Memorandum of Understanding Agreement


A memorandum of understanding agreement is a formal agreement between two or more parties where the basic terms and conditions of the deal are outlined, although these terms are not binding and are subject to change in the future, especially when the final agreement is made.

Sample Memorandum of Understanding Agreement

This memorandum of understanding agreement is made on August 13, 2011 in Dallas between PARTY 1 and PARTY 2.

PARTY 1 DETAILS:

Name: White Lights Co

Address: 87 Greenwood, Dallas

Phone number: 239840234

PARTY 2 DETAILS:

Name: Abel Furnishings Ltd

Address: 29 Bluejay Avenue, Dallas

Phone number: 3845932852

DURATION OF AGREEMENT: 2 years

TERMS AND CONDITIONS:

  • As per the agreement, PARTY 1 and PARTY 2 agree to enter this memorandum of understanding agreement whereby the parties aim to enhance their productivity, reduce costs and establish themselves as leaders in their respective fields in the market.
  • PARTY 1 shall take the responsibility of developing and providing training to the workforce, making business plans, delivering the results, maintaining records and reviewing the results.
  • PARTY 2 shall be responsible for publicity, marketing, advertising and implementing the business plans conceptualised by PARTY 1.
  • Both parties shall divide the profits equally among themselves.
  • The MoU shall be effective from September 1 by which a formal agreement may be drafted by the parties.
  • Both parties agree to the above terms and conditions and in case there are any additions or modifications to the MoU, the consent of both parties is required.

SIGNATURES

PARTY 1

PARTY 2

Category: Partnership Agreements

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