Monday, February 20, 2017

How to Sign Legal Documents as Power of Attorney

A power of attorney is a way of transferring the legal ability to sign documents from one person to another. This need may often become necessary when people become incapacitated or when they are in any other respect unable to sign documents for themselves. A “power of attorney in fact” ensures that only specifically designated individuals can take care of financial papers or other  important matters if it becomes necessary.  Using a power of attorney to sign papers on someone else’s behalf is a serious responsibility with serious ramifications. You should ensure that you understand what the individual wants you to handle before he or she hands over power to sign on their interests.

Reason You Might Need A Power of Attorney
Individuals commonly require the legal power of attorney to sign documents on another person’s behalf for a number of reasons.

· You may need to sign documents for an incapacitated spouse regarding property matters. Some institutions may not deal with a spouse on legal matters unless he or she has a power of attorney.

· You may have an aging parent that requires you to take over their financial affairs because of physical disability or mental incapacity

· You may be asked to take care of the financial affairs of a family member or close friend that must be out of the country for a period of time.

· Individuals may wish to avoid the possibility of a court appointing a guardian to manage their affairs in unexpected circumstances in which they are incapacitated.

Acquiring A Power of Attorney
Each state has its own rules regarding the transfer of power of attorney to another individual. A number of sites provide appropriate legal forms for your state that you can download for use. Generally, a simple power of attorney form must be filled out, notarized and signed by one or two witnesses in order to comply with the laws. Other requirements may also be necessary, depending on the statutes in your state. Power of attorney forms should always be stored in a safe place so you can access them easily when necessary.

Signing Documents With A Power of Attorney
In most cases, you will be required to provide a copy of the power of attorney to the institution to ensure that the correct legal procedures have been followed. You may wish to keep a number of copies of the Power of Attorney document on hand so that you can provide it, as needed, in various circumstances. You can then sign the document on behalf of the person for which you have been designated the legal agent in complete compliance with the law.  You can only sign documents for which the individual has approved you to sign. Any violation of the understanding between the two individuals is illegal and may be cause for criminal prosecution.

Having the power of attorney to sign documents for another individual is a serious responsibility that should be undertaken with appropriate care. The power of attorney should only be given to someone who has the complete trust of the individual.

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Wednesday, August 10, 2016

6 Types of Contracts



HIRE PURCHASE CONTRACT/CONTRACT OF SALE

*This contract takes place between the buyer and a seller when a credit transaction takes place
*The seller undertakes to deliver the goods.
*The owner remains the buyer of the goods until the full price has been paid (last installment)
*If then buyer misses one installment, the buyer gives one months notice that the installment is due
*If the buyer fails to pay, the seller repossesses the goods and keeps all the installments paid as well

CREDIT AGREEMENTS WITH RETAILERS/CREDIT AN OPEN ACCOUNT

Retailers enter credit agreements and lay-bye contracts with customers
Agreement is done when customers don’t have cash to buy goods
Customers open an account and decides to the option of paying in six months interest free or 12months with interest
The retailer allocates maximum credit limit (amount that the customer cannot exceed when purchasing goods using the card)
The customer undertakes to pay installments regularly at agreed payment dates usually last day of the month
If the customer fails to pay the business immediately stops allocating the credit and can taken further steps, like handing the account to the debt collectors (i.e. lawyers)

LEASE OR RENTAL CONTRACT/AGREEMENT

· This agreement takes place between the owner of the property and the client who wants to use the property
· The following items are usually leased or rented out:
-buildings
-equipment
-vehicles
-ball gowns and costumes etc
-cell phones
· The client pays for the use of the item and does not obtain the owner’s rights
· Lease or rent fees are usually paid in advance i.e. beginning of the period (month)
· Such contracts are for a certain period and fixed amount of rent is paid to the land lord








RENT to BUY:

· Sometimes some items are leased or rented to be purchased at the end of a certain period

· The tenant is given an option of renting for a specific period which he/she owns after a certain period (e.g. Vodacom offers 24months contract and after that the client owns the phone)

CONTRACT WITH COMMERCIAL BANKS

· This is regarded as contract too, because
· When you open the savings account or fixed deposit with the bank, the bank undertakes to you’re your money safe and pays you the amount of interest agreed.
· The same way when the bank lends you money you undertake to pay back the loan and interest charged by the bank

CONTRACTS WITH THE GOVERNMENT

Government enterprises can also be part of the contracts i.e.:
· Municipality undertakes to deliver clean water regularly and community has duty to pay for the water used
· TENDERS:
The company who has won the tender to build RDP HOUSES on behalf of the government under takes to deliver the size and quality of houses at an agreed period
And the government undertakes to pay the building contractor an agreed amount for the houses built


EMPLOYMENT CONTRACTS

· Employment contracts are signed between the employer and the employee (worker)
· The employment contract should comply with or be based on legal rules.
· The following are the common laws governing employment:
1. Basic conditions of employment act (BCEA)
2. Labour relations act (LRA)
3. Employment equity act (EEA)
Common issues addressed by these laws include the following among others

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