Board Resolution for Authorisation to Sign Agreement
In the course of business, a company enters into agreement(s) with various parties, which can be another company, or a partnership firm, or a proprietorship concern, or even an individual etc. To sign and execute these agreements, a company official must have necessary authorisations. Generally, a Managing Director / Whole-time Director(s) are authorised to sign the agreements on behalf of the company, they are assigned with this authority at the time of their appointment. However, in specific cases, the board of directors can also authorise any other officials of the company to sign the agreement on behalf of the company. The following is a template of board resolution for authorising an official to sign agreement. Specimen/Format of Board Resolution for Authorization to Sign Agreement
"RESOLVED THAT the consent of the Board of Directors be and is hereby given for execution of an agreement, as per the draft of the agreement tabled before the meeting and initialled by the Chairman for purposes of identification, to be entered into between the Company and M/s. LYZ for a period of 2 years.
RESOLVED FURTHER THAT Mr. Jo Maraccini, GM-Finance of the company be and is hereby authorised to sign the said agreement with an authority to make any amendment or alteration to the agreement or any portion(s) thereto as may be necessary with a prior intimation of the same to this Board."