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Memorandum of Understanding |
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Memorandum of Understanding An agreement between two parties, usually two companies, outlining the rights and responsibilities each has for a particular venture or project. A memorandum of understanding is intentionally vague and is usually the first step toward a full contract. Negotiations usually continue after the MOU is signed. However, an MOU is more formal and legally binding than a handshake agreement and is enforceable in a court of law. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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In case of a breach of this MOU by either party, the other party has the right to terminate this MOU after sending a written notice to the breaching party stating the particulars of the breach. So far Taiwan has signed MOU with 32 countries and regions. The Commission has already established co-operative arrangements through MoUs with the counterpart regulatory authorities of India, Maldives, Australia, Bhutan and Sri Lanka. |
MOU |
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