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This Memorandum of Understanding is the complete agreement between and and may be amended only by written agreement signed by each of the parties involved. The MOU must be signed by all partners.

Contents of an MOU It names the parties, describes the project on which they are agreeing, defines its scope, and details each party's roles and responsibilities. While not always legally enforceable, an MOU is a significant step because of the time and effort involved in negotiating and drafting an effective document.

A memorandum of understanding (MOU) is a formal agreement that outlines plans for a common line of action between two or more parties. An MOU is used when companies plan to work together or partner on a project or similar venture. In government, these agreements are used to coordinate interagency work.

A clause defining the purpose of the agreement is an integral part of an MOU. It should describe the reason for which the MOU is created. It specifies how the collaboration between parties benefits the other party.

MOUs are typically not considered to be legally binding, and as a result, the parties to the memorandum of understanding can steer clear of any types of legal repercussions. Even though the contract does not have the force of law, both parties treat it with seriousness and respect.

If a MOU fulfills all the conditions laid down u/s 10 of the Indian Contract Act, 1872 then, such a MOU should be treated as a contract as defined in section 2(h) of The Indian Contract Act, 1872. Hence, giving it a legal force.

A memorandum of understanding, or MOU, is a nonbinding agreement that states each party's intentions to take action, conduct a business transaction, or form a new partnership.

While you write a memorandum of understanding for Share Purchase the following should be included: The names of the parties involved in the MoU. The date on which the memorandum of understanding is signed. A description of the shares being purchased. The purchase price of the shares. The payment terms of the share purchase.

Many practitioners feel that the MOU is better left as a document expressing the parties' intentions that is not legally binding in terms of its commercial effect, but which does contain some legally binding provisions that are necessary to ensure the protection of the parties.

Although MOUs are not legally binding but are considered as a serious document by the law. To enforce it, the agreement must contain binding and non-binding terms in order to be enforceable and if the agreement is to be a non-binding then, it has to be specified clearly as a non-binding agreement.