AGREEMENT BY COMPANY ADOPTING CONTRACT MADE ON ITS BEHALF BEFORE ITS INCORPORATION
A short tripartite agreement by which a newly-incorporated company formally adopts and ratifies a contract that was entered into on its behalf before it was incorporated, in India. The company assumes the rights and obligations under the earlier contract as if it had existed at the date of that contract, and the promoter who signed on the company's behalf is discharged from all liability. It is executed under the company's common seal pursuant to a board resolution.
AGREEMENT BY COMPANY ADOPTING CONTRACT MADE ON ITS BEHALF BEFORE ITS INCORPORATION
This Agreement is made at ____________ on this ______ day of ____________, 20____, between Shri A of the First Part, Shri B of the Second Part, and AB & Co. Ltd. (hereinafter referred to as "the Company") of the Third Part.
Whereas, after the execution of the contract dated ____________ (hereinafter referred to as "the said contract") between Shri A, the vendor, and Shri B, on behalf of the Company, the said Company, AB & Co. Ltd., has been incorporated under the Companies Act, 2013.
Now it is hereby agreed by and between the parties hereto as under:
1. The said contract dated ____________ is hereby adopted by the Company, and shall be binding on the said Shri A and on the Company in the same manner, and shall take effect in all respects, as if the Company had been in existence at the date of the agreement.
2. Shri B, who actually signed on behalf of the proposed Company, shall be discharged from all liability under the said contract, as the Company has adopted and ratified the said contract.
IN WITNESS WHEREOF the parties hereto have put their hands and signatures, and the Company has caused its common seal to be affixed, in the presence of Shri ____________ and Shri ____________, two directors, who have set their respective hands and signatures the day and year first hereinabove written, in terms of the Resolution passed by its Board of Directors in their meeting held on ____________.
The Common Seal of AB & Co. Ltd. was affixed in the presence of:
Director: ________________________
Director: ________________________
Signature of Shri A: ________________________
Signature of Shri B: ________________________
WITNESSES:
1. ________________________
2. ________________________
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