Explain the following: Consideration Clause.

A Consideration Clause specifies the value given in return for a bargain. Consideration is very important in a document and must be expressed. In the absence of mention of consideration the evidentiary value of document is reduced that the document may not be adequately stamped and would attract penalty under the Indian Stamp Act, 1899. Consideration is required for each party benefiting from, and bound by a contract. In most agreements, the consideration is the bargain or exchange:- an exchange of service for salary and benefits, an exchange of property for instalments payments, or transfer of property rights for cash. In some cases, especially where a party gives up some right or interest, the consideration is expressly stated as an acknowledgement of the receipt of value. Thus, enforcing any legal contract requires it to have an element of consideration included in it and thereby consideration clause in these documents has its own significance.