LETTER OF UNDERTAKING
This Letter of Undertaking is executed on this the __________ day of _________,
2020 of the Christian Era.
DEINCO LIMITED AND BISWAS CONSTRUCTION JOINT VENTURE, a
company licensed under Section 28 of the Companies Act, 1994, having its Office
address at Akram Tower, (6th & 11th Floor) Suite #8, 15/5, Bijoy Nagar, Dhaka-1000,
Bangladesh, represented by its __________(Designation), ____________ (Name)
[hereinafter referred to as the “COMPANY”] (which expression shall where the
context so admits, mean and include his legal heirs, legal representatives, executors,
administrators, successors-in-interest and assignee), hereby execute this Letter of
Undertaking to -
MUTUAL TRUST BANK LIMITED, a scheduled bank incorporated in Bangladesh
under the Companies Act, 1994 and carrying out its banking business being governed by
the Bank Companies Act, 1991, having its Corporate Head Office: MTB Centre, 26
Gulshan Avenue, Gulshan 1, Dhaka 1212, along with one of its branch office namely
Mutual Trust Bank Limited, Dilkusha Branch, having its address at Hotel Purbani
International Building, 1 Dilkusha C/A, Dhaka-1000; [hereinafter referred to as the
“BANK”] (which expression shall, where the context so admits, mean and include its
representatives, executors, administrators, successors-in-interest and assignees).
WHEREAS, pursuant to application of the Assignor, the Assignee has sanctioned a
Time Loan of Tk. 3,24,50,000.00 (Taka Thirty Two point Four Five Million) only,
(hereinafter referred to as the ‘Facility’), vide its Head Office Sanction bearing
Reference No. MTB/CHO/CAD/Composite/M/s. Biswas Construction/2020/2474,
dated 31.08.2020, issued by the Assignee and accepted by the Assignor;
AND WHEREAS the execution and delivery of this Assignment Agreement is one of
the conditions precedents in granting the Facility to the Assignor by the Assignees and
hence the Assignor has agreed, inter alia, to execute this Assignment Agreement in
favour of the Assignee, for and on behalf of, and for the benefit and interest of, the
Assignees under the terms and subject to the conditions set forth hereunder.
Page 1 of 4
AND WHEREAS, Bank will be entitled to adjust from the said mortgage property and
may procure it from the Company of any dues/expenses incurred or losses and
damages suffered by the Bank due to breach of the terms of the this Undertaking.
NOW THIS DEED WITNESSETH AS UNDER:
1. That the Company hereby acknowledges that its managing committee has
resolved a resolution to apply for the facility and in pursuance to which have
authorized Mr. __________, ___________(designation) to sign on behalf of
the Company.
2. That Company do hereby undertakes to indemnify and keep the Bank
Harmless from all the losses, damages, prosecution, expenses etc. which may
be suffered, incurred and sustained by the Bank in relation to any non-
performance or any breach of indemnification or any accident/incident/fire
during the commencement of any work in subsequent to the Annexure-1
mentioned work order.
3. That the Company undertakes to indemnify the all such losses and dues
sustained by the Bank due to breach of Agreement resulting in either civil,
sales tax, or any criminal liability imposed on Bank during the continuance of
the Undertaking, Assignment Agreement or Irrevocable Power of Attorney or
after the termination of the said Undertaking, Assignment Agreement or
Irrevocable Power of Attorney. The said liability can be in the form of any
claim by any third party dealing with the Company.
4. That the Company further confirms and declares that this Deed is irrevocable
and as and when the Bank shall intimate the Company in writing that any
damages, loss and dues has been incurred by the Bank stating the quantum
thereof the Company shall indemnify the Bank for such damages, loss and
dues without raising any objection.
5. That the Company hereby declares not to hold the Bank responsible or liable
for any loss or damage which we may suffer as a result of any acts, dent or
agents appointed by the Bank for the purpose of collection of the amounts.
Page 2 of 4
ANNEXURE –I
[LIST OF WORK ORDERS/NOTIFICATION OF AWARDS/PURCHASE ORDERS]
Sl. No. Work Order Reference No. & Date
01. Contract No. 54.01.8100.[Link], awarded in subsequence to
Notification of Award dated 08 June 2020 by the Chief Engineer (West),
Rajshahi, Bangladesh Railway;
Page 3 of 4
IN WITNESS WHEREOF THE COMPANY SIGNED THIS LETTER OF
UNDERTAKING IN FAVOUR OF THE BANK ON THE DAY, MONTH AND
YEAR MENTIONED ABOVE.
For & on behalf of
Deinco Limited And Biswas Construction
Joint Venture,
___________________________
(Authorized seal & signature)
Sealed, signed and delivered by
Deinco Limited And Biswas Construction Joint Venture,
__________(Designation) Mr. ________________
being authorized signatory in terms of Board
Resolution dated: ---- day of --------------------, 2020.
In the presence of: Drafted By:
1. Name & Signature
Address:
(Arife Billah)
Barrister-at Law, Advocate
Supreme Court of Bangladesh
Membership No. 6250
For: “The Lawyers Alliance”
2. Name & Signature Hotel Royal Tower (10th Floor)
208, Shahid Sayed Nazrul Sarani
Address: Bijoynagar,Dhaka-1000.
Page 4 of 4
![ANNEXURE –I
[LIST OF WORK ORDERS/NOTIFICATION OF AWARDS/PURCHASE ORDERS]
Sl.](https://screenshots.scribd.com/Scribd/252_100_85/415/487038854/3.jpeg)
