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The memorandum may provide for the appointment of the persons to take care of the day to day operations of the program. The role, responsibilities, and remuneration should also be mentioned. The memorandum should specify the duration of such an agreement between the parties i.e the beginning and the ending dates of the memorandum. Also, it should provide for the circumstances in which such memorandum will be terminated.
Memorandum of understanding is a document that describes formal agreement between two parties. Memorandum of understanding is signed by both the parties to the agreement, so it carries a degree of seriousness and mutual respect. MOU is often used in cases when the parties either do not want to imply a legal commitment or cannot create a legally enforceable agreement.
FEATURES OF MEMORANDUM OF UNDERSTANDING
1. UNDERSTANDING: Memorandum of understanding create a legal obligation and legal right so the memorandum of understanding is legally enforceable document if it fulfill the essential of contract.
2. TERMS AND CONDITIONS: In memorandum of association some terms and conditions are mutually agreed between the parties so it will help the parties to provide certainty in case of dispute.
3. FUTURE ORIENTED: In some MOU the terms and conditions are mentioned regarding the future business plans so it will help you to plan as per the terms and conditions are already mentioned in the MOU.
4. SHORT PROCEDURE: To draft a MOU is very short and easy procedure it does not require permission of any of the authority as well as any other person except the parties to the MOU.
5. BASIC DETAILS: It should specify the name & other details of the parties between whom memorandum of understanding is being signed.
6. PURPOSE:It should clearly specify the purpose and the goals for which the memorandum is being signed.
7. MANAGEMENT: The memorandum may provide for the appointment of the persons to take care of the day to day operations of the program. The role, responsibilities, and remuneration should also be mentioned.
8. DURATION AND TERMINATION:The memorandum should specify the duration of such an agreement between the parties i.e the beginning and the ending dates of the memorandum. Also, it should provide for the circumstances in which such memorandum will be terminated.
Passport photo of all parties.
PAN card of all parties.
Aadhar card of all parties.
Utility bill of Electricity or Telephone.
Valid Address Proof of all the parties.
Valid Driving Licence of all the parties.
Terms and Conditions between the parties.
Other documents will be intimated through e-mail.
A memorandum of understanding is a document that describes the broad outlines of an agreement that two or more parties have reached. MOUs communicate the mutually accepted expectations of all of the parties involved in a negotiation. While not legally binding, the MOU signals that a binding contract is imminent.
Similar to a contract, a memorandum of understanding is an agreement between two or more parties. Unlike a contract, however, an MOU need not contain legally enforceable promises. While the parties to a contract must intend to create a legally binding agreement, the parties to an MOU may intend otherwise.
MOU can be cancelled any time if it is not registered and for the other party file the private police complaint.
The purpose of a memo is usually found in the opening paragraph and includes: the purpose of the memo, the context and problem, and the specific assignment or task. Before indulging the reader with details and the context, give the reader a brief overview of what the memo will be about.
The recitals in MOU will explain the limitation, however it is three years from the date of its execution if time is not essence of contract.
International MoU is also not legally binding but the language used there must show the intention of the parties to perform and to work together. As stated above all MoU must not be formally but only those should be formally made and registered which include the exchange of some monetary value.
If the Memorandum of Understanding is terminated by either Party, steps shall be taken to ensure that the termination does not affect any prior obligation, project or activity already in progress.”
In situations where registered documents are mandatory, no amount of legal jargon would make a MoU stand up in a court of law. This is why an unregistered MoU has hardly any importance in real estate, and why everyone opts for a notarised agreement, even if it is just to lease out a house for 11 months.