Internal III Semester II

Aditya Bherwani
PRN- 21010422247
Section- D
Special contract

Loan contract
This contract is made on 23/05/2022
BETWEEN
Mr. Rajeev Chandra aged 32 here refer to as ‘the owner of the
(which expression shall unless repellent to the context of meaning
there of shall include his heirs , execute ,administration and
assignees)
AND
Mr. Pritam Kumar age 26 here in after refer to as ‘the
contractor’ (which expression shall unless repellent to the context of
the meaning there of shall include his hires execute administration
and assignees)
1. The contractor wishes to obtain fifty lakh rupees from Mr.
Rajeev Chandra.

2. The amount was to be paid in 5 years.

3. The proposal was made by Mr. Pritam Kumar was made on
23/05/2022 and was accepted by Mr. Rajeev Chandra on the
same day.
4. The contractor agreed to transfer the possession of diamond
jewelery worth 80,00,000 to Mr. Rajeev as a security for the
payment amount at the same time of the reciept of loan.

5. If the contractor fails to provide his services accordingly , then

the owner would have the choice to repudiate the contract and
make him liable for damages.
6. Here , there is a duty of contractor to ensure that Mr. Pritam
pays the loan amount in the course of 5 years only.
7. Whatever has been promised by the contractor and asked by
the owner the work should be done in same manner .
8. The parties acknowledge and agreed to the contract that they
represent the entire agreement between the parties and
anything which has to be changed has to be written and then
only would get executed.
9. In the event of dispute regarding the amount or time of the
agreement the other party would be revered to the Indian
Contract Act.
10. This agreement is subject to the broad principles of Contract
Act 1872 . The Companies Act, 2013 regulates the giving of loans,
guarantees or security by companies to their directorsThe
contract here is legal and binding on the both parties.

11. The contractor or owner will not be liable if any situation is

according to act of god and is out of the control of party.

12. Both the parties have agreed to the conditions forth above
by their signatures

THE OWNER THE CONTRACTOR

Mr. Rajeev Chandra Mr. Pritam Chandra
23rd May 2022 23rd May 2022