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A memorandum of understanding is a document expressing two or more parties’ intentions and willingness to cooperate.
BigRed objected that Pile&Co’s provision of a cogeneration plant to another client constituted a breach of the exclusivity provisions stipulated in the memorandum of understanding concluded between the two companies last year.
A memorandum of understanding usually does not spell out all the details of the future cooperation. It does, however, describe the scope of the intended cooperation, the roles of the parties, and their responsibilities. It may also include an agreed price, dates, and confidentiality provisions. In contrast to a letter of intent, a memorandum of understanding is usually considered a legally binding document, but whether it is or is not depends upon the language used in the memorandum.
Memorandum o porozumění je dokument, který vyjadřuje zájmy dvou nebo více stran a jejich ochotu spolupracovat.
Společnost BigRed namítla, že skutečnost, že společnost Pile&Co poskytla kogenerační jednotku dalšímu klientovi, představovala porušení podmínek exkluzivity stanovených v memorandu o porozumění, které obě společnosti uzavřely loni.
Memorandum o porozumění obvykle nevyjmenovává všechny podrobnosti budoucí spolupráce. Popisuje však rozsah zamýšlené spolupráce, role daných stran a jejich povinnosti. Může také zahrnovat dohodnutou cenu, termíny a podmínky důvěrnosti. Na rozdíl od prohlášení o záměru je memorandum o porozumění obvykle považováno za právně závazný dokument, ale zda tomu tak je nebo ne záleží na formulacích použitých v memorandu.
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English Editorial Services’ mission is to assist international businesses and organizations of all sizes to communicate clearly, correctly, and persuasively with their business partners and target audiences.
Simply subscribe to receive our Business Term of the Day at no charge to your inbox each business day, with explanation in English and Czech.
