A very popular saying “Half knowledge is worse than ignorance” fits well when it comes to information about legal documents. We have often found people believing in whatever they hear and taking action upon them. Today, we want you to be aware of various myths regarding legal documentation.
- You need a legal advisor to arrange and draft a legal agreement
Bursting this myth is vital. There are two sides to it. We are saying that it is not mandatory to hire a legal advisor for all the legal documentation. It is your choice, but you, as a well-versed business executive can also draft these agreements and carry forward with negotiations. On the other hand, an attorney can review your drafts. They pay attention to details and will spot mistakes quickly. A legal advisor will help you with legal terms and language.
- Submission of original legal documentation in court is mandatory
When you file a plea in court, you don’t need original documents. If you are submitting them then it can be your biggest mistake, as you can lose these documents. Those are required when a petition is filed in court along with affidavits. You might wonder, what is the alternative? Very simple. Provide them with certified photocopies and make sure you have these copies too. Attest them with the help of a gazetted officer so that you may provide this at the time of the hearing.
Original legal docs should not be given to anyone, even your lawyer if you don’t find him efficient enough to handle them. Copies are always acceptable.
- Letter of Authority is sufficient for Delegation
Letter of Authority is a simple document that works well for daily financial tasks like collection and submission on your behalf. But this is not legally accepted for complex deals. Then you would need Power of Attorney for bigger transactions. Keep these things in mind:
- The person who receives the power of attorney should also be aware of the extent of his authority.
- You should be aware of the capabilities you are granting the individual.
- Indicate how and when the report is to be renounced.
- An Online Will is sufficient to pass on property to heirs
Online wills are not recognised by Indian law. It must be authenticated and signed. You can now make an online will through several Web platforms and companies like Doqfy. With 1200+ customized templates, Doqfy provides all the legal documents online. Simply register on the website and you will be guided through the process step by step. You must obtain a hard copy of the will after purchasing it online and sign it with two witnesses. Clearly, online portals assist you with drafting, but you must sign and get it attested yourself.
- A written contract with subcontractors or suppliers is not required
This misconception is found among the contractors in the construction industry. They often believe in the word of mouth and do not make a written contract. As a construction project head or manager, you should be aware of unforeseen problems. Many times the subcontractor or supplier can be troublesome and can lead you to extreme problems. A written contract will protect you from future problems.