Memorandum of Understanding

MEMORANDUM OF UNDERSTANDING(MOU)

 

If you are intending to tie up with any entity to do business, then it is advisable to draft a Memorandum Of Understanding (MOU) that shall cover all the promises that parties have agreed upon. Though it does not create any rights and obligation, the MOU is legally binding and the document establishes the relationship between the parties very clearly. It is not a contract but an understanding between the parties pertaining to their economic sharing and terms on who is to do what at what time.

Panomics Legal Mentors is an online legal service platform where a team of expert legal professionals from India, offering a variety of legal services relating to all kinds of company documents, legal notices, negotiable instruments, company registrations, intellectual property, tax services, personal and property services.

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WHY CHOOSE Panomics Legal Mentors?

 

This organization comprises of expert legal professionals, who use their expertise will draft an MOU that shall cover all the legal requirements and needs of the parties. The experience and the knowledge that our professionals hold can help you in including clauses in your MOU that shall effectively describe the relationship between the parties as well as avoid confusions or difficulties in the future.

ADVANTAGES OF MOU?

 

  1. DESCRIBE RELATIONSHIP: The MOU shall contain all the details of parties and the objective of their partnership which will clearly establish the relationship between the parties and thereby avoid any confusion in the future.
  2. FASTER NEGOTIATION: As the terms are already set out in the MOU, the parties need not be stuck at creating terms every time they enter into an agreement which makes the negotiation process between the parties to be done much faster.

PROCESS OF DRAFTING MOU

 

  1. Identify the parties to the MOU.
  2. Understand the objective of creating this MOU.
  3. Plan the requirements for achieving the objectives.
  4. Decide on what each party offers and when it shall be executed.
  5. Decide on the circumstances where the MOU becomes inapplicable.
  6. Plan on sharing of economic benefits.
  7. Include clauses where it describes the circumstances where one of the party can terminate the MOU.
  8. Initiate the drafting of MOU with the help of a professional.
  9. A final draft will be created.
  10. The parties must sign the MOU.

 

Click here to know more about the “Franchise Agreement”.

 

CONTENTS

 

  1. NAME AND DETAILS OF PARTIES.
  2. PURPOSE.
  3. DURATION.
  4. TERMS OF MEETING AND REPORTING.
  5. TERMS ON PAYMENTS OR CONSIDERATION.
  6. TERMS OF MANAGEMENTS OF THE MOU.
  7. CONFIDENTIALITY.
  8. DISPUTE RESOLUTION.
  9. SIGNATURE WITH DATE.