Control of Prices Act, 1937
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Effect of orders under Part III and certificates under Part IV on existing contracts. |
47.—(1) Where a contract for the sale of any kind of a commodity which is the subject of a price order, a price (restriction on profits) order, or a price certificate has been entered into before the date on which such order or certificate comes into force and the whole or any part of such contract is to be performed after such date, the following provisions shall have effect, that is to say:— | |
(a) nothing in Part III , or Part IV , of this Act shall affect such contract or any of the terms thereof; | ||
(b) anything done under such contract shall, for the purposes of Part III , or Part IV , of this Act, but not further or otherwise, be deemed to have been done before such date. | ||
(2) Where a tender to supply any kind of a commodity at certain prices during a certain period has been accepted before the date on which a price order, a price (restriction on profits) order or a price certificate relating to such kind of such commodity comes into force and the person making such tender is legally bound, subject to the terms of such tender, to supply such quantities of such kind of such commodity as may from time to time be ordered from him during the said period, every contract affected by an order for such kind of such commodity during the said period and after such date shall be deemed for the purposes of sub-section (1) of this section to have been entered into before such date. |