A memorandum of understanding is an official agreement among two or more parties, established in accordance with the intentions of each one of them. It exists in scenarios where one either begins with a new partnership or executes a projectin common.
An MoU may exist between two or more individual parties or nations for that matter. The memorandum of understanding agreement comprises the pre-decided and mutually understood terms that cannot be disclosed or violated by any one of them.
Memorandum of understanding agreement in India
Despite being a prominent term used in international relations, the memorandum of understanding agreement in India is quite rigorously used in businesses.
An MoU agreement usually acts as the stepping stone when someone begins with a new business in partnership that includes common objectives relating to another party. This acts as a formal agreement between the two parties mentioning the terms and responsibilities that are mutually pre-decided upon.
Important things related to an MoU agreement
This legal agreement not only ensures you about the future partnership procedures but offers a hasslefree binding contract that clearly mentions and defines individual duties. A few of the important details relating to anMoU are as mentioned below:
How and where to find best legal advice online?
The list of important aspects in an MoU vary according to the intent of the parties involved. However, one must consider online advocate consultation for professional assistance and advice. Such procedures can be best carried out by the expertise and experience of a professional online lawyer. However, if you are unsure about where to find the best online legal consultation, you might have just landed at the right place.
We have got a number of lawyers specialising in various fields and you may select one online, for yourself. You as the client have entire control about who would best suit your requirements according to the qualifications and other details of the lawyer, mentioned on the site.
How does a Memorandum of Understanding differ from a Contract?
The memorandum of understanding agreement in India can only be imposed in a legal courtroom on fulfilling the provisions according to the Indian Contract Act, 1872. Precisely, a part of the Indian Contract Act states that only the agreements that are legally binding, can be termed as contracts.
But who or what decides whether an agreement is legally binding or not?
There are several aspects to consider that consequently transform an agreement into a contract and a few of them are as listed below.
What happens when an MoU agreement extends as a contract?
When a MoU transforms into a legally binding contract the two or more parties involved must go according to the clauses and terms mentioned in the same. In case of any dispute or disagreement, the court or law shall intervene to resolve according to the already established agreement. The party at fault may suffer legal consequences according to the court and legal judgments.
What does a Memorandum of Understanding Agreement in India include?
You might have seen several official and legal documents, but each one of them differs according to the content. Similarly, an MoU is one of those agreements which does not declare the final conclusion but an agreement wherein clauses and terms are agreed upon or mentioned in detail.
It is widely used to establish mutual agreement upon various duties, according to the intent of the parties involved. The legal MoU generally constitutes of the following:
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