![]() ![]() This MOA may be terminated by mutual agreement of the parties, and shall automatically terminate upon completion of all responsibilities as stated herein, unless otherwise amended. This MOA may be amended from time to time by mutual agreement of the parties in a written modification signed by both parties.Ĥ. /rebates/&.com252flegal-encyclopedia252fhow-to-draft-a-letter-agreement-or-an-mou. It is the intention of the parties that, where fault is determined to have been contributory, principles of comparative fault will be applied.Ģ.Each party, at its sole cost and expense, shall carry insurance or self insure to cover its activities in connection with this MOA, and obtain, keep in force and maintain, insurance or equivalent programs of self-insurance, for general liability, workers compensation and business automobile liability adequate to cover its potential liabilities hereunder.ģ. Each party agrees to indemnify, defend and hold harmless the other to the fullest extent permitted by law from and against any and all demands, claims, actions, liabilities, losses, damages, and costs, including reasonable attorney’s fees, arising out of or resulting from the indemnifying party’s acts or omissions related to its participation under this Memorandum of Agreement, and each party shall bear the proportionate cost of any damages attributable to the fault of such party, its officers, agents, employees and independent contractors. Each party takes legal and financial responsibility for the actions of its respective employees, officers, agents, representatives and volunteers. I declare that I am executing this MOU in favour of “Company” with my own will and consent in presence of the following witnesses on this the _ (date) day of _ (month) (year) at _ (place).It is mutually understood and agreed by and between the parties that:ġ. I do hereby undertake that after completion of 1 (ONE) year of agreement, I shall be deemed to continue in service with the “Company” until termination by either side. ![]() I do hereby undertake that the relevant provisions of the Staff Rules and regulations of the “Company”, which are not contrary to what been expressly referred to in the present MOU, shall be binding on me.ġ6. I do hereby undertake that I am not entitled to leave the employment with any notice period during the period of minimum guaranteed service as per this MOU and entitled to leave the employment by following the due procedure prescribed in the terms & conditions of my appointment, only after serving the said minimum guaranteed period as per MOU.ġ5. ![]() I do hereby undertake to leave from the service of the “Company” if I found medically unfit to continue the service anymore and I will not be entitled for any compensationġ4. Liable to pay to me any compensation as mentioned in Clause 3 of this MOU.ġ3. The records of the “Company” etc., I shall be liable for any disciplinary action including dismissal by the “Company” and in such event the “Company “shall notġ2. Insubordination, insult or disobedience to any of my superiors, gross neglect of work, non-performance, carelessness, damage of equipment, interfering withġ1. Any other firm / Company or business or organization at any time during the tenure of my service with the “Company”. Further I shall not divulge or disclose any of the secrets of the Company and engage myself and / or have any concern withĩ. Time and shall comply with all directions and orders of the “Company” and / or its Officers and / or authorities under whom my services are placed by theĨ. I do hereby undertake that during the tenure of my working with the “Company”, I shall serve the “Company” faithfully and diligently, devote my wholeħ. I intends to leave the “Company” for any reason whatsoever prior to the completion of the said minimum period of 2 (TWO) years from the date of execution of this MOU, I will compensate the “Company” by paying an amount equivalent to sum of “Six Months” total emoluments at the rate of emoluments last drawn by me.Ħ. I do hereby agree that during the said period of 2 (TWO) years I shall not leave the “Company” for any reason whatsoever. I do hereby agree to the existing rules and regulations of the “Company” and rules and regulations framed / amended from time to time.Ĥ. Year commencing from the date of execution of this MOU.ģ. I therefore consent to serve the "Organization" in the position & salary offered to vide Offer letter Dated._ for a minimum period of 1 (ONE)Ģ. ![]() _, Aged_ years, R/o _ (Permanent address to be mentioned), pursuant to my selection & appointment as _ at _Unit, do hereby execute this Bond/ Memorandum of Undertaking (hereinafter referred to as MOU for convenience) in favour of M/s_ (hereinafter referred to as “Company” for convenience) and agree and hereby giving my full consent as followsġ. I, (Name of the person) _, S/o (Father´s Name) Shri. Memorandum of Undertaking (MOU) Sample Format
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