Legal Question in Business Law in India

The Company was owing a sum of Rs. 16 Lacs to the contractor for carrying the work in its factory. The Company delayed the payment and hence the Contractor send a Legal Notice seeking recovery of dues. The Parties thereafter negotiated and it was agreed that the Company shall pay the outstanding amount in equated instalments (by way of PDC).
In view of the settlement arrived, what would be the procedure as regards to:
1. Cancellation / withdrawal of Notice send by the Contractor to the Company?
2. Whether any special documentation would be required to capture the above understanding or mere exchange of letters would suffice?

Asked on 12/24/13, 7:55 pm

anuradha Dixit +9312411481 dixitlawfirm

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It would be better if A MOU is entered into between the parties. For further queries contact 9312411481

Answered on 12/24/13, 10:31 pm

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