How to draft a Memorandum of Understanding (MOU) Agreement

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Memorandum of understanding

Memorandum of understanding, shortly called as MOU, is a form of Letter of Intent, which is just a way for two parties to reach a decision. It is a preliminary written agreement, which speaks about the key terms which they will later be included in a formal legal contract.

The situation for signing a mou

A Memorandum of Understanding or MOU Usually entered between the parties when the legal contract is not finalized with the terms and conditions. In simple words, mou is signed at the initial stage of discussion between the parties for the purpose of briefing the rights and responsibilities of all the parties to a future contract.

Binding nature of a mou

As per section 10 of Indian contracts Act, to form a legal agreement, There must be an offer made by one party and accepted by another. Furthermore there must be an intention to create legal relations. These two are missing in an MOU, hence cannot be legally enforced between the parties.

Why should you use a MOU

A MOU is often used in commercial partnerships to establish mutual goals and expectations. It sets out the rights and obligations of each party, which they incorporate into a formal contract at a later date.
You may want to use a MOU, especially when you:
do not want to form legal relations;
want to mark a mutually beneficial partnership; or
want to outline the mutual goals of a commercial partnership.

Elements of MOU

Each MOU is unique. When drafting one, it is useful to keep in mind what you and the other party have agreed to and what your mutual goals are.
A MOU may include:
the purpose of the commercial partnership;
the common goals of the parties;
the roles of each party;
any agreed upon deadlines; and
how the parties will resolve disputes.

[GM-xcsf]

தங்களது வீடியோக்கள் அனைத்தும் தொழில் முனைவோர்கள் அனைவருக்கும் மிகவும் பயனுள்ளதாக இருக்கிறது
வாழ்த்துக்கள் ஐயா

[hitheshk]

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[Dhanecious]

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[studypurpose]

Great initiation to think about the these important activities in business world.
thanks a lot.

Could u pls say about something how to sell small electronic projects such as door alarm system, water tank overflow system, agricultural pump on/off system, sensors lights, etc.?

is there something license requirements ?

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[UCSOmPrakash]

When will be the mou signed, either before speech or after speech?

[vinodarun]

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[epicdeals]

speak about the Compliances for a Private Limited Company

[manibala]

MOD என்றால் என்ன MOD வாங்க என்ன வேண்டும்

[sulbhashirwaiker]

In english please for all to understand