Memorandum Of Understanding-Format Template, Download Free Doc Pdf File Example

Memorandum Of Understanding Format Template, Download Free Doc Pdf File Example

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Memorandum Of Understanding Word Text Document Format

MEMORANDUM OF UNDERSTANDING

 

 

This Memorandum of Understanding is made at ____________ on ____ day of May 2020

 

By and between 

 

___________________________________(hereafter referred to as “Merchant”)Having its office at _____________________________________________________

 

And

 

________________________________________(hereafter referred to as “Aggregator”), Having its office at _____________________________________________________

 

 

RECITALS

 

The Merchantis _______________________________________ (Introduction of business)

 

That the Aggregatoris ________________________________________ (Introduction of business) 

 

IT IS AGREED BETWEEN THE PARTIES AS UNDER:

 

  • Commission Percentage: _______________________________________
  • Term of the agreement: ________________________________________
  • Service/Work agreed: __________________________________________ 
  • General Provisions  
  • Announcements: No announcement or notification will be made in relation to this Agreement or the Marketing Activities unless: (a) it is in a form agreed in writing between the Parties; or (b) it is required to be made by law or by any securities exchange or regulatory or governmental body to which a Party is subject, in which case that Party will use reasonable endeavors to consult with the other Party as to the form, content and timing of the announcement. 
  • Survival. Any provision of this Agreement which contemplates performance or observance after the termination or expiry of this Agreement (including, without limitation, confidentiality and limitation of liability provisions) will survive such termination or expiry and continue in full force and effect.
  • Assignment. Neither Party may assign or otherwise transfer this Agreement or any of its rights and obligations under this Agreement to any third party without the written consent of the other Party, except that either Party may assign this Agreement to its parent, affiliate or subsidiary without the other Party’s prior written consent.
  • Counterparts. This Agreement may be executed in any number of counterparts and is not effective until each Party has signed at least one counterpart.  All of the counterparts together constitute one Agreement.
  • Entire Agreement. This Agreement constitutes the entire agreement between the Parties in relation to the subject matter of this Agreement.
      1. Variation. This Agreement may only be varied by a written document executed by both Parties.
  • Waiver. Failure or delay of a Party to insist upon or enforce strict performance of any provision of this Agreement or to exercise any right, power or remedy under this Agreement will not be a waiver of its exercise of that provision, right, power or remedy or preclude its exercise later.
    1. Third party rights: This Agreement is made for the sole benefit and protection of the Parties, and no other person will benefit from or have any right of action under this Agreement.
    2. No Exclusivity: Both Parties understand and agree that this Agreement in no way restricts either Party from entering into other marketing arrangements or agreements with any third party. The partner agrees to not run a better offer with any other bank partner 
  1. Governing Law and Arbitration. This Agreement shall be governed by the laws of India.  The Courts in Mumbai shall have exclusive jurisdiction over the subject matter of this Agreement.
  1. In the event of any dispute or differences arising out of or in connection with this agreement, the parties hereto, agree to resolve their dispute by a sole arbitrator chosen by the parties in fast track procedure under the provision of Sec29B of Arbitration and Conciliation act of 1996. The award under this section shall be made within a period of 6 months from the date of commencement of the arbitral tribunal proceedings.

 

  1. The arbitration proceedings shall be conducted in English. The place of Arbitration shall be Mumbai. The award passed in the arbitration proceedings shall be final and binding on both the parties.

 

  1. The cost of arbitration proceedings shall be equally borne by both the parties.

 

  1. Each party shall individually bear the fees of their respective Advocate/Counsel for the proceedings.

 

The Parties have entered into this Agreement on the date stated at the beginning of it.

 

Signed for and on behalf of

Merchant

Signed for and on behalf of 

Aggregator

Signed: ……………………………………………… Signed: ……………………………………………..
Name: ……………………………………………… Name:…………………………………….
Position: ……………………………………………… Position:………………………………….
Date:  Date: 

 

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