![]() ABC Group has caused to be incorporated a Company known as _ Pvt. NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH AS UNDER:-ġ. hereinafter referred to as "the Company" which is in the process of setting up an internet portal, relating to _, known as "_" ĪND WHEREAS, ABC and certain other persons have advanced sums of money to the Company in respect of which shares have been/are to be issued to them and this group is for the sake of brevity referred to as the "XYZ Group" ĪND WHEREAS, XYZ has agreed that he and his nominees (for the sake of brevity referred to as the "ABC Group") will invest an amount of Rs._ /- (Rupees _Only) to acquire _ of the Capital of the Company on certain terms and conditions and equity shares of the Company will be issued to the members of XYZ Group accordingly ĪND WHEREAS, the parties hereto are desirous of recording the terms and conditions of their agreement in writing WHEREAS, ABC is one of the founding shareholders and is Chairman and Director of a company incorporated in India known as _ Pvt. (Hereinafter referred to as "XYZ" which expression and the expression "XYZ Group" shall unless it be repugnant to the context or meaning thereof be deemed to mean and include himself and his nominees to the extent specified herein and their respective heirs, executors, administrators and assigns) of the SECOND PART and their respective heirs, executors, administrators and assigns) of the One Part and MR. THIS MEMORANDUM OF UNDERSTANDING made on this _day of _between ABC having his office at_, India hereinafter referred to as "ABC" (which expression and the expression "ABC Group" shall unless it be repugnant to the context or meaning thereof mean and include himself and the present other shareholders of _Pvt. You can modify it and reuse it.Format for Memorandum of Understanding MOU Download Word Doc The document is created before your eyes as you respond to the questions.Īt the end, you receive it in Word and PDF formats. The general laws of contract apply to this document. Thereafter, the blind or illiterate party should affix their thumbprint on the document. ![]() If one of the parties is a blind or illiterate person (that is can not read or does not understand the import of this document), an interpreter should read the document in the language the party understands. ![]() If either of the parties is an individual, the party should sign and have the document attested to by at least one witness. If a party is a company, either two (2) directors or one (1) director and one (1) company secretary should sign the document and the common seal of the company may be affixed on the document. It can be used in cases where parties either do not imply a legal commitment or where the parties can not create a legally enforceable agreement.Īfter filling this form, all the parties must sign the document. This is the stage where parties are deliberating on the fundamental terms of the project. This document can be used at a contract negotiation stage between parties. Overall, an MOU can either legally binding or not depending on how the MOU is drafted and whether all the elements of a contract are present in the MOU. It means that all the parties to the MOU intend to be bound by the MOU. The consideration is the benefit, such as money or other money's worth bargained for by the parties to this MOU. This is when all the parties accept all the terms and conditions of the MOU. An offer occurs when the parties proffer something (for example, a business arrangement) to another. It will also be legally binding if there are all the elements of the contract, such as offer, acceptance, consideration, and intention to create a legal relationship, as described below: On the other hand, the MOU can be legally binding if the parties have a completed bargain that has been settled by all the parties to the MOU. However, it indicates an intended common line of action. ![]() Ordinarily, the MOU is not legally binding, which means that parties are not obliged to comply with the provisions of the agreement. This document describes the parties, the project or transaction, the purpose of the MOU, general obligations of the parties, and the precise roles and responsibilities of the parties. This is the first stage of the formation of a formal contract. A Memorandum of Understanding, also known as MOU, is an agreement between two or more parties outlining the terms and conditions of an intended transaction.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |