________ (hereinafter referred to as the ‘Agreement’)
between the State Bank of Saurashtra, a statutory corporation constituted under
the State Bank of India (Subsidiary Banks’) Act, 1959, having its Head Office
at Nilambaugh, Bhavnagar and a branch at________(hereinafter referred to as "SBS") which
expression shall unless it be repugnant to the context or meaning thereof shall
include its successors and permitted assigns of the one part AND
____________________ (hereinafter referred to as the Recovery Agent) which
expression shall unless it be repugnant to the context or meaning thereof shall
include its successors and permitted assigns of the other part.
WHEREAS
State Bank of Saurashtra is desirous of engaging the service of the Recovery
Agent
(i) for
taking possession of the hypothecated assets/vehicles (secured assets);
(ii) for
keeping the said secured assets under its custody or possession and maintain
proper security; and
(iii) for
effecting sale of the said secured assets by auction or by any other method to
be mutually agreed upon respectively, by both the parties.
AND WHEREAS the Recovery
Agent has agreed to undertake the said responsibilities and perform the
services as required from time to time in accordance with the terms and
conditions stipulated hereunder.
NOW, therefore, it is
hereby mutually agreed by and between the parties hereto as follows:
1.This Agreement shall come into force on the day
of ___ _____
2.This Agreement shall be valid for a period of ______ from the date of
execution, hereof, and the said Agreement is renewable after the expiry of the
initial period on such terms and conditions to be mutually agreed by the
parties hereinabove by exchange of letter.
3.Subject to what is stated above, this Agreement
is terminable by either parties by
giving ,a month's notice thereon.
4. This Agreement is entered into on a principal to
principal basis and shall not be deemed to make either party an Agent, partner
or joint venture partner of the other or any analogous relationship.
5. The Recovery Agent shall have no authority, express or
implied to represent or bind SBS for performing such services as per this Agreement.
6. As and when the services of the Recovery Agent are
required for any or all the purposes referred to above, the authorised officer
of SBS shall issue a letter detailing the required work from the Recovery
Agent.
7. In terms of the letter so given, the Recovery Agent
shall have the authority to act for and, on behalf of SBS to take possession of
the secured assets and for safekeeping of such assets in his custody and control or so, if required,
to sell the same and realise the dues of the Bank.
8.As and when the borrower or the guarantor, as the case
may be, who has created charge in favour of SBS over the hypothecated assets,
commits any default in payment of the dues of the Bank, giving right to the
Bank for taking possession of the secured assets in terms of the loan
agreements entered into with such borrower or guarantor as the case maybe, SBS may decide to entrust the
responsibility of taking possession of such secured assets and for storage and
sale thereon towards realisation of SBS’s dues. In such an event letter will be
issued accordingly.
9. The said letter of authority will also specify the
description of the secured assets
sufficient to identify the same, the place address where it is kept as per
our record and such other details as
required for the purpose.
10.On receipt of a letter of authority from the authorised
officer of SBS, the Recovery Agent shall have the authority to do the required
services as stated in the said letter of authority and for the said purpose, he shall be deemed to be the authorised Agent of the
Bank.
11.
The Recovery Agent agrees and undertakes that
he/it shall do the required service as a representative of SBS and shall not use any false, deceptive or
misleading representation and shall not make any false statements and/or claims.
12.
The Recovery Agent undertakes that. he/it shall perform
the said services in a lawful manner and shall not engage any unfair or
misleading practices or resort to any forcible, oppressive, vindictive, unfair, illegal or
criminal means or shall not engage in any conduct or practice which harasses, oppresses
or abuses such borrower or guarantor or any person, while taking possession of
such secured assets or in selling them and realising the dues of the Bank.
13.
The Recovery Agent shall not use violent or any
criminal means to harm the reputation or property of the borrower, guarantor or
any other person.
14.
The Recovery Agent shall be courteous, polite
and shall under no circumstances, use obscene, profaneor abusive language and/or hold out any threats.
15.
The Recovery Agent, shall comply with all applicable
laws, rules/regulations, statutory or otherwise, regulating of relating to the
conduct of its business and in performing such services as required under .this
Agreement. The Recovery Agent, when keeps the, secured asset taken possession of,
in his culstody or control, shall obtain requisite insurance policies and
ensure that he would take as much care of the secured asset as a man of
ordinary prudence would, under similar circumstances take of his own property
and shall take all necessary steps for preservation and protection of the
secured assets, till it is sold or otherwise disposed of.
16.
The 'Recovery Agent while taking possession of the
secured assets, shall ensure that the same is done in the presence of two
independent witnesses neither connected or related to him nor to SBS and draw a
Panchanama and also make a proper inventory of the secured assets and obtain
the signatures of the said independent witnesses. He shall be required to
deliver all such. documents to SBS as and when required.
17.
The Recovery Agent shall allow State Bank of
Saurashtra/Reserve Bank of India or its/their representatives reasonable
opportunity to inspect the secured assets held in its custody or control and
the records of transactions, documents pertaining to the services entrusted to
it/them.
18.
The Recovery
Agent undertakes and agrees to keep SBS indemnified and harmless against any
claim, loss or damage which may be incurred by SBS and arising out of the
manner/method of seizure and/or safekeeping all the seized assets or sale of
the said assets and in realisation of the dues of SBS or in performing the
services assigned to it/him and also shall keep SBS harmless and indemnified if
any of the secured assets are lost or damaged due to action/inaction on the part
of the Recovery Agent or which will result in diminishing the realisable value
of the assets or which exposes SBS to claim from the Borrower/guarantor or any
.other party.
19.The Recovery
Agent shall if required make arrangements/assist the Bank for proper valuation
of the secured assets as per laid down procedure.
20. The Recovery
Agent shall ensure that all required legal formalities and procedures are
complied with while taking possession or in safekeeping the secured asset or in
sale or realising the dues of SBS and he shall alone be responsible and liable
for any action or inaction, negligence, mistake committed by him during the
course of the service provided by him in terms of the letter of authority given
to him by SBS thereon.
21.
The Recovery Agent shall perform the required services
within the period of 10 working days unless the said period is extended by SBS
in writing, after SBS being satisfied with. the reasons given by the Recovery
Agent for such extension.
22.
The Recovery Agent undertakes that no unfair,
monopolistic or restrictive trade practices, or unfair labour practices will be
adopted and it shall not collude with the borrower or guarantor or with any
third party to make unlawful gain to it or loss to SBS.
23.
It is agreed between the parties that the
Recovery Agent or its employees/workmen or representatives shall not be
construed as the employees/workmen of SBS for any purpose and shall not
make any claim for absorption or for any compensation thereon; They shall
always be employees/workmen of the Recovery Agent for all purposes and for all times.
24.
The fees and charges payable for the services provided
by the Recovery Agent under this Agreement shall be as per the Annexure
attached and received from time to time.
25.
The Recovery Agent agrees that SBS/RBI or
persons authorised by RBI shall have access to all books, records and
information kept with it/him or under its/his control, pertaining to the
services agreed to be provided under this Agreement and that SBS shall have the
right to monitor and assess the performance of the Recovery Agent.
26.
The Recovery Agent shall ensure. to maintain
confidentiality in respect of the service entrusted to him, particularly
regarding any information, record relating to the Borrower/Guarantor or any
customer of SBS, for which he has
access in performing the said service.
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Sd/
Recovery Agency/
Authorised signatory
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by
SBS Authorised Officer
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Annexure 'G'
Application FormConfidential
Please Provide All The Information Requested Below. If
Additional Space is Required, Attach Supplemental Sheets.
DATE:
I.NATURE OF
CONTEMPLATED RELATIONSHIP
A.Tick the
Desired Relationship
[]
Recovery of Dues [] Repossession of Vehicles
B.Nature of
Business Activity: _____________________
II.COMPANY
INFORMATION
A. Name:_________________
Address:________________
Pin
Code:_____________Telephone No (with STP code): _______
Fax No.___________ Mail
Address:______________
B.Type of
Business (Tick One)
[ ] Proprietorship [ ] Partnership [ ] Public Limited [ ] Private Limited
[ ] Others (Please specify)______________
C.a) Date & Place of
Establishment: ____________
b)
Income Tax - PAN Number: _________________
D.List All
Other Names under which your company conducted Business, Including the Time/
Period
for Each Job.
E.Please Name
the Proprietor/ Partner(s)/ Director(s}/ Key Contacts for SBS and qualification
| Name |
Position/ Title |
Qualification |
Since |
|
|
|
|
F.Indicate
the Nature of Any Relationships with Any of Group Companies or Entities
Affiliated
With your company
| Company Name |
Relation To your Organization |
Location |
Date & Place Of
Establishment |
FINANCIAL
DATA
A.Bankers
| Name |
Address |
Telephone No. With STD Code |
B.
Has The Business Generated Profits In Each of The Last
2 Financial Years?
[]YES []NO
C. Does The Business Have An Established Line Qf Credit
With Its Bank?
[]YES [] NO
IV.INFRASTRUICTURE
A.Business Locations.
B.Office
Location
_______________________________
C.Is your Business Premises [] Own [] Leased / Rented
If Leased, Is the Lease / Rental [] Short Term []
Long Term,
Please Specify the Duration of the
Lease/ Rental
D. Is your company registered Under the
Shops &. Establishment Act or any other Act?
[] YES [] NO
If Yes, Please Provide a Copy of the
Shop & Establishment Registration Certificate
E.Do you have a Professional Tax
Registration?
[ ] YES [ ] NO
If Yes, Please Provide Supporting
Documents
V.EMPLOYEES
A Number of Employee's employed
______________________
B.If the Number of
Employee's are Greater Than 20, do you have an Independent Provident
Fund or ESIC
Registration Number?
[ ] YES [ ] NO
If Yes, Please Provide
Registration # (Please Provide Copy of PF or ESIC Registration.
Certificate, PF/ESIC Nomination Forms & Challans).
C.Do you
maintain the Following Records?
a) Payroll Register [ ] YES [ ] NO [ ] N/A
b) Attendance Records [ ] YES [ ] NO [ ] N/A
c) Leave Cards / Register [ ] YES [ ] NO [ ] N/A
d) Overtime Register [ ] YES [ ] NO [ ] N/A
e) Employee Register [ ] YES [ ] NO [ ] N/A
D. Employee Management,
a) Do you Have Managers/ Supervisors
Managing Employee's?
[ ] YES [ ] NO, If Yes, Please Describe The Organizational
Structure &. Specify The Number
Of Managers.
b) Do you Provide Notices to Employee's
on
Work Instructions & Assignment
of Duties [ ] YES [ ] NO [ ] N/A
Overtime Rules [ ] YES [ ] NO [ ] N/A
Payment of Salary &.
Wages [ ] YES [ ] NO [ ] N/A
Disciplinary Actions [ ] YES [ ] NO [ ] N/A
c) Do you provide your Employee’s With
ID Cards Prominently Displaying the Name of
the Employee, Designation &
Name Of your Organization?
[ ] YES [ ] NO
E.Hiring & Separation,
a)
Do you perform a Background Check on All Employee's Before Hiring?
[ ] YES [ ] NO
b) Do you Hire Employee’s Having Industry Experience?
[ ] YES [ ] NO
c) Do you Issue Appointment Letters to All
New Emplo1ee's?
[ ] YES [ ] NO
d) Are the Appointment Letter's signed ~
Acknowledged by the Employee's?
[ ] YES [ ] NO
e) Does the Appointment Letters State the
Designation of the Employee’s &, The Name of the Immediate Employee’s?
[ ] YES [ ] NO
f) Do you Take Resignation Letter's From
Employee's Leaving the Organization, With
Reasons for Resignation? .
[ ] YES [ ] NO
F. What Is
The Current Attrition Rate in your Organization?
G. What Is The
Average Work Experience In your Organization?
H. Do you Have
Any Employee’s Below the Age of 17 Years?
[ ] YES [ ] NO
VI. INDUSTRY-
STANDING & CUSTOMER BASE
A. Nature of
the business activities connected with Recovery work.
B. Past
experience in the field of Recovery. Please List your Major Customer's
Customer
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Since
(Date)
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Service Offered
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Results Achieved
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C.Do you
Service Any One Of our Competitors?
[]YES []NO
D.How Many
Customers /Client's have Terminated Their Contracts in the Past 3 Years?
E.Please
Specify your Turnover in the Last 3 Years
VII. TECHNOLOGY INFRASTRUCTURE & DATA SECURITY
A.How Many Computers Does the
Applicant's Business Have?______________
B.Are There Any Major Operational System
Which Are Proprietary In Nature?
[ ] YES [ ] NO, If Yes, Please Specify
C. Please
Specify The Number of Telephone Lines your Business Has?
[ ] 2 [ ] 2 [ ] 4 [ ] 6
D. Do you have
an EPBAX?
[ ] YES [ ] NO
E. Does your Business Have A Fax Machine?
[ ] YES [ ] NO, If Yes, Please Specify the
Number _________
F. Does The Business Have Photo copiers/Printers
Installed?
[ ] YES [ ] NO,
If Yes, Please Specify____________
G. Does your Business Have Access To The
Internet?
[ ] YES [ ] NO,
If No, Does, The Business Have Any Plans
To Use The Internet For Business?
___________________________
H. Does The Business Have Controls: To Deal With
Confidential Information/Sharing of Information?
[ ] YES [ ] NO, If Yes, Please Specify
________________________
SIGNATURE:
______________________
PRINTED OR TYPED NAME: _____________________
TITLE:
___________________
(PLEASE AFFIX STAMP) DATE:______
OCUMENTATION CHECKLIST
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