MoU

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MEMORANDUM OF UNDERSTANDING

A memorandum of understanding, also known as MoU, is a kind of agreement between two or more parties. It is an agreement that expresses the common intentions of the parties. It is usually used either in cases where parties do not want a legal commitment or in a condition where the parties cannot create a legally binding agreement. It is a more formal alternative to a regular agreement.

Memorandum can have a legally binding effect or non-binding effect depending upon case to case. In the first case, the Memorandum acts as a regular agreement between the Parties which covers the broad description or understanding of the Parties. Often, Parties enter into a Memorandum of Understanding to create some foundation of main agreement then after proper investigation into the subject matter, the main agreement is executed. If it is non-binding, the Parties may not be legally liable to comply with it.

Irrespective of the legally binding nature of Memorandum of Understanding, it should conform to all the provisions of the Indian Contract Act, 1872.

Benefits of MOU

Framework for Future Negotiations

If the terms and conditions are well compiled in a prior document, then it acts as a framework for the future contract(s). The MOU can also be referred to as a reminder of the parties’ motives and intentions, in case of any confusion.

Time-Saving

A Memorandum of Understanding provides a structure to consider and work out terms and conditions. Such set out terms and conditions helps to accelerate the execution of further business documents

Prior Agreements

Usually, during negotiations, parties to the contract agree on certain terms, which would then appear in the main contract. If a party retracts or failed to remember these terms, MOU provides guidelines.

Reduced Risk of Uncertainty

Business negotiations are uncertain and sometimes difficult. It is problematic when there is a disagreement between the business partners over a particular term(s) contract. Hence, MOU’s helps to reduce such risk of uncertainty in case of disagreement.

Understanding a Common Intention

With any business dealing, it is most important that both parties understand each other's objectives. An MOU can be a great property to your commercial relations. It helps to establish terms and conditions effectively.

Secures The Partnership:

The Memorandum of Understanding covers an entire relationship between the parties, covering all aspects of the agreement. Such a contract is an advantage for anyone who wants to establish long-lasting relations with his business partners.

Main Components of MOU

Parties to the Contract:

It should contain the name of the parties between whom memorandum of understanding is executed.

Object:

It should specify the purpose and the goals for which the memorandum of understanding is being signed.

Time:

The memorandum should specify the date at which begins and the date at which it ends. Also, it should provide for the circumstances for termination of the memorandum of understanding.

Meetings:

It should specify the schedule for the meetings of the parties

Monetary Considerations:

Generally, Memorandum of Understanding does not contain the terms and conditions regarding monetary consideration. But sometimes nature of the transaction requires the inclusion of financial details or consideration in such case it should be mentioned clearly

Management:

The contract may provide the terms relating to appointment and cessation of the persons who shall be responsible for the day to day operations. The role, responsibilities, duties, powers, and remuneration should also be properly prescribed.

Signed with dates:

Once the MOU is satisfactorily finalized, by the parties involved, it should be signed and dated by the authorized individuals representing each party.

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