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10. Before analyzing the issues, it is relevant to scrutinize the relevant clauses of the Agency agreement between the appellant and the agents, reproduced as follows:-

"3. The Agent agrees to promote the sale of the Product(s) to the best of its ability and salesmanship. The Agent further agrees and undertakes to comply with all the relevant provisions of law and adhere to code of conduct prescribed by IPCL for its del-credre agents and 7 E/1526,1627/2011 distributors and follow policies, procedures and guidelines framed by IPCL from time to time.
7. It shall be the responsibility of the Agent to obtain payment(s) from the customers on the due dates and remit the same immediately upon receipt thereof to IPCL by demand drafts/cheques drawn on any scheduled bank in Vadodara or by means of telegraphic transfer for credit to IPCL's account with any scheduled bank at Vadodara or in such other manner as may be advised by IPCL from time to time and IPCL does not assume any liability whatsoever in respect thereof. The expenses with respect to obtaining payment(s) from customers shall be borne by the Agent and IPCL is not liable to reimburse any part thereof. The Agent shall maintain an account of the Product(s) supplied to the customers direct on the orders placed by the Agent and/or the customers and the price realized and shall furnish a statement of such account of sales at the end of each month to IPCL.
8. In the event the customer(s) commit default in payment of price for the Product(s) sold on the due date(s), IPCL shall be entitled to recover such defaulted amount(s) together with interest at such rate(s) as may be decided by IPCL from time to time during the period the default continues from the Agent and from the securities provided or which may at any time hereafter be provided by the Agent or from any other moneys due or which may at any time become due from IPCL to the Agent, whether singly or jointly with another, or other. The Agent shall indemnify absolutely, unconditionally and fully and at all times keep indemnified IPCL against any loss or damage caused to or suffered by IPCL by reason of non-payment of the price of the Product(s) supplied to any customer or by reason of breach by the Agent of any of the terms or conditions of this Agreement or by reason of the Agent's failure to perform this Agreement.
10. The Agent agrees and undertakes to submit to IPCL monthly estimates of likely purchases of the Products by its customers prior to the commencement of each month. The Agent further agrees to furnish to IPCL the true and correct information and details regarding the financial 8 E/1526,1627/2011 soundness, reputation and goodwill of the customers and the general market conditions and such other information as may be required by IPCL from time to time."