Principal Expiration In Agreement

Summary

Informing RERA about the expiration of a principal in a development agreement is essential for transparency and legal compliance. The expiration usually revokes the Power of Attorney, requiring the agent to stop activities, notify relevant parties, and return documents to the principals legal successor.

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If principal in development agreement expire,did it led to revoke poa given to agent
In Bihar, if the principal in a development agreement expires, it generally leads to the revocation of the Power of Attorney (POA) given to the agent. This is because the agent's authority typically depends on the validity of the development agreement.
Do you need more information on how this process works or have any specific concerns regarding your POA?
What agent needed to do in case principal expire in development agreement
In Bihar, if the principal in a development agreement expires, the agent needs to:
- Cease all activities related to the development agreement immediately.
- Inform all relevant parties, including RERA, about the expiration.
- Return any documents or properties to the principal or their legal successor.
Do you need details on how to inform RERA or handle specific tasks?
Return any documents or properties to the principal or their legal successor means
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Returning any documents or properties to the principal or their legal successor means the agent must hand over all official papers, contracts, and assets related to the development agreement to either the principal's legal heirs or the person legally designated to take over the principal's responsibilities.
Do you need more information on how to identify the principal's legal successor or the steps involved in returning these documents and properties?