Mou Between Buyer And Seller Template for Singapore

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Key Requirements PROMPT example:

Mou Between Buyer And Seller

"I need an MOU Between Buyer And Seller for a software licensing deal in Singapore, where my company is planning to purchase enterprise-level AI software, with an expected transaction value of SGD 2 million to be completed by March 2025."

Document background

An MOU Between Buyer And Seller is commonly used in Singapore when parties wish to document their preliminary understanding before entering into a formal, binding agreement. This document typically precedes more detailed negotiations and due diligence processes, particularly in complex commercial transactions. It provides a structured framework for negotiations while maintaining flexibility, and typically includes key commercial terms, timelines, and confidentiality provisions. Under Singapore law, while generally non-binding, certain provisions such as confidentiality and exclusivity can be made explicitly binding if desired by the parties.

Suggested Sections

1. Parties: Identification and details of the buyer and seller, including full legal names, registration numbers, and registered addresses

2. Background: Context and purpose of the MOU, including the general intent of both parties to enter into negotiations

3. Definitions: Key terms used throughout the document and their specific meanings in this context

4. Purpose and Scope: Detailed outline of the intended transaction or relationship and the scope of discussions

5. Duration: Timeline and validity period of the MOU, including commencement and expiration dates

6. Non-Binding Nature: Clear statement that the MOU is not legally binding except for specific clauses (such as confidentiality)

7. Confidentiality: Obligations regarding the treatment of confidential information exchanged during negotiations

8. Good Faith: Commitment to negotiate in good faith and with reasonable efforts

9. Termination: Circumstances under which the MOU may be terminated and the process for doing so

Optional Sections

1. Due Diligence: Framework for conducting preliminary investigations and information sharing between parties

2. Exclusivity: Provisions preventing parties from negotiating with other parties during the MOU period

3. Costs: Allocation of costs and expenses incurred during the preliminary negotiations

4. Intellectual Property: Protection and ownership of intellectual property shared during discussions

5. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for dispute resolution

Suggested Schedules

1. Schedule 1 - Timeline: Detailed timeline of key milestones, deadlines, and expected completion dates

2. Schedule 2 - Term Sheet: Preliminary key commercial terms to be included in the final agreement

3. Schedule 3 - Contact Details: List of key contacts, their roles, and contact information for both parties

4. Schedule 4 - Confidential Information: Definition and categories of information deemed confidential under the MOU

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Retail
Technology
Real Estate
Professional Services

Relevant Teams

Legal
Finance
Procurement
Sales
Business Development
Operations

Relevant Roles

Chief Executive Officer
Chief Financial Officer
Procurement Manager
Sales Director
Legal Counsel
Business Development Manager

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Let's create your Mou Between Buyer And Seller

Authors

Alex Denne

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