Monday, 8 May 2017

Need professional assistance for drafting legal agreements?

Drafting business orlegal agreements can prove to be a bit challenging task as it requires professional and legal skills to draft such agreements. Each and every word mentioned in such agreements has different meanings in one or the other way. One wrong word can change the whole meaning and ruin the very purpose.

Now question arises, what is a legal agreement?

It is an agreement that is formed between 2 or more parties to settle the terms & conditions and is enforceable by law creating some legal obligations on both the parties. Mutual assent, consideration, capacity & legality are the basic elements of a legal agreement.

We are here to discuss some of the legal agreements and aware you about the need of such agreements in a professional world –

1.     Legal Notice – Legal Notice is basically the information given by the aggrieved party, of some act done, or the interpretation by which some act is required to be done.

Notices should always be in writing; they should state, in precise terms, their object, and be signed by the proper person or his authorized Lawyer, be dated, and addressed to the person to be affected by them. There can be several types of notices like for example consumer complaint legal notice, constructive notice, legal notice to the department concerned if his/her promotion is not granted. It is basically a concept describing a requirement that a party be aware of legal process affecting their rights, obligations or duties. Legal notice is an important document before proceeding to any court of law for your grievance.

2.      Power of Attorney – POA is an authorization in writing to nominate the other to act on behalf of that individual in personal, official or any other legal affairs. The person authorizing his/her power to act on behalf of him/her is known as donor, grantor or principal of the power. And the other one who is authorized to act on former’s behalf is known as agent or the lawyer/attorney. A Power of Attorney may be special, general or temporary. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisions. A temporary power of attorney is one with a limited time frame.

3.      Will – It is a legal document which states the desires of the donor or deceased as to how his/her share of property is being dispensed at the death and nominates one or more persons (i.e. the executor) to hold the command of his/her estate before its eventual distribution. Any person over the age of majority and generally, being of sound mind can make a will. A will is normally made for the purpose of making dispositions of property to take effect on or after a person’s death, but it may also be made for the purpose of appointing those you wish to manage any part of your estate.

Settlement AgreementsSettlement agreements, also known as compromise agreements, are documents which set out the terms and conditions agreed by those involved (the parties) when they agree to settle a potential claim or claims, or other court proceedings. The agreements are legally binding. The Settlement agreement is based upon the bargain that a party forgoes its ability to sue (if it has not sued already), or to continue with the claim (if the plaintiff has sued), in return for the certainty written into the settlement. The courts will enforce the settlement, if it is breached, the party in default could be sued for breach of that contract.

Have a great day ahead!

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