In Delhi, a license agreement is a legal document that outlines the terms and conditions of an agreement between the licensor and the licensee. To ensure the agreement is legally binding, it is crucial to register the license agreement with the appropriate authorities in Delhi.
The registration process involves several steps, including drafting the agreement, submitting the required documents, and paying the necessary fees. Here`s a step-by-step guide on how to register a license agreement in Delhi.
Step 1: Drafting the Agreement
The first step is to draft the license agreement. The agreement should contain all the necessary details, including the names and addresses of the licensor and the licensee, the terms and conditions of the agreement, the duration of the license, and the payment terms.
It is recommended to get the agreement drafted by a lawyer or a legal expert to ensure that all the necessary clauses are included.
Step 2: Getting the Agreement Stamped
Once the agreement is drafted, it needs to be stamped to make it legally valid. The stamp duty is calculated based on the value of the agreement and is paid to the Government of Delhi.
The stamp duty can be paid online or offline. Once the payment is made, the agreement needs to be stamped and signed by both the parties.
Step 3: Registering the Agreement
After the agreement is stamped and signed, it needs to be registered with the Sub-Registrar of Assurances in the Delhi region where the property is located.
The following documents need to be submitted along with the agreement:
– Original agreement
– Identity Proof of the licensor and licensee
– Two passport size photographs of the licensor and licensee
– Proof of payment of stamp duty
– No Objection Certificate (NOC) from the landlord (if the property is rented)
Once the documents are submitted, the registration process usually takes around 15-20 days. After registration, the licensee gets a certified copy of the agreement.
Step 4: Payment of Registration Fees
The last step is to pay the registration fees, which are based on the value of the agreement. The registration fees can be paid online or offline.
Conclusion
Registration of a license agreement is a crucial step to ensure that the agreement is legally binding and recognized by the Indian Government. The process can be complicated, and it is recommended to seek legal assistance to ensure that all the necessary steps are followed.
By following these steps, you can register your license agreement in Delhi and protect yourself from any legal disputes.