THAT MEMORANDUM OF UNDERSTANDING (MoU) MAY NOT BE ENFORCEABLE

THAT MEMORANDUM OF UNDERSTANDING (MoU) MAY NOT BE ENFORCEABLE

Let me point out a few things we all need to know. Depending on the choice of words, a Memorandum of Understanding (MoU) may not be legally enforceable. No matter the intent of the parties involved, the words used must show a willingness to be bound by the terms in practical terms ..

Know this: MoUs are typically non-binding agreements that outline the terms and understanding between parties (gentleman’s Agreement), they can include provisions that make certain clauses or obligations legally binding.

However, for an MoU to be fully enforceable, it requires clear and specific wordings indicating the parties’ intention to be legally bound by the terms. Factors such as the presence of something of value exchanged between the parties and complying with legal formalities will make a MoU binding.

So it’s advisable to consult with a Business/Commercial Lawyer to ensure that the MoU meets the requirements for enforceability based on the specific circumstances of the transaction and the laws that apply to it.

If you need help with these and other Commercial/Business and Property/Real Estate transactions and related matters, call Apex Chambers, a Law Firm of Business/Commercial, Property/Real Estate Lawyers, Barristers, Solicitors, Attorneys and Notary Public in Port Harcourt, Rivers State, Nigeria, anytime, anyday and from anywhere on +2347030868694