√ Definition of MoU, Characteristics, Objectives, Types and Benefits
Definition of MoU, Characteristics, Objectives, Types and Benefits - On this occasion About Knowledge will discuss the meaning of the MoU. Which in this discussion explains the meaning of the MoU, its characteristics, objectives, types and benefits briefly and clearly. For more details, see the following mou meaning.
Definition of MoU, Characteristics, Objectives, Types and Benefits
Memorandum of Understanding or better known as MoU is a legal document which explains the contents concerning the preliminary agreement between the two parties as well as being the basis for preparing future contracts future.
In general, making an MoU is intended as the first step in making a cooperation contract or binding agreement between the two parties. Over time, the use of the MoU is more towards consideration, acceptance, attachment and legal offer.
In terms of the Memorandum of Understanding (MoU) consists of 2 words, namely: Memorandum is a summary statement in writing explaining the terms of an agreement or transaction. Seta Understanding, namely an indirect statement of agreement on other agreements that are informal or loose terms.
Understanding of the MoU According to Experts
In order to make it easier to understand the meaning of this MoU, you can see it from the presentations of various experts, including:
Erman Rajagukguk
According to Erman Rajagukguk, the definition of an MoU is a document whose contents contain mutual understanding between the parties before the agreement the agreement made with the contents of this Memorandum of Understanding must be included in the contract, so that it has power tie.
Munir Fuady
According to Munir Fuady, the definition of MoU is a preliminary agreement, in the sense that later it will be followed and also spelled out in another agreement that regulates it in full/detail. Because of this, the drafting of this memorandum of understanding contains only the core matters, while other aspects of this MoU are relatively the same as other agreements.
Judging from the various explanations above, it can be concluded that the MoU is not a contract and is still a pre-contract. Therefore, in this MoU it is customary to include 'Intention To Create Legal Relations' by both parties.
There are various reasons why there are legal consequences for parties who violate the MoU, including:
- In order for both parties to avoid the lack of seriousness of one of the parties making the MoU, such as canceling the agreement unilaterally without any clear reason.
- So that both parties are protected from all kinds of losses, both financial and non-financial that have been incurred by these parties.
- To maintain the confidentiality of information, data provided during activities and pre-contract activities.
Characteristics of a Memorandum of Understanding
A memorandum of agreement or this understanding by looking at its characteristics, which refers to the meaning of the MoU above. The following are some of the characteristics of the MoU, including:
- This MoU is used as a basis for making agreements for the benefit of many parties, for example investors, shareholders, governments, creditors, and others;
- In general, the contents of this MoU are made concisely, often even only one page;
- The contents of this MoU are only basic or general matters;
- The MoU is preliminary in nature, which will be followed by another agreement with more detailed content;
- A term MoU has a fairly short period of time, for example a month to one (1) year, if not there is a follow-up with a more detailed agreement from both parties, hence the memorandum of understanding cancelled;
- Generally this memorandum of understanding is made in the form of a private agreement.
MoU objective
Based on the objectives of the MoU, according to Munir Fuady, there are several objectives, namely:
- Facilitate the Process of Canceling an Agreement;
- As a temporary bond;
- As Consideration in the Agreement;
- As the Big Picture of the Deal.
Benefits of the MoU
There are various benefits of the MoU for parties who agree to an agreement, including:
- Juridical benefits which become legal certainty for both parties that make an agreement, and the MoU can also apply as a law for each party that makes it.
- Economic benefits, namely the mobilization of resource ownership rights, which initially had a low use value, became higher after the MoU was made.
Type of MoU
MoU (Memorandum of Understanding) has several types, namely:
MoU by Country
In this case MoUs by country have national and international characteristics, namely:
A national MoU, namely a Memorandum of Understanding made in which each related party is a citizen or also a legal entity in Indonesia. Like the MoU between a public company and PEMDA (local government).
An international MoU is a Memorandum of Understanding made between a country and another country. for example between Indonesia and Malaysia or between Indonesian legal entities and Malaysian state legal entities.
MoU Based on the Will of the Parties
In general, MoUs that are morally binding are made by the related parties with the aim of only fostering "moral bonds", and there is no legal binding between them. MoUs like this usually confirm that this MoU is only evidence of the parties' intention to negotiate at a later date to conclude a contract.
MoUs that are willing to bind themselves in a contract, usually this type of MoU is carried out by related parties but is still in the stage of regulating various agreements that are general in nature. Details will be made in the complete contract at a later date.
MoU where the parties intend to bind themselves in a contract, but it cannot be ascertained due to certain uncertain circumstances and conditions.
Thus the explanation about Definition of MoU, Characteristics, Objectives, Types and Benefits, hopefully it can be useful and add to your insight.
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