This MOA may be terminated by mutual agreement of the parties, and shall automatically terminate upon completion of all responsibilities as stated herein, unless otherwise amended. It is the intention of the parties that, where fault is determined to have been contributory, principles of comparative fault will be applied.Ģ.Each party, at its sole cost and expense, shall carry insurance or self insure to cover its activities in connection with this MOA, and obtain, keep in force and maintain, insurance or equivalent programs of self-insurance, for general liability, workers compensation and business automobile liability adequate to cover its potential liabilities hereunder.ģ.This MOA may be amended from time to time by mutual agreement of the parties in a written modification signed by both parties.Ĥ. ![]() Each party agrees to indemnify, defend and hold harmless the other to the fullest extent permitted by law from and against any and all demands, claims, actions, liabilities, losses, damages, and costs, including reasonable attorney’s fees, arising out of or resulting from the indemnifying party’s acts or omissions related to its participation under this Memorandum of Agreement, and each party shall bear the proportionate cost of any damages attributable to the fault of such party, its officers, agents, employees and independent contractors. Each party takes legal and financial responsibility for the actions of its respective employees, officers, agents, representatives and volunteers. You can modify it and reuse it.It is mutually understood and agreed by and between the parties that:ġ. The document is created before your eyes as you respond to the questions.Īt the end, you receive it in Word and PDF formats. The general laws of contract apply to this document. Thereafter, the blind or illiterate party should affix their thumbprint on the document. ![]() If one of the parties is a blind or illiterate person (that is can not read or does not understand the import of this document), an interpreter should read the document in the language the party understands. If either of the parties is an individual, the party should sign and have the document attested to by at least one witness. If a party is a company, either two (2) directors or one (1) director and one (1) company secretary should sign the document and the common seal of the company may be affixed on the document. It can be used in cases where parties either do not imply a legal commitment or where the parties can not create a legally enforceable agreement.Īfter filling this form, all the parties must sign the document. This is the stage where parties are deliberating on the fundamental terms of the project. This document can be used at a contract negotiation stage between parties. Overall, an MOU can either legally binding or not depending on how the MOU is drafted and whether all the elements of a contract are present in the MOU. Each Party respectively is expected to act in good faith in accordance with this Memorandum. It means that all the parties to the MOU intend to be bound by the MOU. This Memorandum sets out the initial relationship between the Parties as well as the respective rights and responsibilities of each Party. The consideration is the benefit, such as money or other money's worth bargained for by the parties to this MOU. ![]() This is when all the parties accept all the terms and conditions of the MOU. An offer occurs when the parties proffer something (for example, a business arrangement) to another. It will also be legally binding if there are all the elements of the contract, such as offer, acceptance, consideration, and intention to create a legal relationship, as described below: On the other hand, the MOU can be legally binding if the parties have a completed bargain that has been settled by all the parties to the MOU. However, it indicates an intended common line of action. Ordinarily, the MOU is not legally binding, which means that parties are not obliged to comply with the provisions of the agreement. This document describes the parties, the project or transaction, the purpose of the MOU, general obligations of the parties, and the precise roles and responsibilities of the parties. This is the first stage of the formation of a formal contract. A Memorandum of Understanding, also known as MOU, is an agreement between two or more parties outlining the terms and conditions of an intended transaction.
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