Refund Policy:
2.9 Use of Premises/ Said Building as Registered Office Address
- The Service Recipient shall not use the address of the Premises / Said Building as its registered office address, without the prior written permission of the Service Provider and payment of applicable charges to the Service Provider for such permission.
- In case where the Service Recipient receives the Service Provider’s consent for use of the Said Building’s address as its registered office address, the following additional terms shall apply:
- The Service Recipient shall be liable to pay the Service Provider an amount of INR 6,500 (Indian Rupees Six Thousand Five Hundred only) plus applicable taxes, on a monthly basis, towards the charges for usage of the Space Offered as its registered office address;
- The Service Recipient shall deposit with the Service Provider, an amount equivalent to the Listed Service Fees multiplied by 1.5 (one point five), which shall be retained as non-interest bearing, refundable security deposit (“Registered Office Security Deposit”), which shall be over and above the Security Deposit made by the Service Recipient under this Agreement;
- TThe Service Recipient shall be liable to serve notice upon the Service Provider, at least 3 (three) months prior to the intended termination date; it is clarified that such notice may only be given to coincide with the termination of this Agreement and cannot be served at any other time during the Term of the Agreement;
- The Service Recipient shall, at its own cost and efforts, ensure that upon or prior to the termination of the Service Agreement, it notifies the relevant authorities and ensure that its registered office address is modified (in place of the Premises/ Said Building’s address), such that the address stands modified no later than 10 (ten) days from the termination of the Service Agreement. It is further agreed that the Service Provider shall not be liable to refund the Registered Office Security Deposit, if any, unless it receives documentary proof (in a form and manner acceptable to the Service Provider) confirming that the Service Recipient has modified its registered office address. It is clarified that the Registered Office Security Deposit shall be refunded at the later of: (i) expiry of the period specified in Section III (5.3), or (ii) 15 (fifteen) days from the Service Provider receiving the documentary proof specified above.
- Term, Termination and Lock in Period
4.1 Unless earlier terminated in accordance with the terms of this Agreement, this Agreement shall be valid for the Term.
4.2 Notwithstanding anything to the contrary stipulated in this Agreement, it shall be mandatory for the Service Recipient to serve a termination notice upon the Service Provider, at least of such Notice Period (specified in Section II (Premises and Service Details)) prior to the intended last date of receipt of Services under this Agreement. To clarify by way of illustration, if the stipulated Term ends on December 31, 2027, and the stipulated Notice Period is 3 (three) months, the Service Recipient must serve a termination notice upon the Service Provider no later than and not before September 30, 2027. In the event the Service Recipient fails to serve such notice before the end of the stipulated Term (specified in Section II (Premises and Service Details):
- the Term of the Agreement shall automatically stand extended (beyond the stipulated Term specified in Section II (Premises and Service Details)) on a monthly basis (“Rollover Renewal Term”), until the completion of and fulfilment of proper Notice Period (specified in Section II (Premises and Service Details)) by the Service Recipient;
- during the Rollover Renewal Term, the Service Fees (and consequent increase in Security Deposit) shall stand enhanced as per the rates specified by the Service Provider, and shall be further enhanced at the escalation rates as determined by the Service Provider at its discretion;
- in case the Service Recipient vacates the Premises any time prior to the end of the original stipulated Term (specified in Section II (Premises and Service Details)), without having served the mandatory termination Notice Period (specified in Section II (Premises and Service Details)), the Security Deposit shall stand forfeited by the Service Recipient, and the Service Provider shall not be liable to refund the Security Deposit to the Service Recipient. Provided however, in case the Service Recipient serves the termination Notice Period on a belated basis such that the Service Recipient continues occupying the Premises after the original stipulated Term and pays the escalated Service Fees for the enhanced Rollover Renewal Term, the Security Deposit shall be refunded (in terms of Section III(5.3)) after the Service Recipient has fulfilled its mandatory Notice Period.
It is clarified that the aforesaid shall not in any manner affect the Service Provider’s right to terminate the Agreement immediately upon expiry of the original stipulated Term (specified in Section II (Premises and Service Details)) or any time thereafter, and/or in terms of Section III(4.4) hereof.
4.3 It is hereby agreed that during the Term of the Agreement, the Service Recipient shall not be entitled to terminate this Agreement for any reason.
4.4 The Service Provider shall have the right, at its sole discretion, to terminate this Agreement, in the event (i) the Service Recipient fails to pay the Service Fees for any month by issuing a written notice of 7 (seven) days; or (ii) the Service Recipient is in breach of the terms and conditions of this Agreement including its representations, warranties, covenants and house rules set out in this Agreement which cannot be rectified or which the Service Provider has given the Service Recipient notice of to rectify and which the Service Recipient has failed to rectify within the Cure Period; or (iii) the Service Recipient becomes insolvent, bankrupt, goes into liquidation or is unable to pay its debts as they fall due or a receiver is appointed for its assets by issuing a written notice of 7 (seven) days.
4.5 If the Service Recipient (other than for reasons provided in Clause 4.7) and/or the Service Provider (for reasons provided in Clause 4.4) terminates this Agreement, the Service Recipient shall be liable to pay (i) all the amounts due and payable including the Service Fees till the date of termination; and (ii) the Service Fees, Parking Charges, if any, and any other charges along with applicable taxes for the unexpired Term remaining there from at the time of such termination.
4.6 The Service Provider shall not be liable for any disruption of the Services and any loss sustained, due to reasons not attributable to any act of commission or omission by the Service Provider including as a result of the Service Provider’s inability to provide the Services as a result of any act of God, mechanical breakdown, software glitches, strike, orders of any court or governmental authority, change in applicable law, any delays or failure to perform caused by conditions under the control of the owner of the Said Building/ Premises at the applicable Premises. or any other reason beyond the Service Provider’s control. The Service Provider however, shall ensure that all steps are taken for speedy restoration of any disrupted Service.
- Effect of Termination.
5.1 Upon expiry of the Term of this Agreement or earlier termination thereof, unless the Rollover Renewal Term has taken effect, the Service Recipient shall immediately remove itself and all its machinery, equipment, gadgets, disposables, tools and other items belonging to the Service Recipient from the Premises. In the event the Service Recipient fails to vacate the Premises immediately on the expiry or early termination of this Agreement, the Service Recipient shall pay double the Service Fees for unauthorized occupation. The Service Provider, without prejudice to the above, shall always be entitled to block the Service Recipient or its employees, staff, agents, etc. from accessing the Said Premises and to initiate appropriate civil and, or, criminal proceedings against the Service Recipient for termination of this Agreement, for initiating eviction proceedings and for recovery of arrears of the Service Fee/ damages/ mesne profits or any other outstanding/ dues entirely at the cost of the Service Recipient, after adjustment of any amount lying with the Service Provider.
5.2 The Service Provider will be entitled to dispose of any property remaining in or on the Premises after the termination or expiration of this Agreement and will not have any obligation to store such property, and the Service Recipient waive any claims or demands regarding such property or our handling of such property. The Service Recipient will be responsible for paying any fees reasonably incurred by the Service Provider regarding such removal.
5.3 The Service Provider shall, within the 90 (ninety) days from the date of handover of the Premises by the Service Recipient, refund the Security Deposit to the Service Recipient after submissions of pending TDS certificates and adjusting (i) all dues/ arrears/ outstanding, payable by the Service Recipient under this Agreement; and (ii) any other charges incurred by the Service Provider to restore the Premises in the same condition in which the same was provided to the Service Recipient, subject to normal wear and tear.