LETTER OF UNDERTAKING AND AUTHORITY TO CLEAR AND SELL THE GOODS.
Date : 08-06-2002The Manager
Pm Bank Ltd.
Motijheel Branch
Dhaka.
Dear Sir,
You are requested to have the goods on arrival / which have arrived relating to our Letter of Undertaking of Credit No................................ dated ........................ for US$ ........................... for import of ....................................... cleared, warehoused and / or stored in your name or in your godown or placed at any place and insure against fire but without obligation on you to do so and you will be in no way responsible for any loss or damage entailed through your commission to do so. Without prejudice to any other rights or remedies to which you may be entitled I / We agree that if I / We fail to pay on due date or demand all Moines due by me/us to you from time to time you may without notice or further consent of me/us or person interested, sell the goods in such manner and at such times as you may think fit and apply the net proceeds of such sale in or towards the discharge of your dues and I/We undertake to pay you on demand the amount of any deficiency remaining after such sale together with all charges, expenses, commissions, fees and income.
You are not to be liable for default of any broker, auctioneer, any employee of yours or other persons employed in relation to or for the sale of the goods or for any other purpose connected therewith.
You are at liberty to make the sale by public auction or privately in any manner you like.
You choice of agents, auctioneers, professional men or employees, or vendors for and in connection with the removal, movement, transport, storage, conveyance or sale may be made as far as you think proper from parties known to you but your freedom to choose anybody else or to employ the services of any person for any purpose is completely unfettered and I/We accept full responsibility for any act, omission, fault, default or negligence of any of them and not hold any one responsible for any loss, harm or detriment occurring in consequence thereof. In short the condition of your services named or referred to above is that they will be undertaken at my/our cost and account and that risk and responsibility for all acts, omissions, faults, defaults and negligence of all agents and employees participating or engaged in this connection is entirely mine/ours.
Yours faithfully,
D I R E C T O R
Auto Garments Ltd.
Letter of Undertaking
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