The document containing the terms and conditions between the foreman and the subscribers relating to the chit.

Important points in chit agreement

A. Every chit agreement shall be in duplicate, signed by each of the subscribers and attested by two witnesses.

B. Chit Agreement contains the following particulars which has to be filled up carefully without overwriting;

1. DATE

2. OFFICE WHERE THE CHIT IS REGISTERED.

3. FULL NAME & ADDRESS OF THE FOREMAN.

4. FULL NAME AND RESIDENTIAL ADDRESS OF SUBSCRIBER.

5. TICKET NUMBER, CHIT VALUE AND INSTALLMENT AMOUNT.

6. PROBABLE DATE OF COMMENCEMENT AND THE DURATION OF THE CHIT.

7. DATE, TIME AND PLACE AT WHICH THE CHIT IS TO BE DRAWN/AUCTIONED.

8. THE MINIMUM &MAXIMUM BID AMOUNT THE PRIZED SUBSCRIBER HAS TO FOREGO.

9. NAME OF THE NOMINEE TO BE NOTIFIED BY THE SUBSCRIBER

10. PARTICULARS OF SECURITY DEPOSITS IN THE NAME OF JOINT REGISTRAR.

11. PRELIMINARY SANCTION ORDER NO

12. NORMS TO BE FOLLOWED BY THE FOREMAN AND THE SUBSCRIBERS.