Amendment Agreement - Template, Sample Form to Complete Pro · IN-law

AMENDMENT AGREEMENT

This Amendment Agreement (the "Agreement") is made and executed at ________ on ________ (the "Effective Date").

BY AND BETWEEN

(i) ________, son/daughter/wife of ________, aged about ________ years, holding PAN ________, residing at ________ (hereinafter referred to as "Party 1", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, executors, administrators, successors and permitted assigns), of the FIRST PART;

AND

(ii) ________, son/daughter/wife of ________, aged about ________ years, holding PAN ________, residing at ________ (hereinafter referred to as "Party 2", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, executors, administrators, successors and permitted assigns), of the SECOND PART.

Party 1 and Party 2 are hereinafter individually referred to as a "Party" and collectively as the "Parties".

WHEREAS:

A. The Parties entered into the following agreement: ________ dated ________ for the following purpose:

________

(hereinafter referred to as the "Original Agreement").

B. The Original Agreement has previously been amended on the following number of occasions: ________.

C. Pursuant to mutual discussions held between them, the Parties have reached certain understandings in respect of the arrangement specified in the Original Agreement.

D. The Parties now seek to enter into this Agreement to confirm and record the mutual agreement between the Parties on the understanding in respect of the foregoing, and this Agreement is intended to be read as supplemental to and forming an integral part of the Original Agreement.

E. This Agreement is made for valid and lawful consideration and constitutes an agreement enforceable in accordance with the provisions of the Indian Contract Act, 1872.

NOW, THEREFORE, THIS AGREEMENT WITNESSES AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

§ 1. DEFINITIONS AND INTERPRETATION

1.1 Unless otherwise defined herein, capitalised terms used in this Agreement (including the Recitals) shall have the meanings respectively assigned to them in the Original Agreement.

1.2 The Recitals set out above and any Schedules and Annexures hereto shall form an integral and operative part of this Agreement.

1.3 References to clauses are, unless otherwise stated, references to clauses of the Original Agreement. The headings in this Agreement are for convenience only and shall not affect its interpretation.

§ 2. AMENDMENTS TO THE ORIGINAL AGREEMENT

2.1 The Parties agree that, with effect from the Effective Date, the following clause(s) of the Original Agreement, namely ________, shall stand amended, substituted and/or deleted in the manner set out below:

________

2.2 Save and except as expressly amended by this Agreement, all other terms, conditions, covenants and stipulations of the Original Agreement shall remain unaltered and continue in full force and effect.

§ 3. REPRESENTATIONS AND WARRANTIES

3.1 Each Party represents and warrants to the other that it has the full power, capacity and authority to enter into and perform its obligations under this Agreement, and that this Agreement constitutes a valid, legal and binding obligation enforceable against it in accordance with its terms.

3.2 Each Party further represents and warrants that the execution of this Agreement does not and will not contravene any applicable law or any agreement, deed, decree or order by which it is bound.

§ 4. OTHER PROVISIONS

4.1 This Agreement shall come into force on the Effective Date and shall terminate simultaneously with the termination of the Original Agreement.

4.2 This Agreement, together with the Original Agreement as amended hereby, constitutes and represents the entire agreement and understanding between the Parties with respect to the subject matter hereof, and supersedes all prior oral or written understandings to the extent inconsistent herewith.

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4.4 No failure or delay by either Party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any further exercise thereof.

4.5 Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of India, and subject to Clause 4.6 below, the courts at ________ shall have exclusive jurisdiction in respect of any dispute arising out of or in connection with this Agreement.

4.6 Dispute Resolution. Any dispute, difference or claim arising out of or in connection with this Agreement which cannot be amicably resolved by the Parties within ________ days shall be referred to and finally resolved by arbitration by a sole arbitrator to be mutually appointed by the Parties, in accordance with the Arbitration and Conciliation Act, 1996, as amended from time to time. The seat and venue of arbitration shall be ________ and the proceedings shall be conducted in the English language. The award of the arbitrator shall be final and binding upon the Parties.

4.7 Stamp Duty. The stamp duty, registration charges and incidental expenses payable in respect of this Agreement, if any, shall be borne by ________ in accordance with the applicable provisions of the Indian Stamp Act, 1899, and the relevant State stamp legislation.

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4.9 Counterparts and Modification. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. No amendment or modification of this Agreement shall be valid or binding unless made in writing and duly executed by both Parties.

4.10 Notices. All notices and communications under this Agreement shall be in writing and shall be delivered to the respective addresses of the Parties first set out hereinabove, or to such other address as a Party may notify to the other in writing.

IN WITNESS WHEREOF, the Parties hereto have set their respective hands to this Agreement on the day, month and year first hereinabove written.

___________________________

________ (Party 1)

___________________________

________ (Party 2)

WITNESSES:

1. Name: ________, Address: ________, Signature: ___________________________

2. Name: ________, Address: ________, Signature: ___________________________