![]() ![]() You already have an agreement and want to make it legally binding afterward.” - Supin Prem | Senior Manager, LegalTech It reduces the risk of any assumptions and nips uncertainties in the future. “With MOUs, no big surprises are waiting while signing a contract later. By filling in a basic questionnaire, they readily generated MOUs dynamically, and signing was seamless with SpotDraft's native e-signature capability. Business teams achieved faster creation and execution of the MOU, utilizing pre-approved language and complete automated workflows. Also, they got rid of the long back-and-forth communication trails. They considerably reduced legal's mundane work, eased legal review, and saved time focusing on other high-priority tasks. Also, they wanted to set up complete workflows and template their MOUs within the CLM system. They were looking for an agile contract repository. They have contracts across G-Drive, Sharepoint, or similar storage solutions. Usually, the healthcare service provider has the common practice of signing MOUs for their new business partnerships. How a healthcare client has templatized MOUs with SpotDraft? Challenges faced. Pro tip: For an MOU to become a legally binding agreement, it must contain one or more of the following: an offer, an acceptance of the offer, and a payment schedule or similar terms. Confidentiality: Confidentiality provisions ensure that trade secrets are kept private during and after the engagement.Consequences of termination: This clause describes what happens if either party decides to terminate the contract.Dispute resolution: This clause explains the process and steps that might be taken to resolve disputes prudently.These amendments should also be in writing and signed by both parties. Changes to Memorandum: This clause allows changes to be made to the memorandum at any time.Timing: Parties indicate the tentative duration of the project or the tenure.Obligations: Involved parties list all promises and commitments related to the project. ![]()
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