The Security Cheque Agreement is a crucial document in Indian business transactions where post-dated cheques are provided as security for various obligations such as loans, leases, or payment commitments. This agreement type is commonly used in India due to the strong legal framework provided by the Negotiable Instruments Act, 1881, particularly Section 138 which criminalizes cheque dishonor. The document typically includes details of the security cheques, terms of holding, conditions for presentation, and return procedures. It serves to protect both the security holder's interests in enforcing their rights and the security provider's interests in ensuring proper use of the security cheques. The agreement is particularly important given the serious legal consequences of cheque dishonor under Indian law and the need for clear documentation of the parties' rights and obligations.
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1. Parties: Identification of the parties: the security cheque provider and the beneficiary, including their full legal names, addresses, and registration details if applicable
2. Background: Context of the agreement, including reference to the primary obligation or transaction for which the security cheque is being provided
3. Definitions: Definitions of key terms used in the agreement, including 'Security Cheque', 'Primary Obligation', 'Event of Default', etc.
4. Security Cheque Details: Specific details of the security cheque(s) including cheque number(s), amount(s), bank details, and date of issuance
5. Purpose and Nature of Security: Clear statement of the purpose for which the security cheque is provided and its nature as security
6. Representations and Warranties: Declarations by the security cheque provider regarding authority, validity of the cheque, and sufficient funds
7. Terms of Holding: Conditions under which the beneficiary will hold the security cheque and circumstances of its use
8. Events of Default: Specific circumstances that would permit the beneficiary to present the security cheque for payment
9. Notice Requirements: Procedures for providing notice before presenting the security cheque for payment
10. Return of Security Cheque: Conditions and process for returning the security cheque upon satisfaction of obligations
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
1. Multiple Security Cheques: Additional provisions when multiple security cheques are provided, including their sequential use or specific purposes
2. Replacement of Cheques: Procedures for replacing security cheques in case of expiry, damage, or bank account changes
3. Electronic Records: Provisions for maintaining electronic copies or records of the security cheques
4. Cross Default: Provisions linking defaults under other agreements that may trigger the use of the security cheque
5. Dispute Resolution: Detailed procedures for resolving disputes, including mediation or arbitration provisions
6. Power of Attorney: Optional authority granted to the beneficiary for certain actions related to the security cheque
7. Bank Charges: Provisions regarding responsibility for any bank charges related to the security cheque
1. Schedule 1 - Security Cheque Details: Detailed list of all security cheques with specific information including cheque numbers, amounts, and dates
2. Schedule 2 - Primary Obligation Details: Details of the primary obligation or transaction for which the security cheque is provided
3. Schedule 3 - Authorized Signatories: List of authorized signatories for both parties with specimen signatures
4. Appendix A - Notice Format: Template for notices to be issued before presenting the security cheque
5. Appendix B - Cheque Return Form: Format for acknowledging return of security cheque upon satisfaction of obligations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Trading
Import/Export
Leasing
Small and Medium Enterprises
Microfinance
Consumer Finance
Corporate Finance
Equipment Leasing
Supply Chain Finance
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Collections
Accounts Receivable
Compliance
Operations
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Company Secretary
Credit Manager
Risk Manager
Collections Manager
Accounts Receivable Manager
Treasury Manager
Compliance Officer
Contract Manager
Business Development Manager
Operations Manager
Financial Controller
Credit Analyst
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