(b) The Parties hereby acknowledge and agree that they will each respectively perform all acts and execute all documents as reasonably required in order to give effect to the terms of this Memorandum. (a) Notwithstanding the non-binding nature of this Memorandum, the Parties will act in good faith and will use their best endeavours to achieve the Purpose and to give effect to the terms of this Memorandum. (b) Any changes to this Memorandum must be made in writing and signed by the Parties. (a) This Memorandum may be amended at any time by agreement between the Parties. (a) The Parties hereby acknowledge and agree that the terms of this Memorandum are intended to be legally binding on the Parties hereto. (b) The Project has the following purpose ("the Purpose"): (a) The Parties intend to investigate the prospect of working together and/or to actually work together, on a project which will be referred to as _ ("the Project"). NOW THEREFORE IN CONSIDERATION OF the premises and the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: Each Party respectively is expected to act in good faith in accordance with this Memorandum. This Memorandum sets out the initial relationship between the Parties as well as the respective rights and responsibilities of each Party.Ĭ. The Parties are interested in working together in connection with the Purpose which is described in this Memorandum.ī. (referred to herein as "Parties" or individually as "Party")Ī. _ residing at _ (hereinafter referred to as " Second Party" which expression shall mean and include its legal heirs, administrators and permitted assigns). _ residing at _ (hereinafter referred to as " First Party" which expression shall mean and include its legal heirs, administrators and permitted assigns), This Binding Memorandum of Understanding (hereinafter "Memorandum" or "MOU") is dated this _.
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