In India, a company is considered a separate legal entity that is distinct from its shareholders or directors. Therefore, the signing of a contract on behalf of a company is not an easy task, and it is not something that just anyone can do. In this article, we will explore who can sign a contract on behalf of a company in India.

Board of Directors

The Board of Directors is the supreme governing body of a company and has the power to make decisions on behalf of the company. Therefore, the Board of Directors is authorized to sign contracts on behalf of the company. The signing authority of the Board of Directors is usually defined in the Articles of Association of the company. It is essential to note that not all directors have the authority to sign contracts on behalf of the company. The board may designate a particular director, the CEO, or any other authorized officer to sign the contract on the company`s behalf.

Authorized Signatories

Authorized signatories are persons who are authorized to sign contracts on behalf of the company. Authorized signatories can be anyone, including employees, directors, or shareholders. The company must provide a written authorization to the authorized signatory. The authorization should outline the limits of the authorized signatory`s power. The authorized signatory is liable for the legal obligations of the company in any contract they sign, and they should, therefore, act with caution.

Power of Attorney

A power of attorney is a legal instrument that authorizes a person to act on behalf of another person. It can also be used to authorize someone to sign a contract on behalf of a company. The company can grant a power of attorney to an individual, authorizing them to sign the contract on the company`s behalf. The power of attorney needs to be executed in writing and must be signed by the authorized signatory. The power of attorney must also be registered with the relevant authorities.

Conclusion

In conclusion, the signing of a contract on behalf of a company in India is done by the Board of Directors, authorized signatories, or through the grant of a power of attorney. It is essential to note that whichever method is used, the person signing the contract must act in the best interest of the company and not exceed their authorized power. Companies must ensure that their policies and procedures specify who has the authority to sign on the company`s behalf and establish appropriate controls to mitigate the risk of unauthorized signatures.

A consortium agreement is a legal document that establishes a partnership between two or more institutions of higher education to share resources and collaborate on programs. At Indiana University-Purdue University Indianapolis (IUPUI), the consortium agreement provides students with access to a wider range of academic programs, courses, and services at participating institutions.

IUPUI is a unique institution that was created through a merger of Indiana University and Purdue University in 1969. As a result of this partnership, the campus offers a diverse range of academic programs and resources from both universities. It also partners with several other institutions through consortium agreements, including Ivy Tech Community College, Marian University, and Butler University.

The consortium agreement at IUPUI is especially beneficial for students who are pursuing degrees that are not offered at their home institution. Through the agreement, students can take courses at other participating institutions and have those credits count towards their degree requirements at IUPUI. This allows students to pursue a wider range of academic interests and opportunities, without having to transfer to a different institution.

The consortium agreement also provides IUPUI students with access to resources and services at participating institutions. For example, students can use the libraries, computer labs, and other facilities at partner institutions. They can also access career services, internships, and other experiential learning opportunities that may not be available at their home institution.

To participate in the consortium agreement at IUPUI, students must meet certain eligibility requirements and follow specific guidelines for registering for courses and transferring credits. It is important for students to work closely with their academic advisor to ensure that they are following the correct procedures and that the courses they take will count towards their degree requirements.

Overall, the consortium agreement at IUPUI provides students with a unique opportunity to collaborate with other institutions and pursue a diverse range of academic programs and resources. By taking advantage of this partnership, students can enhance their educational experience and prepare themselves for success in their chosen careers.