Validity of agreement
kunhi marakkar
(Querist) 19 May 2023
This query is : Resolved
An agreement was written on stamp paper in 2020 with a party to settle a transaction monthly instalment for 15 years.Does this agreement need to be renewed every three years?As it is a 15 year agreement is this agreement valid for 15 years?
kavksatyanarayana
(Expert) 19 May 2023
For which transaction? If the agreement is not registered but it should be stamped according to the transaction.
kunhi marakkar
(Querist) 20 May 2023
Both parties executed. this means debtor will give back borrowed money (15lakhs) to borrower as emi for 20 years . Agreement not registered.executed on mutuall surety
Advocate Bhartesh goyal
(Expert) 20 May 2023
Agreement is valid for 15 years and needs not to be renewed upto 15 years.
Dr J C Vashista
(Expert) 21 May 2023
Show relevant agreement to a local prudent lawyer for proper analyses qua validity / enforceable or otherwise and professional advise.
T. Kalaiselvan, Advocate
(Expert) 21 May 2023
If it was a loan agreement then it will be valid especially on the basis of periodical repayment or principal or interest, it is a general policy, however it there is an agreement reduced to writing with ther conditions therein making the agreement valid for 15 years, with both the parties agreeing to this without any force or coercion ion either of the party to this agreement, it is very much valid for the entire tenure without renewal also
