Memorandum Of Understanding

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ABOUT THIS PRACTICE

The initial understanding among contracting parties which is turned into a formal agreement is known as A Memorandum of Understanding (MOU). An MOU mentions all the requirements of contracting parties so that they can enter into future contracts. This doesn’t usually impose any legal obligations on the concerned parties.

However, an MOU may lead to legal obligations as deduced from its clauses. MOU is used by companies and NGOs to establish partnerships. An experienced leading documentation lawyer can provide you with an accurate legal document at reasonable costs.

Documents Required

Information regarding the parties of the MOU
Any Additional documents which are specified by the lawyer.

Procedure

The parties of the MOU discuss the requirements of its contents with the lawyer.
The parties specify their expectations and limitations including negotiable as well as non-negotiable provisions.
MOU is drafted by the lawyer and parties carefully check this draft.
Lawyer prepares final draft of the MOU.
Parties sign the final MOU.

Advantages

Covers Entire Relationship: Complete relationship between the parties is covered under MOU , encompassing all features of the contract that might arise.Before starting a long-term relationship it's crucial to have such agreement.
Saves Time: It enables quick negotiation of agreements saving a lot of time.