The Prevention of Money Laundering Act,2002 went into effect on July 1, 2005, and its main purpose, as stated in the Act’s Preamble, was to prevent money laundering, to provide for the confiscation of property derived from or involved in money laundering, and to punish those who commit money laundering. The constitutionality of the PMLA …
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A vendor contract (also known as a vendor agreement) is a business agreement between two parties that governs the exchange of goods or services in exchange for compensation. Vendor contracts specify the terms of the commercial connection and each party’s contractual duties. What is the purpose of a vendor agreement? A vendor contract’s purpose is …
Non-disclosure agreements are frequently referred to as confidentiality agreements, confidentiality disclosure agreements, or non-disclosure contracts. You may encounter one at the start of a commercial partnership or a significant financial transaction. To protect sensitive data, an employer or customer may request that a recruit or contractor sign a confidentiality agreement. An NDA focuses on an …
Term sheets are typically connected with start-ups. Entrepreneurs believe that this document is critical for recruiting investors, such as venture capitalists (VC), who provide funds to fund businesses. The term sheet should include information on the company’s valuation, investment amount, percentage interest, voting rights, liquidation preference, anti-dilutive provisions, and investor commitment. Term sheets are also …
The co-founder’s agreement, as a document, can be made legally enforceable by simply printing it on non-judicial stamp paper, which must be signed by the relevant parties with the appropriate stamp duty varying by state. A co-founder’s agreement is a legal document that specifies the terms and conditions under which a startup’s co-founders will operate …
FEMA acts as a watchdog over India’s external commerce and payments, attempting to facilitate and regulate them properly. The passage of this Act was a strategic step to adjust to the changing international economic situation, in which globalization was becoming a defining feature. The Act recognizes the importance of foreign exchange reserves and seeks to …
When starting a firm, numerous document compliance requirements must be met. A trade license is one of the necessary documents for operating a business or trade. It allows a person or corporation to conduct business or trade within a specific municipal limit. What is Trade License A trade license is a document/certificate that authorizes the …
The Supreme Court ruled in Union of India v. Tulsiram Patel that a public servant facing wrongful dismissal has statutory remedies of appeal and, if that is not enough, he also has the remedy of “judicial review” if his deprivation is contested. As a result, the Supreme Court properly credited judicial review. The Apex Court …
When taken in its true sense, the property has a far wider meaning. It includes intangible rights, which are regarded as a source of wealth or income, in addition to money and other material possessions. The right to possess property to the exclusion of others, as well as the freedom to enjoy and lose things …
The goal of the 2007 Maintenance and Welfare of Parents and Senior Citizens Act is to impose a legal duty on children and heirs to support elderly parents. It even permits state governments to build senior citizen residences in each district. State governments are authorized to establish maintenance tribunals and appellate tribunals to resolve disputes …
