We have an MOU setup between 2 parties in India, but its not on a stamp paper. Wanted to ask the following details for the MOU to be considered a legal document in India.
1) Is it necessary that MOU should be setup on a stamp paper? We had the above MOU setup on a plain paper under proper supervision of a lawyer.
2) Is it necessary for MOU to be registered? What is the advantage if we register it or disadvantage if we don't register it ?
3) Can we move to arbitration in case the MOU agreement date is over ?
Request all to kindly reply with your responses. In case you feel more information is required, kindlly let me know. Thanks.