Trust Receipt Agreement Sample Philippines

We agree to provide the Bank with all the information necessary to enable the Bank to apply all the proceeds of the sale we receive to the corresponding project. In the event that we have not received the goods or originals of the transport documents at the time of receipt, all of these goods and/or documents are retained after receipt by us subject to the conditions in force and, unless instructed to the contrary, apply to the Bank and, immediately after, delivered and released by the Bank subject to this delivery in trust. Without prejudice to the universality of the above, we undertake to act as an agent for and on behalf of the Bank to carry out the unloading, evacuation, transport, inventory control, insurance and/or sale of the goods. 7. We pay all cargoes of transit wharf transport and other rental costs and all other incidental costs and fees for goods, including, but not limited to, unloading, clearance, transportation, storage, inspection, insurance (including a premium) and/or sale of goods as well as import duties and other taxes, if applicable. We also undertake to take all measures to recover losses or damages incurred by the Bank with respect to goods, including, if requested by the Bank, to initiate proceedings on our behalf or on our common behalf and to compensate the bank. 8. Without prejudice to the other provisions in force in this document, we undertake to procure and store the goods on behalf of the Bank and to make available to the Bank, at the request of the Bank, all warehouse workers, places of reflection or documents proving ownership or right of possession of the goods. We will keep the Bank informed at all times of any transfer of goods from the place of storage. We are also committed to following the Bank`s instructions on how goods are transported, stored and stored. If the goods are stored in the warehouse owned by us with the bank`s agreement, we undertake to keep them separately from other products and place them in the space allocated to the bank. 9.

We allow the Bank or the Bank`s representatives or agents to verify and take possession of the goods on one or more occasions. 10. Without the Bank`s prior written consent, we will not process, manufacture or process them. 11. We will immediately send copies of our invoices for the sale of the goods to the Bank with the names of the purchasers and the respective total sale price. 12. Without the bank`s prior written approval, we will not otherwise sell or transfer the products to deferred payment terms (except ordinary commercial credits) or in exchange for non-monetary consideration or for less than the current market value. 13. We undertake that all transactions remain separate from all other transactions and that documents, property, proceeds of each sale and all insurance amounts are separated and separated from any other document, merchandise, proceeds or insurance funds related to or outside of other transactions.

14. We undertake to return without delay and in full to the Bank the documents, all other documents we have received in return or in lieu of them, as well as the goods thus represented, and to comply without delay and in full all instructions that the Bank is able to issue on the manner of handling or removal of the goods or any of these objects.

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