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Memorandum of Understanding

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A Memorandum of Understanding (MOU) is a document outlining the formal agreement between two or more parties who agree to do or not to do certain things in future.  It is a document that brings together the thoughts and expectations between the parties. A Memorandum of Understanding is also known as “Letter of Intent”. It is made when two or more parties outlining the rights and obligations of the parties to the agreement are into initial discussions. It is used to gauge the intention of the transacting parties before a deal is officially signed between them

Our team of expert legal professionals will guide you towards drafting of Memorandum of Understanding with expertise. Feel free to contact Taxsavvy.

Features & Restrictions of Memorandum of Understanding:

  • Date of Agreement should be mentioned along with the period for which the MOU shall be effective
  • MOU should specify the name and other details of the parties who are signing the MOU
  • Purpose and goals of MOU should be clearly specified in the MOU
  • MOU should mention the person who will be authorized to make the decisions in various areas
  • Activities to be performed under MOU should be detailed along with the resources required and to be contributed by the parties to the MOU
  • Conditions under which terms of MOU can be terminated, altered or amended should be stated
  • MOU should be signed by all the parties or their authorized representatives

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