This is a document that is legally binding and gives the power to a person whom you have appointed to take decisions in the company on your behalf. You may be unavailable for making any decisions because of many reasons such as
You may be out of the country
You may be bedridden
The person who has been appointed for carrying out the work of the company on your behalf is known as the agent or the Attorney-in-fact. The person who has the power to create the power of attorney is the grantor. This decision can be made by the grantor only in a sound state of mind. If by any chance the mental status of the grantor declines after the issuance of power of attorney then the powers will no longer be effective.
The power of attorney can be written as well as oral. The oral power of attorney must have witnesses. Many institutions require you to give the power of attorney in written for example hospitals, banks, etc. also it can be special or limited to a certain act and general or temporarily limited which will allow the agent to make all the personal and business decisions. Howeve this is only for a limited time frame.
The principal is required to sing along with the date. This document can be made stronger by getting it signed and stamped by the notary public. This is done after the notary public has reviewed the document for its authenticity and this increases the likelihood of withstanding any challanges by the third party.
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