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What is a Memorandum of Understanding?

A Memorandum of Understanding or MoU is an agreement between two or more parties wherein the parties express their will for a common line of action. However, it is not a legal document but announces the impending signing of a binding agreement. It outlines a note of agreement made by two or more parties, as well as the expectations of all parties participating in the discussion. As a result, the MOU acts as a starting point for negotiations and discussions. These agreements are commonly used in corporate negotiations and planning, government and public affairs, and international treaties, etc.

All About Memorandum of Understanding

Why need a Memorandum of Understanding ?

Establishes Mutual Intent
A Memorandum of Understanding (MOU) permits a mutual intention to be established. It clarifies the goals and objectives of each side in a time-bound manner.
Establishes Clear Roles
A Memorandum of Understanding (MOU) establishes each party's roles, as well as their designations and duties.
Reduces Ambiguity
Memorandum of Understanding decrease levels of uncertainty amongst the parties involved by highlighting expectations and objectives and preventing future conflicts.

Documents / Details we need

Names and References
Details of the parties to the Memorandum of Understanding
Scope of Services
Details about the scope of services that are to be included.
Reasons for MOU
The reasons for which the parties are executing the MoU.
Roles and Responsibilities
Roles and Responsibilities of the parties to the MoU have to be provided.

Important Clauses

Parties to the MoU
It should include the names of the parties to the Memorandum of Understanding. The MOU should be signed and dated by the authorized persons representing each party or organization once it has been written and agreed upon by all parties concerned.
Financial considerations
The agreement should spell out each party's capital contributions. It should also include the identity of the person with the power to make major financial decisions, as well as all pertinent financial documents that must be preserved.
Purpose and duration
It should explicitly state the purpose and aims for which the memorandum is being signed, as well as the memorandum's beginning and end dates.
Essential Details
This clause specifically defines the terms to be included in the general overview of the transaction, such as pricing, involvement of third parties, deadlines, etc.
Roles and Responsibilities
This clause defines the roles and responsibilities of the parties to the MoU along with their obligations.
Confidentiality
This clause mandates the parties to follow the privacy provisions of the MoU.

What's the process ?

1. Assessment
Our team will reach out to you to obtain the necessary information to assess the scope and rationale for entering into a Memorandum of Understanding as well as any other relevant pieces of information as required.
3. First Ready Draft
We will complete the first draft of the Memorandum of Understanding and email it to you for approval within 48 hours. Following approval, any necessary adjustments will be made and submitted to you on the agreed next date.
2. Due Diligence and Drafting
Once we receive the information, we will begin drafting the agreement from scratch, including defining the scope and reasons for entering into a Memorandum of Understanding, roles, and obligations of the parties, their liabilities among other important clauses that will vary depending on the needs of each client.
4. Final Agreement
With a high-quality team of professionals, the entire process of creating the draft and delivering the final copy of the Memorandum of Understanding will be accomplished in 72 working hours.
1. Assessment
Our team will reach out to you to obtain the necessary information to assess the scope and rationale for entering into a Memorandum of Understanding as well as any other relevant pieces of information as required.
2. Due Diligence and Drafting
Once we receive the information, we will begin drafting the agreement from scratch, including defining the scope and reasons for entering into a Memorandum of Understanding, roles, and obligations of the parties, their liabilities among other important clauses that will vary depending on the needs of each client.
3. First Ready Draft
We will complete the first draft of the Memorandum of Understanding and email it to you for approval within 48 hours. Following approval, any necessary adjustments will be made and submitted to you on the agreed next date.
4. Final Agreement
With a high-quality team of professionals, the entire process of creating the draft and delivering the final copy of the Memorandum of Understanding will be accomplished in 72 working hours.

Why choose us

PERSONALISED SERVICE

A dedicated Case Manager ensures quick turnout to all your queries and tailored solutions that fit perfectly for your requirements.

72 HOURS DELIVERY

All your drafting queries are addressed, understood, and delivered with quality under 72 Hours.

EXPERIENCED TEAM

Our team of dynamic professionals is well experienced and extremely proficient to cater to your needs, ensuring the best service.

24/7 HELPLINE

We are available to address and clarify all your queries round the clock. So you can worry less and focus more on the business.

Frequently Asked Questions

Although an MOU is not legally binding, it does show the parties’ desire to proceed with a contract. The MOU, which outlines the scope and goal of the talks, can be seen of as the starting point for negotiations. These documents are most commonly seen during international treaty negotiations, but they can also be utilised in high-stakes corporate transactions like merger discussions. A Memorandum of Understanding is not a binding contract. If an MOU has been drawn for consideration, like for replacement of money, etc., the document would enhance binding on the parties, else it is a non-binding contract.
An MoU can be used in businesses, before entering into a contract, the parties can get into an understanding with regards to the representations and promises. Typically, a memorandum of understanding acts as a non-binding document in the course of commercial or private company transactions. MOU can also be found in Government and Public affair agencies

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