what if a contracts does not settle accounts
sir, i am in a contract with channel as an ad agency and i have to pay mg amount of 9 lacs per month to the company. as per contract if company asks ad agency to offer discount to a particular client or by any reason company asks to stop ad due to any reason, in that case all discounted value of amount in which ad agency has no fault shall be waived off from mag amount of 9 lacs. my contarct is going to an end on 31st dec. 2013. company now not settling these discount related and stopped ad issues for last 2 years. My problem is this that i have given post dated cheques of arround 30 lacs. Sir. i am now in deep trouble, So, kindly guide me how can i get rid of this issue.
thanks and waiting for a your advice.
Asked 3 years ago in Business Law from Yamunanagar, Haryana
You can issue the notice to the Channel to refund and settle the matter or else pending cheques shall be stopped due to Channel not fulfilling the contract.
Thereafter, you can issue detailed instructions to bank as to why are you stopping the pending cheques mentioning the cheque numbers and attaching the notice given to the Channel; seeking acknowledgment from the bank.