Memorandum of Understanding
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Memorandum of Understanding
A memorandum of Understanding is a non-binding agreement between two or more parties which expresses a will of parties intending a common line of action. It is the initial stage of making of a contract. The basic details in a MOU are that it should clearly identify the contracting parties, subject matter should be clearly mentioned, and also the essential terms should be declared along with the signatures of the Contracting parties.
Advantages of MOU:
1. Unlike other legal agreements: MOU takes a short time to ratify and can be kept confidential.
2. Create legal relationship: A MOU is an agreement that is beneficial to both the parties as it creates a long- term relationship between the parties.
3. Save Time: It helps in providing a framework of contact. Therefore, the same terms need not be repeated or negotiated for which are similar to the drafting contract.
Procedure:
- A well efficient/competent lawyer/draftsman from our team shall contact you, and explain you the total process, and will understand the need of contract and explore it in legal form.
- Once the objectives of the MOU are draw, the lawyer shall draft the MOU accordingly.
- The draft of MOU shall be sent to you, for your review.
- Once you approve it, it shall be served to the other party.
- The whole process takes around 2-3 working days.
