It is understood and mutually agreed by and between the parties that: This MOA may be terminated by mutual agreement between the parties and automatically ends with the performance of all the responsibilities mentioned in this contract, unless otherwise amended. PandaTip: A Memorandum of Understanding is a kind of cooperation agreement designed to document the understanding of certain parties (two or more) as part of their cooperation on a project or the achievement of a goal. Unlike a letter of intent, it is more likely that an agreement will impose certain obligations on the parties. This agreement (this ”MOA” or ”Memorandum of Understanding”) is concluded on this [DAY] day of the [MONTH] [YEAR] up to and between: This agreement takes effect with the date of the last contracting party that signed this MOA below. By signing, the parties indicate below that they approve of this agreement. In particular, the two sides will cooperate to develop [SPECIFICS AND OBJECTIVES RELATED TO PROJECT]. . [PARTY 1] has unique expertise and experience in the following areas: . [PARTY 1], a company [PARTY 1 STATE OF INCORP] with an office in [PARTY 1 ADDRESS]; and [PARTY 1] performs the following activities under this MOA: PandaTip: This section provides context as to why the parties met. What is the added value of each party? What expertise or experience do they have that benefit the whole team? . The purpose of this Memorandum of Understanding is to define the conditions, extent of work and responsibilities of the parties related to their cooperation with [DESCRIBE COOPERATIVE PROJECT]. Each party assumes legal and financial responsibility for the actions of its staff, officers, agents, representatives and volunteers. Each party undertakes to compensate, defend and compensate the other party to the extent permitted by law for all claims, shares, deeds, liabilities, losses, damages and costs, including reasonable legal fees resulting from the acts or omissions of the party compensated in connection with the participation of the party compensated in the context of this agreement , and each party bears the costs of any pro-rata damages attributable to that party`s fault.
, its senior managers, representatives, employees and independent contractors. The intention of the parties is that, when a fault is found, the principles of comparative fault are applied.