This Memorandum of Understanding (the "Memorandum") is made on , by and between , of , , (hereinafter referred to as "") and , of , , (hereinafter referred to as "") for the purpose of achieving the various aims and objectives relating to the (the "Project").
WHEREAS and desire to enter into an agreement in which and will work together to complete the Project;
AND WHEREAS and are desirous to enter into a Memorandum of Understanding between them, setting out the working arrangements that each of the partners agree are necessary to complete the Project;
The purpose of this Memorandum is to provide the framework for any future binding contract regarding the between and .
Obligations of the Partners
The Partners acknowledge that no contractual relationship is created between them by this Memorandum, but agree to work together in the true spirit of partnership to ensure that there is a united visible and responsive leadership of the Project and to demonstrate financial, administrative and managerial commitment to the Project by means of the following individual services.
Marketing of the vision and any media or other public relations contact should always be consistent with the aims of the Project and only undertaken with the express agreement of both parties. Where it does not breach any confidentiality protocols, a spirit of open and transparent communication should be adhered to. Coordinated communications should be made with external organizations to elicit their support and further the aims of the Project.
No liability will arise or be assumed between the Partners as a result of this Memorandum.
In the event of a dispute between the Partners in the negotiation of the final binding contract relating to this Project, a dispute resolution group will convene consisting of the Chief Executives of each of the Partners together with one other person independent of the Partners appointed by the Chief Executives. The dispute resolution group may receive for consideration any information it thinks fit concerning the dispute. The Partners agree that a decision of the dispute resolution group will be final. In the event the dispute resolution group is unable to make a compromise and reach a final decision, it is understood that neither party is obligated to enter into any binding contract to complete the Project.
The arrangements made by the Partners by this Memorandum shall remain in place from until . The term can be extended only by agreement of all of the Partners.
Any notice or communication required or permitted under this Memorandum shall be sufficiently given if delivered in person or by certified mail, return receipt requested, to the address set forth in the opening paragraph or to such other address as one party may have furnished to the other in writing.
This Memorandum shall be construed in accordance with the laws of the State of Commonwealth of .
Neither party may assign or transfer the responsibilities or agreement made herein without the prior written consent of the non-assigning party, which approval shall not be unreasonably withheld.
This Memorandum may be amended or supplemented in writing, if the writing is signed by the party obligated under this Memorandum.
If any provision of this Memorandum is found to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Memorandum is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision will be deemed to be written, construed, and enforced as so limited.
Prior Memorandum Superseded
This Memorandum constitutes the entire Memorandum between the parties relating to this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and Memorandums, whether written or oral.
Memorandum of Understanding
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Next Steps: Make it Legal
|_____ ||Look over the Subordinated Loan Agreement to ensure it matches your intentions. If you need to make changes to the Agreement outside of the interview, you will be able to make changes online or in Word format in the Document Manager at the end of the process. |
|_____ Have the Parties sign and date the Subordinated Loan Agreement in duplicate. You can also use Rocket Lawyers e-signature service to electronically sign and share the document. |
|_____ ||Deliver a copy of the Subordinated Loan Agreement to the other Parties. |
|_____ ||Keep a copy of all documents for your own records and in case there is a problem. |
|_____ Each Party should receive an original signed copy of the Subordinated Loan Agreement. Your copy should be kept in a safe place. If you signed a paper copy of your document, you can use Rocket Lawyer to store and share it. Safe and secure in your Rocket Lawyer account, you can access it any time from any computer, as well as share it for future reference. |
Members can always consult an attorney at no extra cost!
|_____ If you have quick questions or wish to review this document with an attorney, you can do so for free. Rocket Lawyer's On Call® service makes it fast and easy to speak with a local attorney. Get started by visiting the Find a Lawyer tab on our site, or calling (866) 243-2183. |