Agreements

Querist : Anonymous (Querist) 17 September 2010 This query is : Resolved
hi,,,i would like to know that what role does a legal department play in a firm,,,,,what are the legal works assigned to the department,,,,,what are the requirements in an agreements ,,what things to be kept in mind while drafting of an agreement is done,,,,,,,,thanx

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s.subramanian (Expert) 17 September 2010
All sorts of works that involve legal formalities are done by the legal department. For example if you take banking firms,the legal opinions on the properties offered as security for the loans are given by the legal depat. Filing of suits for the recovery of the dues and the follow up of those cases are taken care of by the legal dept.

Sri Vijayan.A (Expert) 17 September 2010
For an agreement, the terms, conditions, obligations of all parties, contingencies on failure of duties, termination, etc are the requirements.
All these have to be clearly spelt out, it shall be the matter of in terpretation