Memorandum of Understanding

A Memorandum of Understanding (MoU) is a preliminary understanding between contracting parties which is executed before a formal agreement is entered into. The MoU highlights the intentions of the parties to a contract for entering into future contracts and doesn’t usually impose any legal obligations upon the parties.

A MoU may create legal obligations when a binding understanding is inferred from any of its clauses. A MoU may be used by companies and NGOs to establish partnerships. Hiring the top documentation lawyers in your locality will help you in creating a legally sound document at affordable prices.

Draft MoU Online
At INR 6499

What You'll Get In The Package

Inclusion

  • 20 minutes introduction call with the advocate for you to know your lawyer and discuss the work to be undertaken together.
  • Documents checklist
  • Documents verification
  • MoU drafting
  • Handling of required paperwork for the purpose of the MoU

Exclusion

  • The advocate shall not undertake any additional work apart from the drafting of the MoU
  • You may hire the advocate for any additional legal requirements that you may have.

Documents Required for Drafting Memorandum of Understanding

  1. Information regarding the parties to the MoU
  2. Additional documents required (specified by the lawyer)

Procedure for Drafting Memorandum of Understanding

  1. The parties to the MoU discuss with the lawyer the essentials of its contents
  2. The expectations and limitations of the parties are laid down including such provisions that are negotiable and that which is non-negotiable
  3. Draft MoU is drafted by the lawyer and deliberated by the parties
  4. Final draft of the MoU is prepared by the lawyer
  5. The final MoU is signed by the parties

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FAQs

What are the legal implications of a MoU?
Although a MoU is not by itself a contract nor is it binding, it is indicative of the contract that is to be entered into by the parties. A MoU elaborates upon the parties to the MoU, their rights and liabilities, roles and responsibilities and other such provisions. A MoU leads the way in helping the parties in reaching a mutual understanding towards reaching a contract or agreement.
What is the basic procedure of drafting a MoU?
The parties to the MoU start with planning their expectations from the proposed MoU, what they are ready to offer and what from these factors is negotiable or non-negotiable. A draft MoU is first formulated which is then negotiated by the parties in the presence of a lawyer. After this phase, the lawyers draft the final draft for the MoU including provisions for termination, dispute resolution, etc. The parties further insert clauses of restrictions, disclaimers, privacy statements, etc., which is demanded from themselves and the other parties. The final draft is then signed by parties to the MoU.
What information should be necessarily included in a MoU?
You must necessarily have the following specifics in your MoU: 1. Dates on which the MoU commences and ends 2. Name of the project for which the MoU is being entered into 3. Names and contact information of the parties to the MoU 4. The contribution that are parties to the MoU are to make to the project 5. Financial, labour and material resources that are to be given to the parties to the MoU You can easily draft a MoU with the help of the top documentation lawyers in your locality at affordable costs.
Why should I make a MoU?
Although a MoU is not legally binding, you must take the time to sign a MoU before entering into a contract because it makes you aware of the details of the agreement that you and your potential future partner are willing to enter into and the implications of the same. It also gives you an insight into what you may expect while working with your potential future partner.
What is the purpose of a MoU?
A MoU is useful in helping parties who intend to enter into an agreement or a contract to understand how such a legal relationship between them would stand. It defines the business project that the parties are planning to undertake in the future and the purpose thereof. It also defines the parties and the contributions that they are expected to make.
Who is eligible to sign a MoU?
The parties who are potentially intending to get into a business agreement or contract may get into a MoU for the purpose of any business venture are the ones who must get into MoU.
Can a MoU be legally binding?
Yes, a MoU may be legally binding at the intention of the parties, i.e., if you and the party with whom you are planning to enter into a MoU with the intention that the MoU must be legally binding, then it may be so.
What is the cost of drafting a MoU?
Through Legistify, you can draft a MoU at cheap and affordable prices, with no hidden costs and through the most experienced and top documentation lawyers in your locality.
How long does it take for a MoU to be drafted?
A MoU can be drafted at the earliest with the help of the most experienced lawyers in your locality through Legistify.com. The lawyers will first have consultations with all parties to the MoU, understand their expectations, responsibilities and liabilities resulting in the draft MoU being drafted. The draft is then sent to the parties to get their feedback on the same followed by another round of negotiations. After this is over, the final draft of the MoU is drafted and sent to the parties to be signed.
What is a MoU?
A MoU is a non-binding agreement between two or more parties elaborating upon the terms and conditions of an understanding including the responsibilities and contributions to be made by the parties. A MoU is generally the predecessor to a formal contract that the parties intend to enter into. Although non-binding, it acts as a look through how the parties will behave when a formal contract has been entered into. Certain provisions of the understanding may become legally binding if the parties may intend for it to be so.