What is MoU form 2?
MoU is memorandum of understanding. This document is an alternative to a legal contract wherein two parties enter into an understanding relating to the business without any legal binding on each other. Actually this form is just an understanding regarding various aspects of the business such as policy, monetary transaction, interpersonal relationship, etc. but no party can go to the court of law if anyone breaches the understanding because of no legal binding associated with MoU form 2. This understanding makes the bond between two parties strong as both the parties know about their responsibilities and rights and have agreed upon respecting the rights and performing their own duties in timely manner. So signing of this form shows the good understanding between the two parties.
Requirements of an MoU
Desire and consent of both the parties to enter into an agreement
The MoU should not interfere with any previous arrangements made between these two parties or with any other party by these two parties individually.
The MoU should be designed in a manner that it is clear and easy to understand.
Both parties must read and understand the MoU before signing it
This formal letter should be made with proper legal advice and not contain frivolous material.
The MoU is an understanding between two parties and therefore the name, address and contact numbers of both the parties must be mentioned in the form.
If the MoU is between more than two parties it must be managed for its complexity.
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