As soon as all parties sign a letter of consent, it becomes a binding legal document. You should insert at the end a block of signatures that can accommodate signatures and data under the heading “Confirmed and Agreed”. Both parties must keep a final and signed copy of their documents. The parties may either sign individually or jointly sign and exchange copies. The latter method allows both parties to have originally signed contracts instead of photocopied signatures. If the letter is complete, send it to the other party with instructions to either sign the agreement or return it with the requested revisions. You can sign the letter yourself before transmitting it. This offers a simple process that also allows for negotiation. In the main part of the letter or memorandum of understanding, please list the main points of the agreement and, if possible, provide specific and in-depth information. This should include certain items for sale, space for rent, or rental services.
You can use enumeration characters, numbered paragraphs, or another preferred format. This type of simple agreement can be documented by registered letter. This is a fundamental type of contract that includes an offer, consideration and acceptance of the offer. A contract that does not contain these elements, that is too broad, in which the State concerned is illegal or where a contract of adhesion is not valid. An agreement on plain paper has the same legal character and legal force as an agreement reduced to the letter on the company`s letterhead. Agreements are never written on the letterheads of the institutions. It`s always on normal paper. Today, several states have passed their own stamp laws for their respective territories (by amending/repealing the aforementioned Indian Stamp Act, 1899, in accordance with the provisions of the Constitution), and stamp rates have been set. These rates set by the States concerned may be consulted and stamp duty must be paid accordingly on an agreement in accordance with the prescribed rate.
Once such a stamp duty has been paid, it does not matter how such an agreement is printed. . . .