Help me to find out what affidavit is to be notarise

940 votes

Do NOT rely only on an affidavit A unilateral affidavit has very limited evidentiary value and does not bind the creditors (persons who paid money). Execute Proper Settlement Documents with Each Person For full protection, you should enter into: Settlement Agreement / Receipt-cum-Discharge Signed by: Creditor (person receiving money) You (if paying on behalf of brother) Preferably your brother as well Important Clauses to Include Each settlement should clearly mention: Total amount due Amount being paid in full & final settlement Mode of payment (cash/UPI/cheque with details) Declaration that: “No further amount is due” “No civil or criminal action shall be initiated in future” Indemnity clause protecting you (since you are paying on his behalf)

Advocate Madhvi Chopra LawRato

671 votes

Firstly, a simple affidavit alone is not sufficient to protect you or your brother from future liability. An affidavit is only a declaration and does not create a binding settlement between parties. Instead, you should execute a proper settlement agreement / full and final settlement deed with each creditor individually. For each person from whom money was taken, you should prepare a written settlement document which should include: • Total amount originally taken • Amount being repaid/settled • Mode of payment (cash/bank/cheque) • A clear clause that the creditor accepts the amount in full and final settlement • A declaration that no further claim remains • An undertaking that no civil or criminal action will be initiated in future This document should be: • Signed by the creditor • Signed by your brother (and you, if you are paying on his behalf) • Preferably attested by two witnesses Additionally, you should take a receipt/acknowledgment from each creditor confirming payment received. If you are making payment on behalf of your brother, include a clause stating that: • Payment is being made without assuming personal liability, and • Your role is only as a facilitator For stronger protection, especially in Delhi, you may: • Get the settlement document notarised, or • Execute it on appropriate stamp paper If there is apprehension of criminal complaints, it is advisable to also obtain a No Objection / No Claim Declaration from each party. In conclusion, do not rely on a single affidavit. Execute individual full and final settlement agreements with each creditor, along with proper receipts. This will provide you and your brother with maximum legal protection.

Advocate Yuganshu Sharma LawRato

896 votes

You will have to opt for mediation and get the matter settled In addition to the Affidavit separate MOUs would have to be entered into The dispute would be required to be settled only an Affidavit would not suffice

Advocate Shambhavi Sharma LawRato

652 votes

Hi there, in this scenario firstly you have to make a SPA (special power of attorney) from your brother stating that your brother authorises you to pay the amount (mention the specifics). Next is you'll have to prepare a settlement agreement which will be executed between you and the creditors. It's advisable to pay the amount through cheques/UPI to keep your records clear. If you have any questions feel free to contact me.

Advocate Ishan Parashar LawRato

566 votes

You need to get an SPA (Special power of attorney) notarized with two attesting witnesses signing at the time of notary. Don't forget to get it entered in the register of the notary public. It's better to get it notarized from notary public affiliated by the Govt. of india and not just a state govt. affiliated notary public.

Advocate Puneet Srivastava LawRato