The document containing the terms and conditions between the foreman and the subscribers relating to the chit.
IMP points in chit agreement
A. Every chit agreement shall be in duplicate, shall be signed by each of the subscribers and attested by two witnesses.
B. It shall contain the following particulars which has to be filled up carefully without overwriting;
(i) DATE ,
(ii) FULL NAME AND RESIDENTIAL ADDRESS OF SUBSCRIBER,
(iii) TICKET NUMBER, CHIT VALUE AND INSTALLMENT AMOUNT,
(iv) PROBABLE DATE OF COMMENCEMENT AND THE DURATION OF THE CHIT,
(v) DATE, TIME AND PLACE AT WHICH THE CHIT IS TO BE DRAWN,
(vi) THE MAXIMUM BID AMOUNT THE PRIZED SUBSCRIBER HAS TO FOREGO
(viii) NAME OF THE NOMINEE TO BE NOTIFIED BY THE SUBSCRIBER