One of our customers have defaulted to make their outstanding payments due to financial crisis. Now after mutual discussion, they have agreed to pay 40% of the amount. I want to know, if we take a promise/agreement from them in writing on a stamp paper (Rs. 100 or Rs.500), how much value will that stamp paper agreement will hold in the court of law. In case he defaults again, can we produce this stamp paper agreement in the court to file a case. Also, what are the other means to make this agreement to have legal validity... for eg. getting it registered in the registrar office.
Thank you both for your valuable advices. However, I also want to know if this promise on a stamp paper by the customer will have any legal value, means can we use it to file a case against them, in case they default or should we register this agreement... if yes then how do we register such an agreement.