Terms of Engagement
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Eligibility Criteria for appointment of Service Representative

  • Male/Female, both can apply
  • Should have a minimum qualification of graduation.
  • Should have self owned or rented office space (or) willing to acquire on rent
  • Should have his own transport (at least Motorcycle)
  • Should be able to provide personal guarantee of two Government Officer/Bank Officers equivalent to BPS-17 & above.
  • Should be able to provide Rs 100,000/- as security deposit.

Recruitment and Training

  • One week training program to be conducted at HBFC training centres.

Remuneration

  • Fixed payment of Rs 15,000/-per month for twelve months
  • Commission payable on monthly basis.

Tenure of Contract

  • Initial appointment for 3 years, extendable for subsequent terms of 3 years.

Termination of Contract

  • In case of unsatisfactory performance or violation of the terms of appointment, the contract will be terminated by giving 30 days notice.
  • The contract can be terminated on the request of the Service Representative by giving three months notice in advance, and after settlement of dues.

Duties & responsibilities of Service Representatives

The Service Representative will be responsible;

  • To prepare feasibility reports of all potential areas as well as to pinpoint negative areas of his jurisdiction
  • To market HBFC products.
  • To assist and guide the customers to complete documentations and other formalities for obtaining investment.
  • To verify the genuineness of documents issued by City Government local revenue authorities, Municipal Committee and other departments.
  • To coordinate with the concerned District Office for site inspection and income verification of the clients.
  • To forward the investment applications and relevant documents electronically   to District Office for processing thereof.
  • To convey approval of investment to the customer and help to complete the post sanction formalities.
  • To arrange for site inspection.
  • To arrange Registration of Assignment Deed/delivery of cheques.
  • To arrange disbursement of subsequent cheques through District Office
  • To ensure repayment of monthly installments.
  • To recover the default amount from old defaulters of HBFC if so assigned to the Service Representative (other schemes)
  • To help resolve the queries/problems of the clients by close coordination with the District Office.
  • To help resolve the discrepancies in the partner’s statement of accounts.
  • To forward partner’s request for closing of account/arrange redemption of assigned properties.
  • To Protect the interest of the corporation by providing efficient effective and hassle free services to HBFC clients.
  • Any other responsibility assigned by the Corporation.

Terms of Appointment and Contract

Rs. 100 Stamp Paper

AGENCY AGREEMENT

 

This Agreement is made on this _________ day of ___________________ (hereinafter “the Effective Date”) between House Building Finance Corporation, having registered office at,  3rd Floor, Finance & Trade Centre, Shahrah-e-Faisal, Karachi, hereinafter referred to as the “Corporation”,  (which expression shall unless repugnant to the context and meaning thereof shall deem to mean its successors and assigns) of the First Part.

 

And

 

______________________ an individual CNIC No.________________ residing at ______________________ hereinafter referred to as “Service Representative” (which expression shall unless repugnant to the context or meaning thereof shall deem to mean and include him/her/ respective heirs, executors, administrators and successors) of Other Part.

 

Whereas: the Corporation is inter-alia engaged in the business of providing housing finance and other property related assistance (the products) to its customers, and requires the services of the Service Representative to market and promote its products, as well as to effect the timely recoveries of the installments from the Customers.

 

And

 

Whereas the Service Representative has represented to the Corporation that as per the Corporation’s requirement mentioned herein below, he/she is fully qualified and capable to market the products of the Corporation and to provide other related services of the Corporation. Relying on the Application dated _________ of the Service Representative and subsequent interview for selection as Service Representative, the Corporation has agreed to accept the offer of the Service  Agent and appoint the Service Representative to market and promote its products based on following qualifications:

 

QUALIFICATIONS:

 

  1. That the Service Representative Mr/Mrs/Ms                                                                        is an educated person and holds a ________ Degree from the University of ____________.

 

  1. That he/she is already in possession of a presentable office on ownership/rental basis, admeasuring______________ sq feet, located at __________ floor of_______________________ (Building Name) in _____________(Locality)_________________ (City), which is commercial and secured area with easy access for the Customers alongwith  necessary Office Furniture including proper seating arrangements for the visitors/Customers. The Office has got Electrical, Phone and Computer Connections in working condition acceptable to HBFC.

 

3.      That the Service Representative has got his/her own transport i.e. Motorcycle, Car, Pickup bearing Registration No.___________________.

 

4.      That the Service Representative agrees to provide on demand, personal guarantee of two Government /Bank Officers equivalent to BPS-17 or above  acceptable to the Corporation.

 

5.      That the Service Representative agrees to provide a Security Deposit of                      Rs 100,000/-, which would be refundable and/or adjusted after deduction of all claims, losses, damages etc. at the termination of this Agreement.

 

 

 

NOW IT IS AGREED BETWEEN THE PARTIES AS FOLLOWS:

 

1)         Appointment.

 

The Corporation hereby appoints the Service Representative for marketing and promoting its products and to do all such acts, deeds and things as described in this Agreement and as may be intimated from time to time by the Corporation.

 

2)         Period of Appointment.

 

This Agreement shall come into force on the Effective Date and shall be in force and effect for a period of three (3) years unless terminated in the manner as provided for in this Agreement.

 

3)         Obligation of the Service Representative.

 

a.      The Service Representative will conduct the business of the Agency strictly as per the guidelines / instructions/ procedures / processes prescribed by the Corporation from time to time and that shall be considered a part of this Agreement.

 

b.      Besides the usual functions of Representative Office, the Service Representative shall also carry out such other additional functions as may be instructed by the Corporation from time to time.

 

c.      The Service Representative will, at all times, conduct himself / herself with propriety and decorum and in a manner which is not prejudicial to the interest of the Corporation.

 

 

d.      The Service Representative shall procure such minimum business under various schemes of the Corporation (hereinafter referred to as “scheme”) as may be stipulated by the Corporation from time to time.

 

e.      The Service Representative shall collect payments, on behalf of the Corporation, only by crossed A/C payee cheque / Demand Draft / Pay Order favoring “House Building Finance Corporation” towards fees, rental share, installment or any such charges as prescribed by the Corporation. The Service Representative shall not accept or collect any amount in cash on behalf of the Corporation. In case the Service Representative accepts any amount in cash either from the Applicant(s) or any other person(s) in connection with the business contemplated in this Agreement the Service Representative shall be liable to be on account of misappropriation, criminal action and forfeiture of security deposit and termination of contract.

 

f.        On regular basis he/she shall prepare quarterly Reports of all the potential areas, highlighting negative areas of his/her jurisdiction.

 

g.      He/she shall properly guide and assist the Customers in completion of the documents and other formalities required in obtaining the Investment by them.

 

h.      He/she shall be responsible for the verification of the documents, issued by City Government, Local Revenue Authorities, Municipal Committee or any other relevant Department or Authority.

 

i.        He/she shall co-ordinate with concerned HBFC District Office/Zonal Office for site inspection, Income verification of the Customer, registration of Assignment Deed and delivery of cheques.

   

 

j.        Upon receiving the Investment Applications, he/she shall immediately forward the Applications and relevant documents electronically to the concerned District Office for processing of the same.

 

k.      After receiving the Approval of Investment, he/she shall immediately advise the same to the Customer, and shall also extend his/her full cooperation and help to the Customer in completing the post approval formalities.

 

l.        He/she shall arrange for the site inspection.

 

m.   He/she shall be responsible to arrange for Registration of Assignment Deed, and ensure the timely delivery of the Cheques.

 

n.      He/she shall ensure to arrange timely disbursement of the subsequent Cheques through the District Office.

 

o.      He/she shall be responsible to maintain HBFC Customer’s account regular and ensure the payment of Monthly Installments by the Customer in time.

p.      If so specifically assigned by the Corporation and agreed by him/her, the Service Representative shall be responsible to recover the defaulted amounts from the Customers/Defaulters of the Corporation in respect of other schemes.

 

q.      He/she will promptly attend to the Customer’s problems/queries, in close co-ordination with the District Office for resolution thereof.

 

r.        He/she shall resolve the discrepancies (if any) found in the Customers statement of account.

 

s.      He/she shall be responsible to receive and forward to the Corporation, the customer’s request for closing of accounts in a timely manner and shall also arrange redemption of the assigned property after the closure of account.

 

t.        He/she shall ensure to protect the interest of the Corporation by his/her conduct, efficient, effective and hassle free services to the Customers.

 

u.      He/she shall take-up in a diligent manner, any other responsibility assigned to him/her by the Corporation under the terms of this Agreement.

 

v.      He/she shall observe the Corporation’s office timings and holidays.

 

w.      He/she shall follow all directives/instructions/guidance issued by the Corporation from time to time.

 

x.      He/she will be responsible to immediately report to his concerned District Office/Zonal Office/Regional Office/Head Office of any untoward incident telephonically as well as in writing.

 

y.      He/she will conduct the business of the Representative Office strictly within the specified areas.

 

4)         Payment

(a)   The Service Representative will be eligible for payment of commission as mentioned in Annexure “A” attached hereto. The Commission paid / payable by the Corporation to the Service Representative in relation to the service shall be Inclusive of all applicable taxes, levies, duties or any other charges, past, present or future under the prevailing laws and subject to deduction of tax at source as per the applicable laws.

 

(b)   All payments shall be made to the Service Representative after making the statutory deductions, other deductions, dues and receivables(if any). The Corporation shall also have the right to set-off, deduct and recover from the commission or any other amount  payable to the Service Representative, any and all amounts which may be or become payable or which the Service Representative is liable to pay to the Corporation under this Agreement on any other account whatsoever. Decision of the Corporation in this regard shall be final and binding on the Service Representative and shall not be challenged.

 

(c)   In case the Service Representative wrongly / accidentally receives any money, which is not due or payable by the Corporation, the Service Representative shall refund the amount within 7 days from the date of its receipt. In this regard statement of accounts furnished by the Corporation shall be final and binding on the Service Representative and the Service Representative accepts the same to be the conclusive proof of the correctness of the amounts mentioned therein.

 

(d)   The Service Representative shall not be entitled to any payments by way of commission or any other manner except the payment of commission as per Annexure ‘A’ attached

 

5)   The Service Representative shall market exclusively, on behalf of the Corporation. In case the Service Representative is found to be marketing any products/schemes on behalf of any other person/company or entering into any agreement, contract, business, service etc, the Corporation will be entitled to terminate the Agreement , with immediate effect.

 

6)         The Service Representative agrees to indemnify and keep indemnified the Corporation against and in respect of any loss, claim, costs, charges, expenses, damages, which the Corporation may suffer or are likely to suffer as a result of negligence, misplacement, loss in transit, miscalculation, misinterpretation, misrepresentation, misconduct, misdeeds or non conformance with the instructions contained herein or which may be issued by the Corporation from time to time, and the Service Representative shall reimburse the Corporation all the amounts alongwith all cost, charges, Interest which the Corporation suffered or is likely to suffer. The Corporation shall also be entitled to forfeit the security deposit to recover such loss, claims, cost, charges, expenses, damages etc.

 

7)         Any act of the Service Representative beyond the scope of the Agreement or which has not been specifically authorized by the Corporation, shall be termed as an unauthorized act for which, the Service Representative shall be liable. Any claim arising out of such act of the Service Representative shall be defended by the Service Representative himself at his cost and consequence and the Service Representative shall keep the Corporation indemnified against any loss, damages, charges which the Corporation will suffer or is likely to suffer in this connection.

 

8)         Conduct of the Service Representative prejudicial to the interest of the Corporation and not in conformity with the accepted norms and practices of the business of the Representative Office will be considered to be an act beyond the scope of the terms and conditions set out herein and the Service Representative shall alone be responsible for the same.

 

9)         The Service Representative clearly understands that his obligations as Service Representative under this Agreement is not transferable nor he can sublet the Representative Office to any other person, firm or company.

 

10)      Training of Service Representative.

 

a)     So as to ensure quality service, the Corporation shall arrange training program for the Service Representative through Pakistan Institute of Bankers (PIB) or through its own HR(Training)Division.

 

b)     This training program will be conducted at any of its Zones and training centers. Certificate will be issued to the Service Representative after successful completion of his/her training.

 

11)                The Standards of the services, performed by the Service Representative, will be regularly checked, inspected and reviewed by the authorized Officers of the Corporation, and the Corporation may give such notices, advises or reminders to the Service Representative as may be necessary for the proper and diligent performance and observance of the terms of the Agreement. The Service Representative shall extend full cooperation and facilities to the Officers of the Corporation authorized to oversee the performance of the Agreement.

 

12)               The Service Representative shall be solely responsible for any accident sustained by him/her or any of his/her employees, whether it be a work injury or otherwise and be exclusively liable for any such compensation or benefits payable under the pertinent law to his/her employees and shall keep the Corporation protected and indemnified in this regard.

 

13        Office equipment and Softwares

 

a)                 To provide quality services to the customers, the Service Representative shall at his own cost arrange, Computer, Printer, UPS, Fax machine and scanner strictly in accordance with the specifications provided by the Corporation, and it shall be the responsibility of the Service Representative to keep the equipment in good working condition at all times.

 

b)                 All repairs and maintenance charges for the equipment shall be borne by the Service Representative.

 

c)                  The Corporation shall install its product and other related softwares on the PC owned by the Service Representative for normal office use. It shall be the responsibility of the Service Representative to use it strictly in accordance with the requirements of the Corporation and no access shall be allowed to unauthorized users by the Service Representative.

 

14.             The Service Representative license shall be issued by the Corporation in the name of the Service Representative, which shall be displayed at a prominent place inside the office by the Service Representative. In case of Termination of Contract the license shall be handed over to the Corporation by the Service Representative.

 

15.             The Corporation shall define the Territorial Jurisdiction of the Service Representative from time to time, keeping in view the business potential. The Service Representative shall strictly adhere to such decision of the Corporation and perform his business within the area of operation specified by the Corporation.

 

16.             The Corporation at its own Cost shall make and install its Representative Office Shop Sign, which shall always remain its property. The Service Representative shall be responsible for its maintenance at his/ her own expenses and shall ensure its safety, security and sanctity.

 

17.             The Representative Office shall be used by the Service Representative, exclusively for providing services to the Corporation during the tenure of this Agreement and any renewal, thereof. The Representative office shall be upgraded by the Service Representative at its own cost from time to time in line with the requirement of the Corporation.

 

18.             The Corporation shall provide printed stationary, forms & brochures etc, to the Service Representative, for his/her use in providing the services under the terms of this Agreement. The Service Representative shall return the unused stationary and other materials to the Corporation immediately after the termination of this Agreement. All the consumable petty stationary items shall be arranged by the Service Representative at his/her own cost.

 

19.             All the operation expenses and costs to be incurred for the purpose of this Agreement, such as office rentals, taxes, charges, utility bills (Phone, Electric, Water), Fuel charges, maintenance, entertainment, advertising, sales, marketing, and other charges related thereto, shall be borne by the Service Representative.

 

20.             The Service Representative shall maintain proper record of all transactions on prescribed formats, which shall be produced, on demand to the concerned District/Zone, or the visiting Audit Team or Senior Officials of the Corporation. Such record shall be handed over to the Corporation upon expiry of the Agreement. However, Service Representative shall be entitled to retain the photocopies of this record strictly for his/her own use. The Service Representative will cooperate fully and provide easy access for the Corporation’s Audit Team or Senior Officials or any other authorized representative as and when they visit the Office of the Service Representative.

 

21.             For the purpose of maintaining strict confidentiality the Service Representative will sign a Fidelity and Secrecy Agreement as required by the Corporation.

 

22.             Termination

 

a)     In case of unsatisfactory performance, or violation of the terms of the Agreement or any acts prejudicial to the interest of the Corporation on part of the Service Representative, the Agreement will be terminated upon 30 days Notice by the Corporation.

b)     The Agreement can be terminated by the Service Representative upon three (3) months advance Notice. During this Notice period the Service Representative will settle all outstanding dues and return all record, unused printed stationery, forms, brochures, sign board etc., of the Corporation.

c)      The Corporation can also terminate the Agreement without assigning any reason thereof, to the Service Representative. The Service Representative undertakes not to claim any termination damages under any circumstances on any grounds including but not limited to any loss of goodwill, loss of business, loss of profit, mental anguish etc. 

 

23)      The Service Representative shall not have any claim against the Corporation for any loss incurred as not anticipated and arising out of any revision in the rates of Payment of commission.

 

24)      The Service Representative agrees that this Agreement does not create or shall deem to create any employer-employee relationship between the Corporation and the Service Representative.

 

25)      The Corporation reserves the right to modify / amend any of the terms and condition of Agency at its sole discretion and the Service Representative confirms and acknowledges the same.

 

26)      The Service Representative shall be at liberty to nominate a person in whose favour the settlement of dues payable by the Corporation shall be made in the event of the death of the Service Representative. Such nomination shall be made by way of a letter. Payment of commission to the Nominee of Individual  shall give the Corporation valid discharge.

 

27)      Notice Clause

 

Any notice required to be given under this Agreement shall be in writing and shall be deemed to be sufficiently served if addressed and delivered by Registered Post or courier letter as follows:

 

            CORPORATION:

 

___________

___________

___________

 

Attention: ________________

 

 

Service Representative

 

___________

___________

___________

 

Attention: ________________

 

or to such other address as either Party may hereinafter notify to the other Party in writing. The Notice shall be deemed to have been received when actually received by the recipient against verifiable proof. The Parties hereby covenant that they shall notify each other in writing of any changes in address/addresses.

 

IN WITNESS WHEREOF, the Parties have signed this Agreement on the date mentioned hereinabove.

 

Service Representative                       HOUSE BUILDING FINANCE CORPORATION

BY: _________________                            BY: __________________

MR._________________                          MR.__________________

NIC NO. _________________                  NIC NO. _________________     

WITNESSES

1. ___________________                           1. ___________________

 

 

 

 

 

 

ANNEX-“A”

 

 

HBFC Service Representative

PAYMENT STRUCTURE

 

 

 

1.                A subsidy of Rs 15,000/- per month will be paid to the Service Representative for a period of twelve months commencing from the following month of formal opening of Representative Office. Depending on satisfactory business performance the subsidy of Rs. 15,000/- shall be paid for a further period of twelve months.

 

2.                Commission on disbursement.

a)                Rs 1500/- per case for all investments below Rs 100,000/- payable after registration of Deed of Assignment.

 

b)                Rs 2500/- per case for all investments of Rs 100,000/- and above payable after registration of Deed of Assignment.

 

3.                Commission on recovery.

@_2_% of monthly installment amount for recovery under Ghar Aasan Scheme, payable during the subsequent month.

 
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