Power of Attorney contract deals with the written document made by the person who appoints the other person as the in charge for their business or assets. It is a legal written authorization and granted by the law. The person who appoints others is known as grantor and the other one is called as agent. The main factor to this contract is to clearly fulfill the requirements of the law. The important point is the grantor should have sound mind while signing the contract and the contract should have the liable to end in case the grantor should lose the capacity. The contract may be either oral or written. But in both cases it should be witnessed by the people. The grantor should not be able to appoint the person as agent due to health problems in that case the spouse or other family members will be automatically comes to power.
Contracts and agreements are very much important if you are dealing is some serious type of business. Everything can’t go planned therefore it is wise to think about the ways to do if anything happen against our planning and schedule. Therefore a good formulated contract or agreement will save the parties involved from any problems or conflicts. You are advised to take necessary actions required for a good contract or agreement before finalizing it.
Here is sample Power of Attorney Contract Template.