Memorandum of Understanding, Corporate to Corporate Template [Nigeria]

Updated January 7, 2024

You’re preparing a pivotal document – the Memorandum of Understanding (MOU). It’s the prelude to any serious agreement, setting the stage for comprehensive contracts. Ideal for business collaborations, each MOU is the clear-cut delineation of mutual goals and intentions among parties – be they solo entrepreneurs or entire corporations.

Most MOUs don’t legally bind the parties. They’re akin to a firm handshake; a promise to negotiate in good faith. That said, if your MOU explicitly states an intent to be binding, then it’s as good as a contract. Designed with flexibility in mind, the MOU molds perfectly to scenarios where two corporate giants stand eye to eye.

  • Bullet-Point Simplicity: An MOU reflects the meeting of minds.
  • Direct Assertion: It’s a harbinger of potential contracts—non-binding, unless stated.
  • Clear Adaptability: Custom-fit for both the individual entrepreneur and the corporate titan.

Arm yourself with an MOU to establish clear intentions upfront, paving the way for smooth negotiations and successful partnerships.

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How to use this Memorandum of Understanding (Corporate to Corporate)

Purpose of the MOU: Think of this document as your first step. It outlines what you’re willing to agree to before diving into the nitty-gritty of a full-fledged contract.
Binding Conditions: Here’s the deal—this document isn’t automatically a legally-binding commitment. It only holds you to your word if it explicitly says so.
Why No Template Exists: Every MOU is unique, so there’s no one-size-fits-all template. It’s your job to make sure it fits the deal at hand.
Smart Move: Always talk to a legal expert. They’ll tailor the MOU to your exact situation, ensuring all parties’ interests are aligned from the start.

Other names for Memorandum of Understanding (Corporate to Corporate)

 Another name can be adopted for this document, depending on the nature of the transaction. 

Another related agreement/contract

  • Contract. 

Applicable Laws in Nigeria

The relevant laws applicable when creating a Memorandum of Understanding are dependent on the type of transaction. However, these general laws may apply to MOUs stemming from business deals: 

  • Companies and Allied Matters Act, 2020 
  • Contract Law of a State, e.g., Law Reform (Contracts) Law of Lagos State 

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