When a person decides to take legal action, one of the first steps taken, is sending an official communication to warn the offender of his intentions when a specified condition was not complied upon as agreed according to the contract was signed between both the parties. For instance, a legal notice can be issued to a tenant for not paying the rent as per the terms and conditions of the agreement made before moving into the property of the owner’s house. Therefore, this gives the landlord the right to send a legal notice to the renter with immediate effect of paying the dues before the specified date or vacating immediately.
When hiring, an employment agreement becomes mandatory, no matter the hiring is full time or part-time. It is an all-inclusive record on paper that explains all clauses that govern the employment, as well as the rights, obligation and responsibilities of the parties involved with respect to the other. Some of the probable points of an Employment agreement should comprise of salary break-up, joining date, notice period and non-compete clause.
A term sheet is very important as it is a crucial report, specifically for Indian entrepreneurs. For instance, when a businessman has been negotiating and drafting an agreement for a long time now, the chances of finding the fundamentals of the contract not agreed upon is much high. However, in scenarios such as the above, a term sheet settles the conflict by stating the core groundwork for the final commitment. The term sheet thereby helps emulate the expansive agreement of the consenting groups on the tangible conditions, such as cost, portions, appraisal, alertness and pre-emption.
A founder's agreement sketches the different duties of the establishing associates of a business, the capital endowed in them, the possession of intellectual property developed by them or under their leadership and their duties for the same. It is an expansive contract encompassing different facets of the efforts that the establishing members are to begin, their retirement or disease.
A Consultancy Agreement defines the important details and terms of the agreement between the consultants and the recruiters. It sets and determines the job requisites, timelines, the agreed arrangement of payment and transaction as well as other features associated with the rendering of service by the consultant. In case the job of the consultants involves developing a brand new design or innovation, then the consultancy contract defines who takes ownership of the intellectual properties.
A freelance agreement includes all the significant details and information about the liaison between the freelancer and the customer. It is necessary to designate and specify the job requisites, timelines, the mode and method of settlement as well as other details relevant to the execution of work by the freelancer. Now that the trends of communication and conversations have evolved, it facilitates freelancers to provide services for recruiters all over the world. Therefore, freelance agreements have become popular and quite desired, specifically in the IT sector.
A Memorandum of Understanding (MoU) is defined as a record in which more than two parties acknowledge that they comply on a set of the general path of direction or function for the business. This is the preliminary stage of the building of an MoU. However, an MoU is commonly identified as requisite though it has no authority and responsibility in itself. To be lawfully functional, an MoU should recognise the consenting groups, define the business objectives of the contract, outline the important conditions and get it autographed by the consenting parties.
A franchise agreement is a contract where the business person consents to grant the enterprise name or company system to someone or an entity (the franchisee). The agreement will characterize the foundation of the terms between both the consenting groups, defining the remuneration for the franchisee ( payment in parts is frequently in the way of royalties for the usage of the business trademark etc), conditions on the usage of the brand name, the extent of the agreement, and terms concerning disciplinary provisions, varying from penalty in money and allowance to withdrawing the business franchise and the contract.
A joint venture (JV) contract is filed by a crew of people or companies to venture into business together or to partner on a specific assignment without ruining their respective legal status. Precisely, this contract secures the boundaries of both the parties legally and clearly defines the scope of mutual effort and disparity as well as facilitates provisions for sharing the gains and enterprising operations. Generally, prior to getting into a legal contract such as this, the consenting groups roll out an MoU.
Non-Disclosure Agreement is a legal contract that exemplifies certain details and information that are supposed to remain private and classified. It also sets the boundaries and restrictions for disclosure to third parties. An NDA can be signed between a person or an organisation.
Some of the classified information comprises of important business secrets, trade process, work plans, and strategies, depictions, infographics and more. Also, codes and software application programs are considered as classified information.
The lawful owner of a property can transfer the property to another party, without any monetary consideration through a gift deed. All such deeds necessarily need to be signed by the donor, attested by 2 witnesses and then registered. Charges will vary in each state because stamp duty must be paid on the value of the property. Such gifts are generaly given by one family member to another, however, there is no such restriction. Apart from this, gifts from relatives (also wedding gifts) are exempt from tax.
Once you've found the place you want to buy or found a buyer for your property, you need an agreement prepared. This document should never be underestimated, given the large sums involved in property deals. The agreement between you and the other party should cover comprehensively all the terms and conditions on which the sale will take place, and the date on which the sale will be completed. Sale Deed is the document that needs to be executed once final possession is given.
A rental agreement protects the interests of both the landlord and the tenant. The terms of the agreement bring clarity to the arrangement so that the considerations, rights, obligations and rental term are established between both the parties. In the majority of the Indian cities, rental agreements last only 11 months to protect against rental control laws. Agreements with a longer-term period, need to be registered.
A SLA or otherwise known as Service Level Agreement is an official record between the service renderer and the consumer. However, it doesn’t describe the ways in which the service will be rendered. Rather, it gives a determinable structure for the arrangement of the service. In order to define the SLA, a few ways to measure the agreement are - assessing the mean time between incompetency, acknowledging and approving the level of downtime across a mutually settled period of the interval, assisting feedback and verdict times.
This is a contractual agreement between two parties, a client and service provider. This agreement is made to define the terms and conditions that are to govern all transactions between the two parties for their long-term business relation.
A Vendor Agreement is a contract stating the terms through which the job will be rendered by the dealer. It is an exemplified and all-inclusive contract which includes several details of the job such as good quality provided, service rendered, contract time period, conditions and ways of transacting the payment. This kind of contract will be beneficial to people entertaining big scale event, for example, a city fair or trade carnival where many vendors come together and sell their merchandise.
A disclaimer is a declaration communicated to the purchaser of any merchandise or service, of the likely consequences of buying and using a particular product. As a rule, the law instructs the writing of a disclaimer as mandatory. For example, when there may arise an implicit liability to a person’s well being, such as the disclaimer messages printed on tobacco-based products, but are commonly sold in all merchandise and utility platforms. A disclaimer acts as a tool to specifically secure someone’s power and obligation with respect to the usage of a specific commodity or service. It is specifically defined and showcased on products which raises a concern for safety or ambiguity.