![]() An MoU is beyond any legal intervention.If anyone goes back on the predetermined terms, the project can suffer huge losses that should be foreseen and discussed. Preferably, the MoU should clearly state if there is space for any of the parties to back out at any given time. If there are rules and repercussions of backing out from the contract, they should be duly noted and agreed upon by everyone. Any clash of ideas and roles is addressed timely so that the discord doesn’t creep into the actual contract. ![]() If possible, the period of the project and the agreement should be mentioned blatantly so that each party knows there is a time limit.ĭetails of each party and negotiator, together with their agreed-upon roles should be noted while signing an MoU. The date and time of the commencement of the agreement must be exact. The agreement of all participants is mandatory. It should be consensually decided after elaborate discussions. ![]() The foremost thing to notice is the reason and goal of the MoU. It should include details that can be used in the future contract. Important Things to Notice in a Memorandum of UnderstandingĮvery MoU should have clear instructions lined up with a mutual understanding of the parties. Misinterpretation, queries, and doubts can be addressed in a timely manner. Each party can communicate the objectives and expectations beforehand. Many experts refer to an MoU as an ‘‘agreement before an agreement’’.
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