Chit Fund Agreement

CHIT FUND AGREEMENT This Agreement is executed on [start_date] between [foreman_name] (hereinafter "the Foreman") and [member_name] (hereinafter "the Member"), in respect of a chit fund of total value Rs. [chit_value], registered under the Chit Funds Act, 1982. 1. CONTRIBUTION The Member agrees to contribute Rs. [monthly_contribution] per month for [duration_months] months. 2. PRIZED AMOUNT The Member may bid for the prized amount in accordance with the scheme's rules, which the Foreman shall administer transparently and in accordance with applicable law. 3. DEFAULT Non-payment of a monthly contribution by the due date may attract penalties as per the scheme's rules, which shall be communicated to the Member in advance. IN WITNESS WHEREOF the parties have executed this Agreement on the date first written above. FOREMAN MEMBER [foreman_name] [member_name]