Regarding MoU
Querist :
Anonymous
(Querist) 24 July 2011
This query is : Resolved
Sir/Madam,
I wanted to know d following about MoU:
1) what is the meaning of MoU(Memorandum of Understanding)?
2) What are its characteristics?
3) what are the merits n demerits of MoU?
4) In which book can I get the correct format of MoU?
ajay sethi
(Expert) 24 July 2011
a memorandum of understanding is agreement bettween 2 or more parties laid down in writing .
it lays down basic terms and conditions under which parties shall act . the characterstics of MOu are as follows
1) identifes the parties
2)spells out the subject matter of agreement
3)summarises terms and conditions
4) must be signed by the contracting parties
the merits are that it is better than an oral agreement between partes. they are regarded as binding even if no legal claim can be based ont the rights and obligations laid down in them
