Promoters Contract for the Purchase of an Industrial Plot for setting up Industrial Unit of the Proposed Company
PROMOTERS' CONTRACT FOR THE PURCHASE OF AN INDUSTRIAL PLOT FOR SETTING UP AN INDUSTRIAL UNIT OF THE PROPOSED COMPANY ABC LTD.
THIS AGREEMENT is made on ______ day of ____________ between Mr. A, son of Mr. ____________, resident of ____________; Mr. B, son of Mr. ____________, resident of ____________; and Mr. C, son of Mr. ____________, resident of ____________ (hereinafter referred to as "promoters") of the one part, which expression shall, unless repugnant to the context, include their heirs, legal representatives and assigns; AND Mr. "V", son of Mr. ____________, resident of ____________ (hereinafter referred to as "Vendor") of the other part, which expression shall, unless repugnant to the context, include his heirs, legal representatives and assigns.
WHEREAS the promoters have been engaged for quite some time in the past in promoting and forming a company to be known as ABC Ltd., which name has been made available to the promoters by the Registrar of Companies, ____________, consequent upon which they have filed with the Registrar the memorandum of association and articles of association for registration of the company;
AND WHEREAS the memorandum and articles of association of the proposed ABC Ltd. empower the company and its directors to enter into agreements on its incorporation on the lines of the agreement entered into by the promoters for the purchase of land, plant, machinery, equipment and for hiring the services of persons required for and in connection with the formation and incorporation of the company;
AND WHEREAS the Vendor is the absolute owner of an industrial plot of land measuring ____________ and situated at ____________, and is desirous of selling the same;
AND WHEREAS the promoters are desirous to buy the said plot of land for the proposed company ABC Ltd. to set up an industrial unit on its incorporation.
NOW IT IS AGREED AND DECLARED BY AND BETWEEN THE PARTIES AS FOLLOWS:
1. That the said Vendor shall sell and the promoters shall purchase the industrial Plot No. ____________ situated in the ____________ Industrial Area, ____________, bounded on the North by ____________, on the South by ____________, on the East by ____________, and on the West by ____________, in consideration of the payment, by the promoters on the date of this agreement, of the sum of Rs. ____________, and the balance of Rs. ____________ on the date of the appearance of the Vendor and the promoters before the Sub-Registrar, ____________, at the time of registration of the deed of sale pursuant to this agreement.
This is a preview. The full template is free on GitLaw.
5.0 out of 5 on Google
Read reviewsAs seen in
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.