Common use of POST DATED CHEQUES/ECS Clause in Contracts

POST DATED CHEQUES/ECS. Where the Borrower( s ) has / have agreed to issue ECS/SI post-dated cheques for the repayment of the Loan amount and interest thereon, such ECS/SI cheque shall be deemed to have been given for adequate consideration already received by the Borrower(s). If as a result of variation in FIR, the number of EMI’s or the amount thereof is increased, the Borrower( s ) shall forthwith on demand by FICCL issue fresh ECS /SI mandate / additional post-dated cheques in favour of FICCL. The Borrower(s) shall maintain adequate balance for realization of the ECS/SI/cheques on their due dates for payment. It is expressly agreed that Borrower( s ) shall at no point of time close the bank account from which the said ECS/SI/cheques have been issued or issue any communication to the bank for stopping the presentment of the said ECS/SI cheques. The Borrower( s ) acknowledge( s ) that any dishonour of ECS /SI / cheque issued by the Borrower(s) would make the Borrower(s) liable to pay cheque dishonour charges as applicable as per FICCL’S internal policies from time to time for each such act of dishonour. It is expressly specified and agreed that the levy of such charge is without prejudice to all other rights of FICCL under the law, whether under Negotiable Instruments Act, 1881, the Indian Penal Code, 1860 or otherwise howsoever. It is also further agreed and understood that non-presentation of the ECS / SI/ cheques or any of them on part of FICCL for any reason whatsoever, shall not in any manner affect the liability of the Borrower(s).If the ECS/ SI or any of the post dated cheques delivered to FICCL by the Borrower(s) pursuant to the terms of this clause is/are lost, destroyed or misplaced while in the custody of FICCL; or become non encashable due to death, insolvency, lunacy, termination of authority or otherwise of the signatory or any or more of the signatories( if more than one) or the liquidation of the drawee bank; or requires replacement for any reason whatsoever in the discretion of FICCL, then in that event, the Borrower(s) shall within three working days of receipt of such intimation from FICCL substitute / replace any such ECS/SI / cheques with a fresh ECS/ SI/ cheques payable for the same amount as the previous ECS/SI/cheques which is/are being substituted. Should the Borrower(s) wish to swap/interchange the ECS/SI/ post dated cheques from one bank to another bank, the Borrower(s) may do so by paying FICCL swap charges as applicable as per FICCL’s internal policies from time to time.

POST DATED CHEQUES/ECS. (a) Where the Borrower( s Borrower(s) has / have agreed to issue ECS/SI post-dated cheques for the repayment of the Loan amount and interest thereon, such ECS/SI cheque shall be deemed to have been given for adequate consideration already received by the Borrower(s). If as a result of variation in FIR, the number of EMI’s EMIs or the amount thereof is increased, the Borrower( s Borrower(s) shall forthwith on demand by FICCL issue fresh ECS /SI mandate / additional post-dated cheques in favour of FICCL. The Borrower(s) shall maintain adequate balance for realization of the ECS/SI/cheques on their due dates for payment. It is expressly agreed that Borrower( s ▇▇▇▇▇▇▇▇(s) shall at no point of time close the bank account from which the said ECS/SI/cheques have been issued or issue any communication to the bank for stopping the presentment of the said ECS/SI cheques. The Borrower( s Borrower(s) acknowledge( s ) acknowledges that any dishonour of ECS /SI / cheque issued by the Borrower(s) would make the Borrower(s) liable to pay cheque dishonour charges as applicable as per FICCL’S ’s internal policies from time to time for each such act of dishonour. It is expressly specified and agreed that the levy of such charge is without prejudice to all other rights of FICCL under the law, whether under Negotiable Instruments Act, 1881, the Indian Penal Code, 1860 or otherwise howsoever. It is also further agreed and understood that non-presentation of the ECS / SI/ ECS/cheques or any of them Borrower Co-Borrower Authorised Signatory on part of FICCL for any reason whatsoever, shall not in any manner affect the liability of the Borrower(s).If Borrower(s). If the ECS/ SI ECS or any of the post dated cheques cheques/s delivered to FICCL by the Borrower(s) pursuant to the terms of this clause is/are lost, destroyed or misplaced while in the custody of FICCL; or become non encashable due to death, insolvency, lunacy, termination of authority or otherwise of the signatory or any or more of the signatories( signatories (if more than one) or the liquidation of the drawee bank; or requires replacement for any reason whatsoever in the discretion of FICCL, then in that event, the Borrower(s) shall within three working days of receipt of such intimation from FICCL substitute / replace any such ECS/SI ECS / cheques with a fresh ECS/ SI/ cheques ECS / cheque/s payable for the same amount as the previous ECSECS/ cheque/SI/cheques s which is/are being substituted. Should the Borrower(s) wish to swap/swap / interchange the ECS/SI/ ECS/ post dated cheques from one bank to another bank, the Borrower(s) may do so by paying FICCL swap charges as applicable as per FICCL’s internal policies from time to time.