MEMORANDUM OF
UNDERSTANDING
(MOU)
This Memorandum of Understanding (“MOU”) is made and
executed on this ____________, at ____________.
BETWEEN
PARTY NO. 1
____________, S/o / D/o /
W/o ____________, aged about ____________
years, having address at ____________,
hereinafter referred to as the “FIRST PARTY”.
AND
PARTY NO. 2
____________, S/o / D/o /
W/o ____________, aged about ____________
years, having address at ____________,
hereinafter referred to as the “SECOND PARTY”.
The First Party and Second Party shall collectively be
referred to as the “Parties”.
WHEREAS
- That
the Parties desire to record their mutual understanding, rights,
responsibilities and obligations in relation to ____________.
- That
the Parties have mutually discussed the proposed arrangement and have
agreed to record the terms and conditions in writing through this MOU.
- That
both Parties have agreed to cooperate with each other in good faith for
achieving the purpose of this MOU.
NOW THIS MOU WITNESSETH AS FOLLOWS:
1. PURPOSE OF MOU
The purpose of this MOU is to record the understanding
between the Parties regarding ____________.
2. SCOPE OF WORK
The Parties shall undertake the following activities/work:
____________
3. RESPONSIBILITIES OF FIRST PARTY
The First Party shall:
a. ____________
b. ____________
c. Provide necessary documents, information and assistance
as mutually agreed.
d. Perform all responsibilities assigned to it under this
MOU in a timely manner.
4. RESPONSIBILITIES OF SECOND PARTY
The Second Party shall:
a. ____________
b. ____________
c. Provide necessary documents, information and assistance
as mutually agreed.
d. Perform all responsibilities assigned to it under this
MOU in a timely manner.
5. CONSIDERATION / PAYMENT
In consideration of the services/work/arrangement
contemplated under this MOU, the Parties have agreed that:
Amount: ₹____________ (Rupees
____________ only).
The payment shall be made by Cash / Cheque / Bank
Transfer / Other ____________ in the following manner:
____________
6. TERM OF MOU
This MOU shall commence from ____________ and
shall remain effective until ____________, unless extended or
terminated earlier by mutual consent of the Parties.
7. CONFIDENTIALITY
Both Parties shall maintain confidentiality of all
confidential information, documents, business information, financial
information and other information exchanged between them and shall not disclose
such information to any third party without prior written consent, except where
disclosure is required by law.
8. DOCUMENTS AND INFORMATION
Each Party shall provide true, accurate and complete
information and documents required for carrying out the purpose of this MOU.
9. REPRESENTATIONS AND WARRANTIES
Each Party represents that:
a. It has the legal capacity and authority to enter into
this MOU.
b. The information and documents provided by it are true and
correct.
c. Execution of this MOU does not violate any existing legal
obligation applicable to it.
10. COMPLIANCE WITH LAW
Both Parties shall comply with all applicable laws, rules,
regulations and governmental requirements in connection with the activities
contemplated under this MOU.
11. INTELLECTUAL PROPERTY
Any intellectual property, documents, designs, trademarks,
copyrights, data or other materials belonging to either Party shall remain the
property of the respective Party unless otherwise agreed in writing.
12. EXPENSES
Unless otherwise mutually agreed in writing, each Party
shall bear its own expenses incurred in connection with the performance of its
obligations under this MOU.
13. INDEPENDENT PARTIES
Nothing contained in this MOU shall be construed as creating
a partnership, joint venture, employer-employee relationship or agency between
the Parties, unless specifically agreed otherwise in writing.
14. NON-TRANSFER
Neither Party shall assign or transfer its rights or
obligations under this MOU to any third party without the prior written consent
of the other Party, except as permitted by law.
15. DISPUTE RESOLUTION
In case of any dispute or difference arising out of or in
connection with this MOU, the Parties shall first attempt to resolve the matter
amicably through mutual discussion and negotiation.
16. JURISDICTION
Subject to the dispute-resolution provisions contained
herein, the courts at ____________ shall have jurisdiction
over matters arising out of this MOU.
17. TERMINATION
Either Party may terminate this MOU by giving ____________
days' written notice to the other Party.
The MOU may also be terminated immediately in case of:
a. Material breach of its terms;
b. Fraud or intentional misrepresentation;
c. Insolvency or cessation of business, wherever applicable;
or
d. Any other mutually agreed ground.
18. CONSEQUENCES OF TERMINATION
Upon termination, the Parties shall settle all outstanding
payments, return confidential documents/property belonging to the other Party
and complete any pending obligations which are intended to survive termination.
19. FORCE MAJEURE
Neither Party shall be liable for failure or delay in
performing its obligations due to circumstances beyond its reasonable control,
including natural disasters, war, riots, government restrictions, strikes,
epidemics or other events of force majeure.
20. AMENDMENT
Any amendment, modification or addition to this MOU shall be
valid only if made in writing and signed by both Parties.
21. NOTICES
Any notice under this MOU shall be delivered to the
addresses mentioned above or to such other address as may subsequently be
notified in writing by either Party.
22. ENTIRE UNDERSTANDING
This MOU constitutes the complete understanding between the
Parties concerning the subject matter hereof and supersedes any prior oral or
written understanding relating to the same subject matter.
23. SEVERABILITY
If any provision of this MOU is held to be invalid or
unenforceable, the remaining provisions shall continue to remain valid and
enforceable to the extent permitted by law.
24. GOOD FAITH
The Parties agree to act in good faith and cooperate with
each other for the proper implementation of this MOU.
25. BINDING EFFECT
This MOU shall be binding upon the Parties and, where
applicable, their respective legal heirs, successors, representatives and
permitted assigns.
26. VOLUNTARY EXECUTION
The Parties confirm that they have read and understood all
the terms and conditions of this MOU and are executing the same voluntarily and
without any force, fraud, coercion or undue influence.
27. GOVERNING LAW
This MOU shall be governed by and construed in accordance
with the applicable laws of India.
IN WITNESS WHEREOF
The Parties have signed and executed this Memorandum of
Understanding on the date and place first mentioned above in the presence of
the following witnesses.
FIRST PARTY
Name: ____________
Signature: ______________________________
Date: ____________
SECOND PARTY
Name: ____________
Signature: ______________________________
Date: ____________
WITNESS NO. 1
Name: ____________
Father's Name: ____________
Address: ____________
Mobile No.: ____________
Signature: ______________________________
WITNESS NO. 2
Name: ____________
Father's Name: ____________
Address: ____________
Mobile No.: ____________
Signature: ______________________________
PLACE: ____________
DATE: ____________
