MOU Agreement

Memorandum of Understanding is considered more than refined man words and less than a contract, as a formal agreement signed by two or more parties who mutually agree to a few terms and conditions to achieve a common objective. A consensus on a matter whereby both parties voluntarily agree to in a public domain by signing the document with it extended to domestic and international law.

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Meaning of Memorandum of understanding:

The Memorandum of Understanding intended to perform and not rigidly bound to perform. Such understandings can be between self-employed and contractors, among entrepreneurs, between more than two government agencies, or between government agencies and private parties where the main aim is to achieve a common goal defined in the Memorandum of Understanding. A memorandum of Understanding is generally considered similar to a contract. The significant distinction between the two is a contract enforceable under law as a Memorandum of Understanding does not, a bit simple concept in comparison with an agreement.

 

Essentials

The essentials of the Memorandum of Understanding is that it is not legally enforceable and preferred for matters which are either trivial or where the parties do not want to enter into a contract. It carries a significant degree of seriousness and mutual respect that is the basis of performance that ensures the need for Memorandum of Understanding successfully creates diplomatic strategies to achieve common goals stated by the parties.

 

Features

It is predetermined to ensure commitment and responsibility stated in the Memorandum of Understanding so that assured implications cannot ignore by either party. It includes physical objectives related to details of the goods and services to be dealt with a financial objective such as liability clause, performance clause, and even refunds if the case so arises. The targets are monitored for performance evaluation so that both the parties comply with the provisions so stated. An ideal MoU contains party names willing to perform, goods or services which are the basis of agreement, payment matters such as advances, installments, etc., Refund measures any, and the liability of performance on both the parties. 

 

A memorandum of Understanding must be frame ideally using simple language as if the language is more in a legal sense, might create a legal binding if it states offer, acceptance, or consideration. It would no longer include features of the Memorandum of Understanding and be enforceable in adverse situations. On the brighter side, the Memorandum of Understanding has opted when both parties don’t want to be legally bound and perform short period agreements based on trust to achieve common objectives.

 

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