This agreement is signed between two parties to a business to mutually agree upon the terms
and conditions that govern all transactions.
Our lawyer-drafted MOU ensures that your property is safeguarded.
The first draft will be shared with you in no time.
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A Memorandum of Understanding (MOU) is a written agreement to continue or proceed. It indicates that the parties have come to an agreement and are moving on in their business relationship. It is an earnest declaration that a contract is imminent, even if it is not legally binding.
At a minimum, an MOU must be executed between a recipient and subrecipient and a third-party service provider which includes the following information.
A MOU (Memorandum of Understanding) is nothing but an agreement executed between 2 or more willing parties, in the format of a formal document. An MoU is not legally binding on the parties. However, it indicates the willingness or intention of the parties involved, to proceed with the contract.
An MoU often defines the purpose and scope of a negotiation and hence, it can be regarded as the beginning point of the said negotiation or talk. More often than not, MOUs are seen in negotiations related to global treaties. They are also seen in business dealings involving high stakes (for example, merger talks).
Concerning MOUs in India, several laws govern its functioning. Section 10 of the Indian Contract Act of 1872 lays down the fundamental necessities of a legally binding agreement or contract: