A Memorandum Of Understanding Between Supplier And Buyer serves as a foundational document for establishing commercial relationships in Singapore. It is commonly used when parties wish to formalize their business intentions before entering into a detailed contract. The document typically includes key terms, responsibilities, and expectations of both parties, while maintaining flexibility for future negotiations. Under Singapore's legal framework, while most provisions are not legally binding, certain elements such as confidentiality and exclusivity can be enforced if properly drafted. This MOU type is particularly useful for complex supply arrangements, international trade relationships, or when parties need to document their preliminary understanding while conducting due diligence.
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1. Parties: Identification and details of the supplier and buyer
2. Background: Context and purpose of the MOU
3. Definitions: Key terms used throughout the document
4. Scope of Understanding: Overview of the business relationship and intentions
5. Term and Duration: Period of validity and effectiveness
6. General Terms: Basic principles of cooperation
7. Signatures: Execution by authorized representatives
1. Confidentiality: Protection of sensitive information and terms of non-disclosure between parties
2. Exclusivity: Terms defining exclusive business relationship between parties
3. Intellectual Property: Provisions regarding IP rights, transfer, and usage
4. Dispute Resolution: Procedures for resolving disagreements and choice of jurisdiction
1. Product Schedule: Detailed list of products or services covered under the MOU
2. Pricing Schedule: Indicative pricing structure and commercial terms
3. Timeline Schedule: Key milestones, deadlines and important dates
4. Contact Details: List of key personnel and communication protocols for both parties
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