Memorandum of Understanding(MOU)

Introduction

In India Memorandum of Understanding (MOU) is also known as the Letter of Intent in which two parties conclude a decision. It is a type of Agreement entered when two or more parties have agreed on such terms and conditions to enter into a contract, but the contract is yet to be negotiated and finalized.

MOU is made when two or more parties are at the initial stage of discussion outlining the rights and obligations of the parties with whom agreement is to be entered. It is used as an indicator to check the intention of the parties transacting before a deal is officially signed and executed between them and it doesn’t grant either of them any rights and can also be kept confidential, if desired.

It cannot be constituted legally and is not enforceable by law but is a non-legally binding MOU which may be useful serving as an agreement between two or more departments within a single public entity.

Sprinthub Solutions has a team of experts providing you with the best assistance, timely delivery and guaranteeing the highest customer satisfaction with respect to legal drafting of MOU. You may get in touch with our team on 096436-69475  or email  admin@sprinthub.in .

Important Clauses of POA

A Memorandum of Understanding must have the following feature

It must specify the name and other details of the parties entering into a memorandum of understanding.
It should also specify the person authorized under the MOU to make the important and major financial decisions
It must specify the time period of and the plan for the meetings between the parties to the MOU. E.g. the parties can decide to meet at least once in a quarter.
The MOU may also guide for the appointment of the persons to look after the day to day operations of the program along with their role, responsibilities, and remuneration
It must clearly specify the purpose of the MOU and the goals for which it is being signed.
Date and Place of making the Power of Attorney and the effective date of that Power of Attorney.
Where general power is granted all the acts and areas in which power is granted should be mentioned clearly.
In the case of a Special power of Attorney, a specific act or task that is needs to be done and completed must be clearly mentioned along with the time limit within which that act is to be done.

Advantages of Power Of Attorney

Provides flexibility in the ability to choose a person who can make decisions for you
The family members can also remain as an agent or may hold the authority of the Power of Authority
Power of Attorney can be either specific or general which empowers the owner to have control over the task undertaken by the agent on his/her behalf
It also allows the agent to plan and perform the transaction for the principal.

Process of Power of Attorney

01
Placing request
As we receive a request from you for drafting Power of Attorney, our expert team will share a questionnaire to be filed by you for taking your request forward. In which basic details will be sought like the purpose of creation and type of attorney etc.
03
Sharing of Ist Draft
Once the POA is ready from our side we will share a draft of the same with you for final approval. If you find the same in order the final copy will be shared in a day and if corrections or additions are required then the same will be revised and verified by our team.
02
Drafting power of Attorney
After receiving the said questionnaire and the information relevant for drafting of the Power of Attorney, we will begin to draft the same and if in need we require any other information the same will be sought by us through a call. The drafting of Power of Attorney might take 2-4 business days.
04
Sharing of Final Agreement
Our experts will do the needful and the same will be shared with you as final POA.

Contents of The Legal Notice

The Legal Notice must include the following things:
Name, description and the residential address of the sender
Material facts
Summary of the relief claimed
Signature of Lawyer and his/her Client is a must.
Name & address of the person to whom legal notice is issued
Cause of Action or Summary of the fact
Reasonable time for replying the notice by a receiver

Types of Power of Attorney

General Power of Attorney
When a person gives another person a complete general right or a power to act lawfully pertaining to his/her property or bank accounts or tax payment, or work of registration or to sue a third party etc. like a General Power Attorney for all your properties or banking transactions or tax matters or registration or legal disputes and court matters etc.
Special Power of Attorney
A Special Power of Attorney is created when any particular task or specific task or act is to be performed. Once the said particular act is done the Special power of Attorney comes to an end.
Durable Power of Attorney
The Durable POA does not have a set time period and it becomes effective immediately upon the incapacitation of the principal can be used to allow an agent to manage all the affairs of the principals even after principal’s death.
Non- Durable POA
A non - durable POA is prepared for a specific period of time where an agent can take every decision on behalf of the owner but as soon as the validity gets over the non- durable Power of Attorney cannot take any decisions.

Important Clauses of POA

Name, age, address and occupation of the Principal.
Valid legal reason for granting the power of Attorney
Date of termination if it is limited by time. It is to be mentioned if no time is specified whether the Power of Attorney is durable or non-durable.
The acts which the attorney cannot perform must be particularly stated.
Details of the Attorney.
Date and Place of making the Power of Attorney and the effective date of that Power of Attorney.
Where general power is granted all the acts and areas in which power is granted should be mentioned clearly.
In the case of a Special power of Attorney, a specific act or task that is needs to be done and completed must be clearly mentioned along with the time limit within which that act is to be done.

Sample of Power of Attorney

Sample of Sample of Power of Attorney Notice

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FAQ's on Power of Attorney

If the agent abuses the powers as specified in power of attorney for dishonest motive to transfer the principal’s assets for its own purpose; that the principal may sue him for the same and it is important to appoint an agent who is completely trustworthy.

You can prepare as many copies as you require and only to be signed (executed), which is the original one.

Yes, multiple agents can be appointed. If two or more agents are appointed, decisions must be made whether they must act together in concern for making decisions involving the affairs and work or separately. necessary amends or afford restitution without the recourse to a court of law.

 

Yes, you can easily revoke the authority granted to the agent before the Power of Attorney expires.

No, it is not necessary to appoint a lawyer for the same; the Sprinthub Solutions will provide the entire service to prepare POA.

It is preferred to select a trustworthy person and the one who will not cheat you. Further, a person from your family itself is a better option such as spouse ,Children parents etc.

There are no such bodies or authorities prescribed who can keep an eye on the agents, It is the sole responsibility of the principal itself who needs to make sure that all the transactions undertaken by him are appropriate or not.

The Power of Attorney once signed can stay even after the death of the principal and in some cases it may expire after completion of the time mentioned in the Power of Attorney.

An irrevocable power of attorney is a document which is used in some of the business transactions which cannot be changed. It is also known as durable power of attorney which is typically given to provide the authority to someone to make decisions on your behalf of the principal in the event of an accident or emergencies.