Agreement for Operation of Vehicle .

Buyer No. : 228953 , OrderNo: 1 & serial No:

Registration Number : DHAKA METRO-KA-12-0333

This Deed of Agreement executed at Dhaka on this the 26-Apr-2020

Between

Nitol Motors Limited, a Private Limited Company incorporated under the Companies Act, 1913 and existing under the
Companies Act 1994 and having its Registered Office at Nitol Centre,71, Mohakhali C/A, Dhaka-1212, Bangladesh,
represented by MAZHAR UDDIN AHMED, MANAGER (hereinafter called “OWNER” which term unless
repugnant to the context shall mean and include it’s successors-in-Interest, legal representatives and assigns) of the
one part.

AND

ALBERT GLOBAL LTD. ; A/C: MD. SHIRAJUL KARIM son/daughter of Mr. /Mrs EKRAMUL KARIM and NARSUM KHANOM, PRESENT
ADDRESS: H: 14, R: 2/A, SEC: 12, UTTARA, DHAKA. PERMANENT ADDRESS: 1/8, ASAD AVENUE, BLOCK#E, P.O:
MOHAMMADPUR, P.S: MOHAMMADPUR, DIST: DHAKA aged about 66 years by faith Islam by profession Business
by Nationality Bangladeshi whose National ID No : 867 735 4154 (hereinafter called the "OPERATOR" which
expression unless repugnant to the context shall mean and include his/her heirs, legal representatives and
assigns) of the other part.

WHEREAS the OWNER by taking Bank loan, providing securities and guarantees to Bank acquired with Road Transport
Vehicles; decided to engage an OPERATOR who shall take and run the vehicle on Minimum Monthly Rental (MMR);

AND

WHEREAS the OPERATOR who is living in a owned premises in the present address has voluntarily proposed to take

a vehicle Model TATA NANO GENX AMT , from the OWNER for running the same under his own management on the

terms and conditions of this agreement and the Owner has accepted the Operator’s proposal. The full description of Vehicle

to be separately acknowledged as per Form # 1 at the time of taking delivery and the Operator shall have agreed not

to raise any objection about quality of Vehicle after taking delivery.

NOW, THEREFORE, THIS AGREEMENT WITNESSETH and the parties have agreed as follows:

1) The OPERATOR has deposited the sum of Tk. 1,00,000.00 (Tk. One Lac Only.) with the OWNER Vide Money
Receipt#.................. dated ……………….. as Security Deposit/Down Payment to be adjusted against reimbursable Cost &
Warranty Services; forfeit if there is breach of the terms and conditions of this Agreement or adjustment against
sales price (not less than security deposit) after payment of full MMR amount under this agreement.

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2) This Agreement shall come into force with effect from the date of delivery of vehicle or expiry date of grace period
if any whichever is later and shall remain valid for 08 Months, to the date of full payment of MMR amount which
ever date comes earlier.

3) The Operator OR his authorized person shall have inspected the vehicle as per description in the schedule of
Vehicle to be signed by Operator and authorized person of owner at delivery point. No objection shall be received
about quality of Vehicle after delivery.

4) Excluding the amount mentioned in Clause 1; The OPERATOR shall pay to the Owner the total amount of Tk.
800000 (Tk. Eight Lac Only.) in 08 months @ Tk. 100500 (Tk. One Lac Five hundred Only. ) per month as MMR
beginning from effective date of agreement Tracker charge shall be separately paid if not included in MMR.

5) MMR shall apply with Financial charge on default amount, if the Operator continues holding possession of the
vehicle beyond validity period of Agreement.

6) The OPERATOR shall have issued Account Payee postdated Cheques for total amount stated in clause- 4 in favor
of the OWNER to be listed separately as per Form# 2. Every Cheque should be for the amount equivalent to
multiple number of MMR amount preferably (a) one cheque for one MMR in case, the agreement period is 1
months or less; OR (b) one Cheque for 6 MMR if agreement period exceeds 1 months. A Cheque shall be returned
to the OPERATOR if the amount of respective MMR is paid to OWNER by any other means and credited to the Bank
Accounts of OWNER. On default of Cheque amount, the Cheque shall be encashed. In case of dishonor of Cheque,
Legal action will be taken by the OWNER. A List of cheques shall be prepared in prescribed Form # 2 and Signed
by both the parties when Cheque will be delivered. Notice shall be issued to comply with statuary requirement in
case of dishonor of cheque.

7) The OPERATOR shall bear all operating expenses, fees for route permit and maintenance of the vehicle.
Expenses for fitness certificate, road tax, insurance premium, presumptive Tax etc. If any of these expenses are
paid by OWNER after fixation of MMR amount, then such amount shall be debited to OPERATOR Account and
Original Tax Token, Fitness Certificate Insurance Policy shall be delivered to OPERATOR but original copy of
Presumptive Tax Deposit slip shall be retained by OWNER.

8) If the OPERATOR fails to pay MMR regularly, liquidated damage @ 2% per month to recover Bank Interest on
over dues shall be charged in Operator’s account, and expenses paid by OWNER under clause 7 shall have to
be paid before close of Account of the OPERATOR. The liquidated damage shall also from a part of rental of
the Vehicle.
 9) If the OPERATOR fails to pay MMR regularly and make breach of this agreement; then the agreement shall
stand cancelled. The OPERATOR shall surrender the possession of vehicle to owner and OWNER shall take back
physical possession of the vehicle without intervention of Court, police or any third agency. Legal action to recover the
defaulted MMR for the period when the Vehicle was in the possession of the Operator shall be taken by OWNER.

10) If OPERATOR wants to replace him by new OERATOR; then a joint application shall have to be submitted to the
OWNER with the commitment that defaulted amount (if any) shall be paid either by outgoing OPERATOR OR
Incoming OPRETOR. If the OWNER accepts the new OPERATOR, the agreement with outgoing OPERATOR shall be
cancelled and that file will be closed by making separate agreement with new OPERATOR provided defaulted
amount is cleared, and an affidavit is produced by the outgoing OPERATOR in the prescribed form to replace him by
the new OPERATOR for novation of agreement.

11) In the event of surrendering possession of the vehicle to the OWNER, the OPERATOR shall not claim any
compensation for goods (carrying inside the vehicle) at the time of such surrender. If OPERATOR fails to take back
the vehicle by paying defaulted amount of MMR within 7 days from the date of taking / surrendering possession of
the vehicle, No claim of OPERATOR shall be entertained by OWNER after expiry of said 7 days

12) The OPERATOR hereby agrees that if the vehicle is taken back by the OWNER OR returned to owner under this
agreement, then the OPERATOR shall not have any Claim on the Vehicle for making any Capital Expenditure without
written Consent of the OWNER.

13) The OPERATOR hereby agrees that in the event of surrendering/taking possession of the vehicle by the OPERATOR
under this agreement, the OWNER can use the vehicle for its own purpose or appoint a new OPERATOR and the
Operator Shall pay defaulted amount of MMR for Keeping the Vehicle in his possession.

14) The OPERATOR hereby undertakes and guarantees that no contraband items shall be carried in the vehicle and the
vehicle shall never be employed or engaged in any illegal business. If this condition is violated and the vehicle is
seized by any law enforcing agency and legal action take in this connection, the OPERATOR shall be fully
responsible for all consequence thereof. If the OPERATOR fails to get the vehicle released from the custody of the
law enforcing agency; the security deposit shall be forfeited by the OWNER. If the OPERATOR fails to pay the MMR
regularly, the OWNER shall present the Cheques for Collection & take Legal action for dishonor.

15) If the vehicle is lost or damaged during the validity period of this agreement, then the OPERATOR/Co-applicant/
Nominee Shall be liable to pay appropriate compensation to the OWNER. If the OPERATOR and his/ her Co-
applicant / Nominee fail to compensate for the lost vehicle or damages to the vehicle, the OWNER reserves the right
to take legal action against the OPERATOR/ Co-applicant as per law and take steps to recover the entire amount
under this agreement.

16) A TRACKER installed for the safe keeping and identification of the location of the vehicle, If lost or damaged due to
the negligence of the OPERATOR then the ORERATOR and his/ Co-applicant will be liable to pay compensation to
the OWNER.
17) There shall be breach of Contract if the OPERATOR:
- Changes his address & Mobile Number without written Notification to Owner.
- Fails to surrender the vehicle voluntarily as per this agreement after being defaulter.
- Fails to obtain G.D enquiry report if S/he files any G.D with any Police Station for any reason.
- Carries any contraband item for which the vehicle is Seized by law enforcing agency;
- Creates a Lien on the Vehicle for his Own debt.
- In Case of accident, to Claim Short recovery of Insurance Claim excluding those items not Covered by
Insurance policy, fails to present the Vehicle in Owners Service Center.
- Engages other Operator without Change of agreement with Owner.
- Fails to produce the driver in case of seize of vehicle by law enforcing agency due to accident or carrying
of contributed items.
- Keeps the Tracker nonfunctioning for more than7 days continuously.
- Fails to exercise due diligence while loading, unloading or carrying any goods and for maintenance and
safe keeping of the vehicle;
- Engages any inefficient driver with or without genuine driving license.
- Fails to repair the Vehicle at Owner’s Service Center or authorized Service Center.
- The vehicle faces accident due to fault of the driver engaged by OPERATOR.
- Keeps the vehicle idle for more than one month for any reasons what so ever;
- Will fully removes the wheels and replaces any other major parts to make the Vehicle in active, so as to
avoid return of the Vehicle after being defaulter.
- Fails to provide copies of renewal of Fitness, Tax token, Insurance, Rout permit immediately after due
date.
- Keeps the vehicle in his possession even on default to pay MMR; files any suit against OWNER.
- Fails to Change the Ownership at his own cost within 15 days after Clearance of all MMR.
- Fails to pay compensation in settlement of any accident claim or indemnify the OWNER for any accident
claim while the vehicle remains in possession of the OPERATOR.
- Fails to take action against the driver for over Loading/Careless driving.
- Changes the TYPE of Vehicle violating the Law of BRTA.

18) The OPERATOR shall not make any capital expenditure for value addition of the vehicle without written approval of
the OWNER; Capital expenditure when made with the approval of the OWNER shall be depreciated @ 25% per
annum or judgment value of depreciation fixed by owner whichever is higher. If the vehicle is surrendered
voluntarily by the OPERATOR or taken back by the OWNER due to breach of any condition of this Contract; the
written down value shall be credited to operator’s account at the time of settlement of his account.

19) If OWNER repossess the vehicle on the default of non-performance of any term or condition of this contract by the
OPREATOR, then the OWNER may appoint another OPRATOR or dispose of the vehicle in a manner the OWNER
deems fit and the OPRATOR shall have no claim over the vehicle for any reason whatsoever.

20) In case of chassis/ Unregistered load body vehicle, the OWNER shall render warranty service as per its usual
practice of the company: the costs of warranty and free service have been included in MMR, but not major
damages requiring replacement of parts and accessories.
21) All payments to OWNER by OPERATOR shall preferably be made by pay Order/ Demand Draft/ Account Payee
Cheque or any other mode in favor of the OWNER No Cash Payment shall be recognized by OWNER if the amount
is not credited to the Bank Account of the OWNER. Valid Money Receipt shall be issued after the Bank Account of
the OWNER has been credited for any payment by the OPERATOR to the OWNER. The OWNER shall not be
responsible for any non -documented/ personal transaction by the OPERATOR with any employee; than no claim
of payments shall be recognized by OWNER.

22) Before filing an application for Transfer of OWNERSHIP of the vehicle to the OPERATER; all amount due under this
agreement must be cleared. The security repost/Down Payment shall be adjusted against sales price after
Payment all dues. The Operator shall at his own Cost change the Ownership of the Vehicle after full payment of
MMR. The Owner Shall not be responsible for the misdeeds after full payment of MMR..

23) The OPERATOR shall have to indemnify the OWNER if the OWNER incurs any loss/ cost for transfer of possession
of vehicle to third party by the OPERATOR without written consent of the OWNER. The Operator undertakes not to
Change body TYPE of the Vehicle as approved by BRTA If S / he does so, then s / he will be responsible for
damages Caused to the Owner for such violation of Law.

24) The OPERATOR undertakes to keep the Tracker active and shall not disconnect the Tracker to make it inactive to
frustrate the OWNER to know where about of the vehicle. The OPERATOR further undertakes to place the vehicle
before the representative of the OWNER to take a Photograph of the vehicle on in every month.

25) The following person not being minor is the co-applicant to pay the MMR and receive the ownership of vehicle in the
event of Operator’s death after full payment of all MMR, the operator also declares that the owner will not be held
liable for any transaction done between the operator and any outsider in regard to this vehicle.

i) Name of Co-Applicant : MUHAMMAD MASOD PERVEGE

ii )
Father : MUHAMMAD ABU HANIF MOROL
iii
Adreess
)
H: 249( 3 FLOOR), R: 17, SOUTH BANASREE, KHILGAON, DHAKA.

Photograph of
Co-applicant(s)
duly attested by
iv) National ID No 7759575249 the Operator

v) Relationship BUSINESS PARTNER

Signature of Nominee
26) This Agreement shall stand cancelled if the OPERATOR makes breach of any term and condition of this agreement:
provided that both the parties may mutually agree in writing to modify the terms of this agreement for the purpose
of Re-scheduling and Novation.

27) The full description of vehicle shall have been separately acknowledged at the time of delivery. No Complain will be
received after delivery.

28) The full description of Post-dated cheque shall be separately be acknowledged at time of taking delivery of
Cheques.

29) No Case (except Case under N.1 Act) Shall be filed in any Court before Completing Arbitration Under the
Arbitration Act 2001.

This Agreement has been completed in 6 Pages.

In witness where both the arties here to have executed this agreement on the day,
month and year mentioned above.

Signature of OWNER Signature of OPERATOR

Witness 1 Witness 2
Name : ................................ Name : ................................

Signature:............................. Signature:.............................

Address: .................................. Address: ..................................

Prepared By: Compared by: