![]() ![]() The seventh section discusses the shareholders agreement, highlighting the reserved key decisions for mutual agreement, such as changes in the scope of the business, major contracts, and appointments/removals of senior management. It also mentions the initial appointments and subsequent appointments of senior management. The sixth section addresses the board and management of the joint venture, including the equal appointment of directors by each party and the rotation of the chairman position. It mentions the parties' support for the joint venture's business plan and the provision of guarantees and undertakings. The fifth section focuses on the capital and funding of the joint venture, stating the intention for the joint venture to be self-financing and obtain additional funds from third parties. It also mentions the provision of information by each party for the valuation process and the resolution of any material differences in valuations. The fourth section discusses the valuation of the joint venture, including the negotiation of an appropriate valuation process and methodology. It mentions the need for detailed arrangements regarding technology transfer, improvements, controls, and licensing. The third section addresses the technology aspect of the joint venture, highlighting the parties' commitment to making their existing technology available to the joint venture. It also mentions the development of an initial business plan and the regular review and updates of the plan by the joint venture company's board. The second section outlines the activities of the joint venture, specifying the purpose and scope of the business. The first section focuses on the establishment of a joint venture company, including the preferred intention to create a new jointly-owned company and the proposed name of the joint venture. The document is divided into several sections, each providing a detailed introduction and description of the key aspects of the joint venture. It emphasizes that the detailed terms of the joint venture will be agreed upon in good faith based on the principles set out in the MOU. The document begins by highlighting the importance of the joint venture and the mutual benefits it will bring to both parties. This Memorandum of Understanding (MOU) - Joint Venture document is a legally non-binding agreement that outlines the principles and proposed joint venture between two parties. ![]()
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