Importance in drafting an agreement or a deed and the purpose
There is quite a difference between “agreement” and “deed. When there is a mutual discussion between parties and they formally want such discussion to made in writing to pursue it further for an action; of what actually discussed, then such formal arrangement is called “agreement”.
On the other hand, Deeds mostly an exchange of commercial value or consideration and it involves an asset or a property, including intangible assets like Trademark, Patent, and such requires a statutory registration or transfer temporary or permanent is termed as a Deed.
In an agreement, there can be more than 2 parties and each party to be titled, purpose, and the other terms and conditions discussed and mutually agreed by the parties are recorded, signed along with witnesses.
What is a deed?
A deed is a special type of commercial binding or a promise on consideration or commitment to do something.
It seems that the substantial requirement of a deed was that it be intended by the executing party to be the most serious indication to the society that she or he really means to do what he is doing.
- passes an interest, right or property for a consideration;
- transfers or assigns the right of the property to another person;
- or amounts to an affirmation or confirmation of something which passes an interest, right or property.
Deeds conveying the right to others;
- Registration of deed if required;
- Mother Documents if any;
- Paying stamp duties;
- Transfer or assignment;
- Offer and Acceptance;
- Deed a statutory binding;
- Right transfers from one party to another party;
Agreements bind and extend the mutual benefits of both parties;
Some of the points to be kept in mind on Agreements.
- Negotiate the terms in details and write them down on every discussion.
- Identify the parties.
- Identify the Party’s Role
- Set the Background
- Each Party’s obligation
- Both parties representation and warranties
- Proposal Terms
- Commercial Terms
- Payment Terms
- Default Terms
- Special Terms
- IPR rights
- Governing Law
- Dispute Resolution
- Annexures and etc.
If you have any specific queries or would like to talk anything through with us, please do not hesitate to contact us, share the subject matter; customising your agreement or deed or terms and conditions of your service, please do drop us an email to inhouse at iprchambers.com or give us a call +919884487089