tag:blogger.com,1999:blog-3202774368551476669.post3693728539495860061..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: Agreements to Agree Umakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3202774368551476669.post-36390541837650454992013-05-30T07:44:51.138+05:302013-05-30T07:44:51.138+05:30Sporadic Reaction (jottings):
This instantly bring...Sporadic Reaction (jottings):<br />This instantly brings to one's mind a (contract) agreement, dubbed so but incomplete, in many respects. Such type can be said to be very commonly-come-across these days. Reference is those virtually one-sided agreements. In that, the terms and conditions, as drafted and incorporated, are heavily leaning to the side of the principal party being the, first named. For a glaring but often noted instance in real life, focus may be made to an “agreement to sell" executed by by a promoter in respect of sale of an 'apartment' (i.e. unit of a building – seen mushrooming in every place - village or town or city). No doubt, there are certain crucial clauses of stipulation e.g. known as ”‘Indemnity Clause” which are necessarily required to be included. For, without those clauses, any agreement of the referred type, even on the first blush, might have to be compulsively inferred to have been deliberately drafted , in a shamefully crafty manner, only with a view to defeating the purposes/interests of the second party. The most painfully irritating part of it all is the fact that , if and when confronted, the first named party invariably tries and seeks shelter by saying that the document has been drafted by his project consultant and /or law adviser, rolled into one,<br /><br />Indisputably, no fist named principal party, much less his professional law adviser, if qualified or duly equipped, can rightfully and lawfully claim, or defend self by making an averment to the effect that, any such agreement has to be considered as a ‘contract agreement’, within the framework of the law, That is, as one truly effective and purposeful, in law; More so, if due regard be had to, and is kept in full view, the governing law (INCLUDING ALL RELATED STATUTORYRULES AND REGULATIONS as are in force); such as the special enactment governing apartments, in force , in most of the states, If were to be accepted, is, for obvious reasons, bound to have the disastrous result of defeating the rights and interests vested by law in the other party ,being the second named; in the referred case, purchaser of the apartment.<br /><br />(Anyone truly interested, having direct concern or otherwise, may care to go through the related Blogs on the topic of 'realty sector'/'apartment law'- @swamilook <br /><br />(May be contd.)<br /><br />vswaminoreply@blogger.com