This Document will establish the basic terms to be used in a future agreement between the Parties. The terms contained in this Document are not comprehensive and it is expected that additional terms may be added, and existing terms may be changed or deleted. The basic terms are as follows:
• [insert details of what the parties are agreeing to work together to achieve]
• [insert details of any timelines to achieve these goals and objectives]
• [insert details of the roles each party, or positions in each party, which will be required to achieve the goals and objectives]
• [insert details of any equipment or other resources each of the parties will be required to provide]
This is a non-binding Memorandum of Understanding (MOU) between [Insert Party A name] and the [Insert Party B name]
The MOU will apply from [insert date] and will continue to apply until [insert date / certain milestone is achieved / termination by either party on the giving of 1 month’s written notice to the other].
This Document does not create a binding agreement between the Party and will not be enforceable. Only the future agreement, duly executed by the Party, will be enforceable. The terms and conditions of any future agreement will supersede any terms and conditions contained in this Document. The Party are not prevented from entering into negotiations with other third parties with regard to the subject matter of this Document.
Dispute resolution
If a dispute or difference arises between the parties out of or in connection with this MOU, either party may give the other a written notice specifying the dispute or difference
Within [insert number] days of the date of the notice, a person holding a position of senior management of each party must meet and undertake negotiations in good faith and on a without prejudice basis with a view to resolving the dispute or difference.
The parties may agree to vary any of the requirements of this MOU. Such agreement must be in writing and signed by both parties.
Unless required by law, an announcement, circular or other public disclosure including promotional materials such as newsletters, brochures, flyers or annual reports, referring to the contents or subject matter of this MOU, must not be made or permitted by a party without the prior written approval of the other party.
The parties acknowledge that information disclosed by one party to the other (the disclosing party) in the course of the subject matter of this MOU may be confidential and unless required by law must not be disclosed to a third party except with the prior written consent of the disclosing party.
This Document accurately reflects the understanding between the Party, signed on [Insert date]
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____________________ (Party A)
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____________________ (Party B)