The MOU is a Legal, basic & an important document being made, executed and accepted as binding between the parties for expressing their concern on the issues to be dealt mutually in future. The MOU contains the terms, conditions, details of an agreement between the parties including their requirements and responsibilities.
The terms, conditions as detailed in the MOU are generally recognized as legally binding, even if no legal claim could be based on the Rights and obligations laid down in them.
For the MOU, to be legally operative, the following issues to be correctly dealt –
A non-disclosure agreement (NDA) is a mutual agreement be made & executed by the parties where one party agrees to give his confidential information about its business or products to the second party and the second party agrees to not to share this information with any other else for a specified period of time.
The NDA’s are common in technology companies where products are sometimes jointly developed.
NDAs are common in business settings, as these protect the trade secrets and other confidential information including the schematics for new coming products, client information, sales and marketing plans/figures, or a unique manufacturing process. Through the NDA the secrets will stay underground, and if not, may have legal recourse for the recovery of damages.
For new product and/or concept development, a confidentiality agreement can help the inventor to keep patent rights. In other cases, public disclosure of a new invention can void patent rights. A properly drafted NDA can help the original creator to hold onto the rights to a product or idea.
The deed is a legal instrument/document in writing. It creates, passes, affirms, confirms the interest, right, property, authority, blesses in some ones favour. It is being signed, attested, delivered to someone. It is being registered with the Govt. Authorities for its legally enforceability, affectivity and unconditional acceptance. Deeds are normally a written document being executed by the parties for the specific performance in future and also to declare the statement of some one to be followed, supported by the law.
There are “n” number of types of deed depending on the field of interest/requirements. It may be the - Gift deeds, Will deeds, Trust deeds, Sale deeds, Rent deeds, Partition deeds, Partnership deeds, Agreement deeds, Arbitration deeds, different Bonds, Settlement Deeds, Compromise deeds, Collaboration deeds, Hire Purchase Deeds, Mortgage and Pledge deeds, POA and SPA and many others.
The deeds are normally being written, signed, witnessed and being registered with the Govt. Authorities. There are certain procedures, as defined and followed by the law, for the execution of the deed such as – Probate etc.
This agreement is very important document being made and executed between Employer & Employee which sets out the terms and conditions of the job. It could be an individual agreement or a collective agreement depending on the situation.
The employment agreement is accepted/agreed to, by both the employer and the employee. The individual employment agreement is between you and your employer whereas the collective agreement is negotiated by a union representing employees who are members of the union.
The employment agreement is a legal document that contains the ‘terms and conditions’ of the employment.
Following are the essentials of an individual employment agreement -