1
(which expression shall unless it be repugnant to the
context or meaning thereof be deemed to mean and
include its successors and assigns) of the First Part.
AND
_____________________ (Banking company) company
Incorporated and Registered under Companies Act,
1956 [1 of 1956] and also a Banking Company under
section 5(c) of the Banking Regulation Act, 1949 (10 of
1949) and having its Registered Office at
__________________________________ and having
its
Corporate
Office
at
_____________________________________
(hereinafter referred to as the “BANK” which expression
shall, unless excluded by or repugnant to the context or
meaning thereof be deemed to include its successors
and assigns)
WHEREAS
MASTER STORAGE
REPOSSESSED VEHICLE
AGREEMENT
This Master
Storage Repossessed Vehicle
Agreement is made and executed at Mumbai on this
_______ day of ___________ 20___
Between:
Mr._________________________________son of Mr
________________,
an
adult
Indian
Inhabitant
M/s._____________________ a Partnership Firm
through
its
partner
Mr.
___________________________,
M/s.______________________, a Company formed and
registered under the provisions of the Companies Act,
1956 having its address at ___________________
_____________________________________________
_____________________________________________
______________________ Hereafter known as
SERVICE PROVIDER
(which expression shall unless be repugnant to the
context or meaning thereof mean and include his heirs,
legal
representatives/successors/executors
or
Administrator)
(which expression shall unless it be repugnant to context
or meaning thereof be deemed to mean and include the
partners constituting the said firm, the survivors or
survivors of them and executor, administrators or assign
of the last surviving partner).
As a part of Banking activities, BANK proposes to grant
/ sanction to its customers / constituents ( referred to as
“Borrower(s)”) certain vehicle loans. Under the said
agreement, the Bank has all right and power to seize the
vehicle from the Borrower in case of default in repayment
of loan installment.
The said repossessed vehicle shall be seize from the
Borrower in due compliance with all legal formalities by
such authorized agents of BANK known as Repo
Agents. The said vehicles shall be deposited and parked
at Vehicle Yard of SERVICE PROVIDER
SERVICE PROVIDER has good experience and
expertise in the handling, overseeing / supervising,
monitoring and storage of repossessed vehicle yards
and therefore the BANK has agreed to appoint
SERVICE PROVIDER to handle, oversee and monitor
the storage of the repossessed vehicles and provide its
integrated services to all its branches across India at the
Storage Areas for the benefit of the BANK. SERVICE
PROVIDER has agreed and consented BANK to
provide its services on the terms and conditions
mentioned hereinafter.
ARTICLE -I
APPOINTMENT OF SERVICE PROVIDER
1.1
The BANK hereby exclusively appoints
SERVICE PROVIDER to receive, inspect and
monitor the repossessed vehicles at the
Storage Areas and further provide and perform
the integrated services to its branches as may
be intimated/ directed from time to time
through-out India.
2
1.2
SERVICE PROVIDER hereby accepts its
appointment by the BANK and agrees to
receive the repossessed vehicle for storage
and handling for the benefit of the BANK, and
provide and perform integrated services to its
branches as may be intimated from time to
time.
3.1 In addition and without prejudice to any other duties
and obligations as mentioned herein above,
SERVICE PROVIDER
shall also render the
services specified in Schedule -B to the present
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT.
ARTICLE -IV
ARTICLE II
UNDERTAKINGS, WARRANTIES,
REPRESENTATIONS AND COVENANTS
STORAGE OF VEHICLE
2.1
2.2
The BANK shall intimate to SERVICE
PROVIDER the location to be used as the
Storage Areas for storage of the repossessed
vehicles. SERVICE PROVIDER shall upon
receipt of such intimation provide to Bank,
SERVICE PROVIDER storage areas and / or
arrange any other Godown / warehouses in the
said location readily available for storage
purpose.
Apart from its employees, agents, servants,
representatives or contractors, SERVICE
PROVIDER shall not admit any other persons
in the storage area unless directed by the
BANK
2.4
SERVICE PROVIDER
shall permit the
BANK’s authorized representatives or agents
to conduct such inspections, verifications and
checks on the repossessed vehicle as the
BANK deems necessary in its absolute
discretion.
2.6
SERVICE PROVIDER
agrees, undertakes,
warrants and covenants that it shall at all times,
control and manage the repossessed vehicles at
the designated Storage Area(s) and provide the
services outlined in Schedule -B as per good
industry practice and shall diligently and faithfully
provide its services in accordance with the best
practice followed in provisioning services and shall
use its best endeavors to improve the goodwill of
BANK in the service area in accordance with the
Business rules, which are subject to change from
time to time.
Prior to finalization of any storage area /
vehicle yards, the said locations shall be duly
inspected by the Bank’s authorized officer to
ensure its suitablility for purpose of storage of
repossessed vehicle. After confirming the
same, SERVICE PROVIDER shall proceed
to arrange for providing agreed services from
the said locations.
2.3
2.5
4.1 Good Industry Practice
SERVICE PROVIDER shall on behalf of the
BANK, accept delivery of repossessed
vehicle from Bank’s Repo Agents at Storage
Area.
The process of acceptance of delivery of
repossessed vehicles shall be carried out in
presence of Bank officers as per Schedule –A
hereto
ARTICLE - III
SERVICES
"Good Industry Practice" for the purpose of this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT means the exercise of degree of
skill, diligence and prudence which is expected from
a highly skilled, experienced and well recognized
and reputed service provider and SERVICE
PROVIDER
engaged in the same type of
undertaking as service provider and SERVICE
PROVIDER
under similar circumstances and
acting generally in accordance with the prevailing
laws, rules, regulations, codes and industry
standards.
(a)
Corporate Standing
It is a limited liability company duly organized,
validly existing and in good standing under the
laws of India and is qualified to do business in
all jurisdictions.
(b)
No violation of law: litigation
The formation and performance of SERVICE
PROVIDER is in accordance with the law of
the country and that SERVICE PROVIDER is
not prevented or any way legally disentitled to
enter into present MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT .
There is no pending litigation by or against any
governmental or regulatory authority, which, if
adversely determined, could reasonably be
expected to have a material adverse effect on
3
the financial condition, operations, prospects or
business of SERVICE PROVIDER
or its
ability to perform the obligations under this
MASTER
STORAGE
REPOSSESSED
VEHICLE AGREEMENT .
(c)
No Breach
Neither the execution and delivery of this
MASTER
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT,
nor
the
consummation of the transactions herein
contemplated or compliance of any terms and
provisions hereof, will conflict with or result in a
breach of any applicable laws or regulation, or
any order, writ, injunction or decree of any
court, or any agreement or instrument or
arrangement to which SERVICE PROVIDER
is a party.
(d)
Corporate Action
SERVICE PROVIDER
has all necessary
power and authority to execute, deliver and
perform its obligations under this MASTER
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT ; and that this MASTER
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT has been duly and validly
executed and delivered by SERVICE
PROVIDER and constitutes legal, valid and
binding obligations of SERVICE PROVIDER
enforceable in accordance with its terms.
(e)
Necessary skills and expertise
SERVICE PROVIDER
possess
necessary
skills,
knowledge,
experience, expertise, required capital
net worth, adequate and competent
personnel, systems, equipment and
procedures and capability to duly
perform its obligations in accordance
with the terms of this MASTER
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT .
4.2
Other representations and warranties
SERVICE PROVIDER further represents and
warrants and covenants that:
(a)
They possess proper infrastructure,
manpower and equipment(s) to render the
services outlined in Schedule -B;
(b)
They shall safeguard the vehicle.
(c)
They shall immediately notify the BANK in
writing of the occurrence of any event
which may result in or which may give
reason to believe that there is a necessity
to change the Storage Area for protection
and preservation of the storage premises.
(d)
The repossessed vehicle shall be handed
over to the person bearing release
instructions / order from BANK or as per
instructions and direction of BANK.
ARTICLE- V
COVENANTS
5.1 SERVICE PROVIDER shall ensure that they have
taken necessary insurance coverage (fire and allied
perils including flood, or any other natural calamities
or acts of god cover offered by the insurance policy
on fire and allied perils, burglary, theft, earthquake,
spontaneous combustion, riots, strikes and
malicious damage) as may be reasonably required
by the BANK for the Yard and stock.
5.2 SERVICE PROVIDER shall be liable for any loss
or damage caused to the vehicle or any liability
arising thereof as a result of any negligence,
misconduct and / or violation and/or breach of any
employee / agent of SERVICE PROVIDER .
5.3 The liability of SERVICE PROVIDER under this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT shall be limited to the extent of claim
received from any insurance company.
5.4 SERVICE PROVIDER shall not be liable for any
damage / loss by reason of misrepresentation /
incorrect information furnished by Bank.
5.5 SERVICE PROVIDER shall not be liable for losses
arising out of any criminal offence including fraud,
forgery, fabrication etc done at the end of Bank in
taking away the vehicle from the storage area.
5.6 SERVICE PROVIDER
will maintain various
records and registers as may be required under the
applicable law and will not object for inspection
thereof to the BANK.
5.7 SERVICE PROVIDER shall not delay the delivery
of the repossessed vehicles stored in the Storage
Area without any justifiable reason.
5.8 The BANK shall have the right to carry out spot
checks and do audit of the Storage Area and the
premises where the vehicles are parked.
Procedures, personnel and records relating to the
services rendered in terms of this MASTER
4
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT will include surprise checks to satisfy
themselves as regards quality of services provided /
rendered / performed by SERVICE PROVIDER to
the BANK.
ARTICLE- VI
FEES AND TAXES
6.1
In consideration for the services provided by the
SERVICE PROVIDER , the BANK will pay
SERVICE PROVIDER the fees and charges as
per Schedule-C.
6.2
All fees and charges payable to SERVICE
PROVIDER
shall be exclusive of all taxes
charged or which may be imposed in the future on
any of the services provided by the SERVICE
PROVIDER
under this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT. In the
event that the BANK has paid any amount towards
taxes, the BANK shall issue to the SERVICE
PROVIDER , appropriate certificates evidencing
the payment of such taxes on behalf of SERVICE
PROVIDER .
6.3
For the purposes of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT, the
SERVICE PROVIDER shall include SERVICE
PROVIDER
, its personnel, employees,
consultants, and/or other persons authorized to
act on its behalf.
7.2
The BANK shall have no liability whatsoever for
any injury to SERVICE PROVIDER and / or its
personnel / staff caused or suffered in the course
of performance of the obligations by in terms of
this MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT save and except by any
action or inaction of the Bank.
7.3
Survival of Indemnity
The responsibility of the SERVICE PROVIDER to
indemnify set forth in this Clause and the
obligations there under, shall survive the
termination of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT for any
reason whatsoever with regard to any indemnity
claims arising out of or in relation to the
performance hereof.
SERVICE PROVIDER shall be responsible for
intimating to the BANK, the applicable service
charges, taxes, etc. that are required to be
deducted by the BANK.
ARTICLE- VIII
LIEN
8.1
ARTICLE- VII
INDEMNITY
7.1
Indemnity by the SERVICE PROVIDER
SERVICE PROVIDER agrees to indemnify and
keep indemnified, defend and hold harmless the
BANK and its officers, directors, employees and
agents from and against any and all losses,
liabilities, claims, obligations, costs, expenses
arising before, during or after completion of
services, which result from, arise in connection
with or are related in any way to claims by third
parties or regulatory authorities, and which
directly arise due to following reasons
(i)
SERVICE PROVIDER
breach of the
representations and warranties specified in this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT or;
(ii)
Negligence, or
PROVIDER ; or
(iii)
The fault or negligence of SERVICE PROVIDER
, its officers, employees, agents, subcontractors
and/or representatives;
misconduct
by
SERVICE
Notwithstanding anything contained in this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT, it is expressly agreed that at no
time, the SERVICE PROVIDER shall have any
rights of lien, attachment, detention or arrest or
similar other right of a like nature with respect to or
over the commodities. SERVICE PROVIDER
hereby unconditionally and irrevocably waives any
and all contractual and statutory rights that
SERVICE PROVIDER may have in relation to
lien, etc. either under this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT or
under applicable laws.
ARTICLE- IX
DURATION AND TERMINATION
9.1
This MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT shall come into force on
the date above written and can be terminated by
either party by giving 60 (sixty) days written
notice of their intention to do so. Notwithstanding
the above, either party to this agreement shall be
entitled to forthwith terminate this MASTER
STORAGE
REPOSSESSED
VEHICLE
AGREEMENT without the grant of any prior
notice in the event of any breach or violation by
5
SERVICE PROVIDER
of the terms and
conditions of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT .
9.2
.
9.3
In the case of termination by a party as provided
in Article 9.1,the SERVICE PROVIDER shall
continue to hold the repossessed vehicles until
such time as the BANK notifies SERVICE
PROVIDER the name of the person to whom
SERVICE PROVIDER
shall deliver the
repossessed vehicles. If such person is not
designated within 90 (ninety) days of the date of
termination of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT,
SERVICE PROVIDER may continue to hold the
repossessed vehicle in accordance with the
terms and conditions of this MASTER STORAGE
REPOSSESSED
VEHICLE
AGREEMENT
provided that the BANK continues to make
payment to SERVICE PROVIDER
for such
additional period in accordance with the terms
and conditions of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT .
During the period of any holdover, the SERVICE
PROVIDER shall always hold the commodities
in accordance with the terms and conditions of
this MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT
11.1
This MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT shall be governed by,
and interpreted in accordance with the
substantive laws of India and the Courts at
Mumbai alone will have the exclusive jurisdiction
to entertain, try and adjudicate any dispute
between the Parties
11.2
The Parties do hereby agree that any claim,
controversy, or other dispute between them
relating
to
this
MASTER
STORAGE
REPOSSESSED VEHICLE AGREEMENT or its
interpretation will be submitted to arbitration in
accordance with the provisions of the Arbitration
and Conciliation Act, 1996 (“Act”). The arbitration
hearings, proceedings and all meetings held
pursuant to this Clause shall be held in Mumbai,
India and shall be conducted in English. The
Arbitration shall be conducted by a single
Arbitrator who shall be jointly appointed by the
Parties. In the event, the Parties herein fail to
agree on the choice of Arbitrator within 15
(fifteen) days after the date of a written demand
made by any of the Parties for such appointment,
a single Arbitrator shall be appointed in
accordance with the provisions of the Act. The
decision/award of the arbitrator shall be in writing
and shall be rendered within 5 (five) days after
the completion of the Arbitration proceedings.
The decision of the Arbitrator shall be final and
binding upon the Parties both as to law and to
fact, and shall not be appealable to any court in
any jurisdiction. The expenses of the Arbitrator
shall be shared equally by the Parties, and each
Party shall bear its own legal costs, unless the
arbitrator determine in their award that their
expenses, and/or the legal costs, shall be
otherwise assessed.
If any of the parties to this Agreement are
prevented from performing any of their
obligations under this Agreement by events of
force Majeure, such as war fire, flood,
earthquake, or any other event that is beyond the
reasonable control of such party, the time period
for performance of such obligations shall be
extended by a period equal to the delay caused
by such event and the parties hereto shall
conduct friendly negotiations as soon as possible
to find a mutually satisfactory solution to the
problems caused by such events. No damages
shall be claimed for such acts of force majeure.
ARTICLE- XII
GENERAL PROVISIONS
ARTICLE -X
INTERPRETATION
10.1
The headings in this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT are for
convenience only and shall not affect the
construction thereof.
10.2
The validity of this MASTER STORAGE
REPOSSESSED VEHICLE AGREEMENT shall
not be affected by the invalidity of a provision
thereof unless the results would be manifestly
inequitable and unconscionable.
ARTICLE- XI
GOVERNING LAW AND JURISDICTION
12.1
All notices, requests, consents, waivers or other
communication required or permitted hereunder
shall be in writing and shall be deemed properly
served: (i) if delivered by hand and received by
an authorized employee or officer of the Party, (ii)
3 days after being given to a reputed courier with
a reliable system for tracking delivery, (iii) upon
receipt of confirmation receipt when sent by
facsimile; or (iv) 14 days after the date of
dispatch by certified or registered mail, postage
prepaid, return receipt requested; (v) when sent
by electronic mail. All notices and other
communication shall be addressed as follows,
unless changed and notified to the other parties:
SERVICE PROVIDER
6
Name
Address:
Email
Phone
Fax
Bank
Name
Address:
Email
Phone
Fax
12.2 The BANK shall have the right to assign this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT in whole or in part including any
rights or obligations hereunder without the prior
written consent of SERVICE PROVIDER .
12.3 Neither failure, refusal nor neglect of the SERVICE
PROVIDER to exercise right under the present
Agreement or to insist compliance thereof by the
Agent nor any other waiver of any default of any
provision of the present Agreement shall be
deemed a waiver of any other default or breach of
the same or any other provisions.
12.4 This Agreement shall not be changed or
supplemented in any way except by properly
executed documents signed by a representative
or officer, duly authorized in writing by each of the
parties hereto.
12.5
Either party and their agents, representatives and
employees shall keep confidential any
information concerning the business or business
operations which may be discussed or disclosed
in the course of the relationship created by this
Agreement and will not disclose any such
information to any third party without the written
permission of the other parties.
12.6
The invalidation of any one of the terms,
conditions or other provisions herein by judgment
or court order shall in no way affect any other
terms, conditions and provisions hereof, and the
remainder of this Agreement shall remain in full
force and effect.
12.7
All warranties and indemnities of the Bank and
the SERVICE PROVIDER
shall survive the
termination of this Agreement.
12.8 This MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT and the Appendixes
thereto, which form part thereof, shall constitute
the entire MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT between the Parties with
respect to its subject matter, all prior contracts,
proposals, representations, negotiations and
understandings, either orally or in writing being
hereby superseded.
Any amendment or
modification hereof shall only be binding if it is
made in writing and signed on behalf of each Party
by its duly authorized representative(s).
12.9 This MASTER STORAGE REPOSSESSED
VEHICLE AGREEMENT may be executed in any
number of counterparts and by the different Parties
in separate counterparts, each of which, when
executed, shall be deemed to be an original, and
such counter parts together shall constitute one
and the same instrument.
IN WITNESS WHEREOF, the Parties have caused this
MASTER STORAGE REPOSSESSED VEHICLE
AGREEMENT (in duplicate) to be duly executed on the
date, month and year hereinabove written
Signed, sealed and delivered by within named
SERVICE PROVIDER
Signed, sealed and delivered by within named
BANK
7
SCHEDULE-A
1. DELIVERY ACCEPTANCE PROCESS:
a. Repo agent of Bank shall within 24 hrs of repossession of vehicle approach SERVICE
PROVIDER designated vehicle yard for deposition of repossessed vehicle.
b. Repo Agent shall handover 2 copies of the inventory sheets to SERVICE PROVIDER i.e.
yard copy & bank copy from the Repo agent.
c. SERVICE PROVIDER shall verify particulars and details of repossess vehicles from
inventory sheet.
d. In case of any descrepancies, SERVICE PROVIDER shall highlight the same in both the
inventory copies, i.e. bank & yard copy.
e. After verifying all the details and particulars, SERVICE PROVIDER shall park the vehicle in
the designated vehicle yard.
f. SERVICE PROVIDER shall retain original keys of the repossessed vehicle.
g. In case keys are not available, SERVICE PROVIDER shall report the same to Bank in
Daily MIS
h. SERVICE PROVIDER shall confirm to Bank about deposit of vehicle.
2. Post delivery Process:
A. Key management
a. SERVICE PROVIDER to be custodian of repossessed vehicle keys.
b. Keys to be retained at designated vehicle yard.
c. Necessary entries to be make in Key Register.
d. Keys to be allotted appropriate tracking number.
e. Keys to be kept in pouch bearing tracking number.
f. Pouch bearing Tracking Number shall contain following details
 Key identification no. (each pouch to be given a unique no. which would be updated
in the system at the time of online entry & in turn used for retrieval).
 Registration no. of vehicle.
 LAN No., model & make.
 Designated Vehicle Yard name, address & number, if any.
g. In case keys are not available, SERVICE PROVIDER shall inform the same to Bank.
h. Keys to be handed over only at the time of release of vehicle, after the completion of the
release process and obtaining dealer/customer signature to be taken in the key register.
i. All the vehicle keys will be kept locked in a drawer which would be under close
supervision of yard manager who will have the keys for this drawer.
j. The vehicle keys should always be in the custody of the yard manager or staff, it should
not be handed over to any dealer or customer even for inspection.
k. The manager or staff needs to accompany them for inspection. The key needs to be
handed over only at the time of release of vehicle/asset.
B. Maintenance & parking of vehicle/asset.
a. Repossessed Vehicle should be parked as per their product type i.e. TWS, Auto, CV, etc.
b. Parking to be done with proper spacing between two vehicle/asset.
 Between TWs minimum space would be 1 feet.
8
 For Auto & CV it would be 2 feet.
c. Cleaning / Washing:
 For premium cars to be done once in 2 days i.e. cars with a valuation amount greater
than 6 lacs.
 Non Premium cars once in 4 days.
 TWs once in 4 days
 CB & FE once in 7 days.
d. Air freshener to be sprayed once in 7 days in the interior of the vehicle/asset.
9
SCHEDULE-B
A. Facilities for auction of repossessed vehicle.
a. Auctioneer / Bank will provide list of vehicles for auction.
b. SERVICE PROVIDER shall tag the said repossessed vehicle, keep them clean and
ready for inspection
c. SERVICE PROVIDER shall arrange for easy access to keys in order for easy and faster
retrieval.
d. On instruction of Bank, SERVICE PROVIDER shall if possible, move the repossessed
vehicles to a spot/ space allocated for auction.
e. Bank to ensure that Auction space shall be away from the storage area demarcated as
designated vehicle yard.
B. Assistance for Auction Process:
a. On Bank’s instructions, SERVICE PROVIDER shall allow Dealer / Customer visits the
yard for inspection.
b. Dealer / Customer shall be allowed to enter the designated vehicle yard on production
and submission of appropriate authority letter issued by Bank.
c. To allow inspection to Dealer / Customers as mentioned in list provided by bank.
d. To verify all the entrants with their respective ID proofs original & collect a copy for the
same. To prevent theft / pilferage, ask the entrants to deposit all the bags at the gate for
which a token would be issued. (ladies money purse & mobile to be exempted)
e. Attested signature of Dealer / Customer to be verified by SERVICE PROVIDER with
authorized signatory list provided by bank.
f. Subject to compliance of aforesaid stipulations, gate pass shall be prepared in the name
of dealer or dealer staff & handed over for entry.
g. SERVICE PROVIDER shall retrieve the keys of the respective vehicle.
h. In addition to the Bank representative, SERVICE PROVIDER
representative shall
accompany dealer/customer for vehicle inspection along with the keys.
i. Post the completion of inspection, gate pass to be signed off by manager before they
leave.
j. SERVICE PROVIDER shall deposit the keys back into the pouch and place the same in
safe custody.
k. Online updation shall be done for the inspection date & also the key register is updated.
l. All entrants to be frisked before leaving the premises & their bags (if any) deposited at the
gate to be return subject to they producing the concerned token.
m. To file the authority letter alongwith the ID proof copies.
C. Release of asset
a. Customer arrives at yard with the Release Order (RO) to take charge of the vehicle.
b. SERVICE PROVIDER shall collect the Release Order (RO) from the customer.
c. SERVICE PROVIDER
shall verify & authenticate the Release Order (RO) with the
authorised signatory list available.
d. SERVICE PROVIDER shall verify the customer with their respective original ID proof
original & collect a copy for the same
e. SERVICE PROVIDER shall check for the validity of the Release Order (RO).
f. Subject to compliance of the aforesaid stipulations. A gate pass is prepared & handed
over for entry.
g. SERVICE PROVIDER shall retrieve the keys for the respective vehicle.
h. SERVICE PROVIDER
shall accompany customer for release of vehicle alongwith the
keys.
i. The vehicle is brought out from the parked location.
j. SERVICE PROVIDER hand over the vehicle keys to the customer.
10
k. SERVICE PROVIDER shall take customer’s signature in the key register.
l. Update the release date in the key register & Daily asset tracking MIS.
m. SERVICE PROVIDER shall file the Release Order (RO) alongwith the ID Proof copies.
11
SCHEDULE-C
CHARGES AND TERMS OF PAYMENT
SERVICE PROVIDER shall charge a comprehensive rate of Rs. _______ (Rupees ___________) per location per month.
In the event that all commodities are completely removed from any location, the fees payable by the BANK shall abate in
proportion from the date of such removal.