A Memorandum of Understanding is an agreement drafted formally between two or more parties. Generally, organizations and companies use MOU’s to establish official partnerships. MOU’s are not legally binding and as such the parties to the agreement do not have any legal ramifications. MOU’s are drafted when two parties have a common objective and so they create a legally non-binding agreement to reinforce their partnership to achieve the common goal. Hence, it can be said in a legal sense that an MOU is a tad bit stronger than a ‘Gentleman’s Agreement’.
The name of the parties is mentioned in an MOU agreement. All the details regarding the parties involved and the partners thereof are to be incorporated in the agreement. The organizations and the parties should be readily recognizable under the agreement.
Most importantly, the intentions of the parties involved should be distinctly mentioned in the agreement to avoid any legal disputes in the future.
There are quite a few things to be considered and incorporated while drafting an MOU. The common objective of the parties is the predominant clause that has to be included. The responsibilities of the parties are also to be determined while drafting the agreement. A certain degree of transparency between the parties should be highlighted while drafting an MOU. As an MOU is an agreement that precedes an imminent contract so it is imperative to mention all the significant clauses which will eventually be incorporated in the forthcoming contract.
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