Development Agreement And Irrevocable Power Of Attorney
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FAQ
The power of attorney is the unilateral document wherein donor or the principal gives authoritative power to the agent by signing the document and the agent's sign is not always required. A power of attorney can be executed by any person who is competent to enter into a contract.
A power of attorney can be made irrevocable if it is given with due consideration and if it specifically mentions that it is irrevocable. Such a power of attorney would operate beyond the life of the granter, says Joshi.
Registration of an irrevocable power of attorney is not mandatory unless it relates to immovable property, however it is advisable to have it registered at the respective sub-registrar's office depending upon the prevailing laws in a State in India.