TERMS & CONDITIONS

The Customer intends to purchase the Product (defined below), and has requested Livpure Smart Homes Private Limited (“LSH”) to allow to the Customer the deferred payment by way of EMIs (defined below) more particularly described in the application form (“Application”) on the terms & conditions and/or stipulations more particularly herein after appearing ("Terms & Conditions")

DEFINITIONS AND ABBREVATIONS:

The following terms/abbreviations when used in these Terms & Conditions shall have the following meanings:

“EMI” or “Equated Monthly Installment” shall mean the installment of the equal amount comprising of the principle amount and finance charges/ interest calculated on flat rate basis thereon payable monthly towards repayment of EMI throughout the tenure of the loan and is arrived at by dividing the total loan amount together with the interest calculated thereon by the entire loan term. The working of the EMIs is more particularly demonstrated in the Application / EMI Details Slip. “EMI Details Slip” shall mean the slip as may be issued upon purchase of Product by the customer on EMI.

“Loan” or “Sanctioned Loan” shall mean the deferred payment sanctioned by LSH upon request of the Customer for purchase of Products payable along with interest/ finance charges by way of EMIs.

“Loan Term” shall mean the period starting from the date of purchase of Product on deferred basis till complete repayment of Sanctioned Loan along with finance charges/ interest etc.

“Product” shall mean the product as per the details given by the Customer in Application and shall include all addition and accessions thereto and all replacement and renewals thereof whether made before or after the date of application.

TERMS OF THE LOAN:

1. The Customer undertakes and confirms that:

(a) Sanctioned Loan shall be repaid by the Customer during period of months from the date of first due date mentioned in Application / EMI Details Slip. (b) Sanctioned Loan along with the finance charges/ interest on flat rate basis as mentioned in Application/ Loan Details Slip shall be debt due by the Customer to LSH, to be repaid as per these Terms & Conditions.

2. The Customer shall repay the Sanctioned Loan and finance charges/ interest in EMI in the manner and within the loan term as specified in Application / EMI Details Slip. The Customer confirms of having perused, understood the method of calculating interest on flat rate basis and EMI as specified in Application / EMI Details Slip.

3. EMI shall automatically stand increased by reason of increase in any rates, taxes, charges, imposts or levies and monies as stated above and shall automatically form part of the Sanctioned Loan. LSH shall be entitled to revise the rate of interest at any time and from time to time in accordance with its policy and/ or applicable laws and regulations, if any, during the Loan Term, at its discretion and such revised interest shall be deemed to form part of the Sanctioned Loan and the Customer shall also be liable to pay such increased amount of interest in such manner and within such period as may be determined by LSH in its sole discretion. The due date for the payment of EMI shall be as indicated in Application / EMI Details Slip.

4. It is understood that time shall be the essence of these Terms & Conditions.

5. Payment of EMI: 5.1 By way of ECS / other electronic mandate:
(a) The Customer assures that the Customer has given electronic clearing mandate (ECS)/ any other electronic or other clearing mandate in favor of LSH covering all the amounts due to LSH under these Terms & Conditions including the EMI towards the Sanctioned Loan stipulated herein.
(b) The Customer hereby unconditionally and irrevocably covenants that with regard to the ECS mandate/ any other electronic or other clearing mandate, the Customer shall not, at any point of the time, claim that they are invalid due to any reason whatsoever.
(c) The Customer further confirms that the Customer shall ensure availability of funds in the account on which such ECS mandate/ any other electronic or other clearing mandate have been drawn and that the Customer will not at any time close his account and/or issue any notice instructing LSH not to present any of such ECS mandate as more fully described in the Application / EMI Details Slip.
(d) The Customer shall be entitled to replace the ECS mandates / any other electronic or other clearing mandate only on payment of swapping charges of Rs. 500/- (Rupees Five Hundred only) to LSH.

5.2 By post-dated cheques: (a) The Customer has given post-dated cheques in favor of LSH covering all amounts due to LSH including the EMI toward the Sanctioned Loan as stipulated herein and each such post-dated cheque carries the date on which the EMIs is due.
(b) The Customer hereby unconditionally and irrevocably, covenants that irrespective of the fact that the post-dated cheques are given at or before the execution of these Terms & Conditions, the post-dated cheques given by the Customer will be valid as from the respective date of such cheques and that at any point of time the Customer shall not claim that they are invalid due to any reason whatsoever.
(c) The Customer further confirms that the Customer shall ensure availability of funds in the account on which such post-dated cheques have been drawn and the Customer will not at any time close his/her account and/ or issue any notice instructing LSH not to present any of such cheques for encashment or instruct these bank to stop payment on any of such cheques.
(d) The Customer further confirms that the loan facility under these Terms & Conditions has been made available by LSH on the basis of post-dated cheques issued by the Customer in favor of LSH towards repayment of EMI payable by the Customer to LSH under these Terms & Conditions, details of the post-dated cheques are more fully described in Application / EMI Details Slip.
(e) The Customer shall be entitled to replace the cheques/ issue fresh cheques only on payment of swapping charges of Rs. 500/- (Rupees Five Hundred only) to LSH.

6. Any dispute or difference of any nature whatsoever shall not entitle the Customer to withhold or delay payment of any EMIs or other sum. LSH shall be entitled to present the post-dated cheques / ECS mandate / any other electronic, or other clearing mandate to the bank on the respective due dates.

7. All sums payable by the Customer to LSH shall be paid without any deductions whatsoever. Credit/ discharge for payment will be given only on realization of amounts due.

8. LSH shall be entitled to adjust the Advance EMI and/or security deposit/ initial payment made by the Customer and as more specifically described in Application / EMI Details Slip towards any outstanding amount in such manner and at such time as LSH may determine in its sole discretion.

9. In respect of any delayed payments, without prejudice to all other rights of LSH under these Terms & Conditions, LSH shall be entitled to recover penal charges from the Customer. Any sums received by LSH from the Customer shall be appropriated first against the delayed penal charges or any other claim of LSH on the Customer under these Terms & Conditions and thereafter the overdue EMI payment.

10. The Customer shall have no right to terminate these Terms & Conditions save and expect by payment, in full, of all moneys payable under the Terms & Conditions to LSH.

11. Notwithstanding anything stated elsewhere in these Terms & Conditions, the EMI, the outstanding amount of the Sanctioned Loan, interest, additional interest, fees, expenses, and all other sums whatsoever payable by the Customer to LSH hereunder and or in connection with the said Sanctioned Loan (hereinafter referred to as the “Customer Outstanding”) shall be payable by the Customer to LSH on demand. LSH may at any time in its sole discretion and without assigning any reason call upon the Customer to pay the Customer outstanding and thereupon the Customer shall within 15 days of being so called upon pay the whole of the Customer outstanding to LSH without any delay or demur.

12. The Customer acknowledges and agrees that the Product may carry warranty as per policy of the manufacturer of the Product and any delay in providing after sales services by the manufacturer/ LSH will not entitle the Customer to withhold payment of EMI and the Customer shall be responsible for timely payment of EMIs on due dates as specified in Application/ EMI Details Slip.

13. The Customer expressly understands/ shall have understood that these Terms and Conditions are entered into in respect of a financing transaction giving rise to a relationship of debtor and creditor as between the Customer and LSH, and not in respect of any service rendered/to be rendered by LSH. Accordingly the provisions of the Consumer Protection Act, 1986 shall not apply to the transaction forming subject of these Terms & Conditions.

14. The Customer shall, during the period of these Terms & Conditions.
(a) Observe and perform all his obligations under the Terms & Conditions.
(b) Ensure timely payment of the EMI to LSH and ensure that the ECS mandate/ any other electronic or other clearing mandate/ post-dated cheques issued towards payment of the EMI are honoured on presentation. It is the duty of the Customer to ensure that the Customer bank account has been debited towards the EMI and in case of the Customer account not been so debited, the Customer shall be obliged to inform LSH within 3 days from the due date of such EMI.
(c) Not use the Product for unlawful or anti-social purposes.
(d) Not remove the Product from the premises where the Product is installed without the written consent of LSH.
(e) Not do or suffer any act or thing whereby the Product may be detained or taken in the execution under legal process, or by any public authority or government department.
(f) Pay and bear all taxes, rates, duties, charges and other imposts and obligations, existing as well as in future, in respect of the Product and transaction hereunder.
(g) Permit LSH and its representative at all reasonable times to inspect, view and examine the state and condition of the Product and the documents relating thereto and/ or to produce the same for inspection to LSH or its representative at all place designated by LSH.
(h) Do all such things and execute all such writings as LSH may require from time to time for more perfectly securing the repayment of the Sanctioned Loan.
(i) Not pledge attempt to pledge or sell or attempt to sell, encumber, transfer or part with possession of the Product, nor in any manner deal with the Product, or do or omit to do anything the act or omission of which would impair LSH’s lien / security over the Product.
(j) Not default or delay in the payment of the EMIs beyond the due dates.

15. The Sanctioned Loan, interest payable thereon, default interest, additional penal charges, fees, expenses and all other amounts payable in relation to the Sanctioned Loan by the Customer to LSH hereunder shall be secured by the Product over which LSH shall have first and exclusive charge. The demand promissory note, if any, given/ to be given by the Customer in favor of LSH shall be enforceable for the repayment of the entire Sanctioned Loan and the interest payable thereon by the Customer to LSH, notwithstanding any amount being repaid in relation to the Sanctioned Loan by the Customer from time to time or the amount payable in respect of the Sanctioned Loan being reduced for any reason. Further, in case of unfortunate death of the Customer, the demand promissory note given by the Customer Borrower shall be invoked against his/ her legal heir/s, executors and/or administrators.

16. The Sanctioned Loan, interest, additional penal charges, fees, expenses, and all other sums whatsoever including but not limited to Customer outstanding payable by the Customer to LSH herein shall be secured by the Product on which LSH shall have first and excusive charges.

17. Events of Default: A default shall be deemed to have committed, if the Customer does not comply with its obligations contained in these terms & conditioned, and also if:
(a) It is found that the Customer has made any misrepresentations to LSH.
(b) The Product is confiscated attached, taken into custody by any official authority or other person made subject to any proceedings, or is disclaimed, endangered, stolen or damaged.
(c) In the unfortunate event of death or permanent disability of the Customer or if the Customer become insolvent or compound with the creditors or permit any attachment or sequestration or other process against any of the Customer assets or property.
(d) If the Customer is a partnership firm, any partner of the firm become insolvent or compound with his/her creditors or permits any attachment or sequestration or other process against any of his/her assets or properties, including his/her share in the firm.
(e) The Customer being a limited company passes resolution for volunteer winding up or shall have a petition for winding up presented against it or propound any scheme for compounding with its creditors or if a receiver shall be appointed of its undertaking or any of its assets or properties or any assets or properly be attached sequestration or any other process leave against the same.
(f) If there exist any circumstances which in the opinion of LSH jeopardizes interest of LSH.
(g) The Customer commits any default of any of the Term & Conditions.

18. Upon the occurrence of any event of default, the Customer outstanding shall forthwith become payable to LSH, without any notice to the Customer. If the Customer fails to pay the Customer outstanding or any part thereof, LSH shall have right to obtain possession of the Product, dispose of the same and adjust the sale proceedings against the Customer outstanding. If there is any deficit the same shall be made good to LSH by the Customer. Without prejudice to the forgoing and in addition thereto, LSH shall also remain entitled to encash the ECS mandate / any other electronic or other clearing mandate / post-dated cheques referred to herein above until all money due under the Terms & Conditions are fully paid up.

19. Remedies in case of default: The following are without prejudice to the other as also to other rights and remedies under law or in equity:
(a) In case of delay of payment of EMIs or default by reason of the ECS mandate / any other electronic or other clearing mandate / post-dated cheques being dishonored, LSH shall charge penalty as LSH may decide from time to time for per month / per default.
(b) In case of dishonour of the ECS mandate / any other electronic or other clearing mandate / cheques, LSH shall have right to initiate legal proceedings under section 138 of Negotiable Instruments Act 1881.
(c) LSH shall also be entitled to take recourse to other legal remedies under appropriate provisions of the Civil Procedure Code, Criminal Procedure Code, Indian Panel Code, and or under any other law which may be enacted or in force to protect the interest of lenders.

20. Any notice to be given to the Customer in respect of these terms and conditions shall be deemed to have been validity given if served on the Customer or sent by electronic email, registered post to or left at the address of the Customer existing or last known business or private address. Notice sent by registered post shall be deemed to have been received by the Customer within 48 hours from time of its posting.

21. Upon the Customer paying to LSH all the EMI’s on the due dates as specified in the Application / EMI Details Slip and also upon paying to LSH all other sums, payable by the Customer to LSH under these Terms & Conditions, the Sanctioned Loan shall come to an end.

22. Any Statement of account furnished by LSH regarding the balance amount due and payable by the Customer under these Terms & Conditions shall be accepted by and be binding on the Customer and shall be conclusive proof of the correctness of the amount mentioned therein. Without prejudice to what is stated above, if Customer desires to question any statement or any part thereof the Customer shall furnish LSH full details of the same within 7 days of the receipt of the statement by the Customer and LSH may consider the same and the Customer shall not be entitled to object to the same thereafter on any ground whatsoever. It is however clarified that the Customer shall not be entitled to default or delay the payment of the installments on the ground of the statement of account furnished by LSH being inaccurate or any other ground.

23. LSH shall give notice to the Customer of any change in the Terms & Conditions including disbursement schedule, interest rates, service charges, prepayment charges, etc. LSH shall ensure that changes in interest rates and charges are effected only prospectively. The Customer shall be bound by the aforesaid change and shall not dispute the same.

24. Assignments of rights: (a) The Customer shall not be entitled to assign its rights and obligations under these Terms & Conditions save and accept with the consent of LSH. The Customer shall not transfer or alienate or otherwise deal with the Product in any manner whatsoever except for the Customer use.
(b) All costs (including advocate cost) charges, expenses, taxes, duties (including stamp duties) in connection with these Terms & Conditions or any documents executed pursuant hereof, the creation, enforcement, realization of the security, insurance, taking possession or maintaining, storage and selling of the Products shall be borne and paid solely by the Customer.
(c) LSH shall be entitled to grant / transfer / assign any or all of its rights, benefits, obligations, duties and liabilities under these Terms & Conditions including the rights to receive installments and loan balance by way of sale, transfer, securitization, charge or as a security or otherwise to any person or entity. In event of such assignment by LSH, the Customer shall perform his obligations under these Terms & Conditions to such assignee.

25. LSH shall, as it may deem appropriate and necessary, be entitled to disclose all or any:
(a) Information and data relating to the Customer.
(b) Information or data relating to the loan facility, terms and/or the asset(s), if any, furnished by the Customer to LSH.
(c) Obligations assumed to be assumed by the Customer in relation to loan facility.
(d) Default, if any committed by the Customer in discharge of the aforesaid obligations, to the such authority / agency, as may be required by the Central / State Government/ other concerned authorities. All information and data furnished by the Customer to LSH from time to time shall be true and correct.

26. The Customer undertakes that each of the Customer obligations under these Terms and Conditions is independent and severable from the rest. If any obligation is found not enforceable by a court of law, for any reason, the Customer shall continue to remain bound by the other obligations stipulated herein.

27. The Customer acknowledges that the rate of interest, penal charges and other charges payable and or agreed to be paid by the Customer under these Terms & Conditions are reasonable and acceptable to the Customer.

28. The Customer acknowledges that the contents of the Terms & Conditions have been fully explained to and understood by the Customer at the time of availing the Loan.

29. All claims, disputes, difference or questions of any nature arising between the parties hereto, whether during or after the termination of these Terms & Conditions, in relation to the construction, meaning or interpretation, of any term used or clause of these Terms & Conditions or as to the rights, duties, liabilities of the parties arising under these Terms & Conditions shall be referred to the sole arbitrator appointed by LSH. The parties hereof mutually agree and confirm that the arbitration proceedings shall be conducted in accordance with the Arbitration and Conciliation Act 1996 as amended from time to time, and proceedings shall be held at New Delhi or state capital of the place from where Customer belongs. The language of the Arbitration shall be English. Pending arbitration award, including interim award, the Customer shall be liable to perform its obligation under these Terms & Conditions including payment of the installments and other outstanding to LSH as per the provisions of these Terms & Conditions.

30. Subject to arbitration clause above, any legal proceedings against him arising out of these terms and conditions shall be instituted in the courts at Delhi/ New Delhi, which courts alone shall have exclusive jurisdiction.