Promoters' Contract for Purchase of an Industrial Plot (India) by OLL
Prefer the original wording?
Promoters’ Contract for the Purchase of an Industrial Plot for setting up Industrial Unit of the Proposed Company ABC Ltd.
This is a preview. The full template is free on GitLaw.
This template is a contract for the purchase of an industrial plot by company promoters on behalf of a company that is currently in the process of being incorporated. It includes provisions for the transfer of title, payment terms, and a supplemental agreement for the company to formally adopt the contract after its legal incorporation.
5.0 out of 5 on Google
Read reviewsAs seen in
About this template
What is this template?
This document is a pre-incorporation contract paired with a subsequent adoption agreement. It specifically handles the transfer of liability from individuals to a legal entity and contains a detailed 'Schedule of Land' for North, South, East, and West boundaries. It is not a standard Sale Deed but a contract to sell that precedes the formal registration.
When should you use it?
Use this template when you have identified an industrial plot for a business that is not yet registered with the Registrar of Companies. Use a standard Agreement to Sell instead if the purchasing company is already fully incorporated and active.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Purchase Price and Payment | Specifies the initial deposit in Rs and the balance due upon registration of the sale deed before the Sub-Registrar. |
| 2 | Title Verification | Requires the Vendor to satisfy the Promoters regarding title within one month and allow inspection of deeds within two months. |
| 3 | Expenses of Sale | Obliges both parties to share sale expenses equally while the purchaser pays for stamp duty a fortnight before completion. |
| 4 | Delivery of Possession | Mandates the Vendor to deliver actual possession of the industrial plot on the date the balance price is paid. |
| 5 | Error in Description | Allows for price adjustments based on area decrease or increase if misdescriptions are found in the plot boundaries. |
Who it's for
- promoters in India securing a specific industrial plot while their company is still under incorporation
- a vendor selling industrial land to individuals acting on behalf of a proposed public limited company
- directors of a newly incorporated Indian company adopting a pre-incorporation land purchase contract
How long it runs and how it's signed
Law it's drafted under
Frequently asked questions
A template isn't binding on its own - like any contract, it becomes binding once it's properly completed and signed. Templates in our curated library are professionally drafted for US or UK law; review any template before you sign it.
Yes. Chat with GitLaw to edit any section, or make changes directly in the editor.
Yes, read about team plans here.
Describe what you need in the chat and GitLaw will draft it for you.
Templates in our curated library are professionally drafted for US or UK law. The wider library comes from the GitLaw community and public sources - a solid starting point, but check any template fits your situation before you rely on it.
Mostly US and UK law. Some templates use general commercial terms that work across jurisdictions, and many note which law they're written for.
It depends on the situation. Templates work well for routine business agreements. For anything involving significant money, complex IP, employment, or areas you're unsure about, it's worth getting professional advice before you sign. GitLaw provides templates and tools, not legal advice.
Open any template in GitLaw and describe the change you want in the chat — 'make clause 4 mutual' or 'add a 30-day notice period', for example. GitLaw drafts the revised language and shows it as a suggested edit. You accept, reject, or keep editing from there.
Yes. Upload a Word, PDF, or Markdown file and GitLaw will open it in the editor. You can review, edit, or chat with GitLaw about it the same way you would with any template from the library.
Trusted by 5,000+ businesses
From template to signed, in one place
Every template opens in an editor with an AI agent alongside it.
Open
Pick a template and open it. Nothing to download, and no credit card to start.
Free to open
Edit with AI
Describe your situation in chat and the agent adapts the wording, clause by clause.
Tracked changes you can review
Send and sign
Share it for negotiation, then collect signatures without leaving GitLaw.
eSign included
Built for your legal work,
with practicing lawyers
Trained on 5,500+ clauses and specialist areas of law. Built with a standards committee of independent lawyers.
As seen in
Ready to get started?
No sales calls, no credit card. Just chat with GitLaw.
GitLaw provides templates and tools, not legal advice. Templates are a starting point, not a substitute for advice on your situation - for anything significant, speak to a qualified lawyer.