Playbasis offers this Memorandum of Understanding, (“MOU”), outlining the mutual intent of both Parties to enter into negotiations for a future business transaction between Playbasis (“Offeror”) and [Receiving Party] (“Offeree”) in regard to: Playbasis to provide its Technology, Consulting, Training and Technical Services to the Offeree. The above list of components can be altered upon mutual approval. This MOU is non-binding and requires further consideration and a final contract executed by the Parties in order to be legally enforceable.
The terms and conditions proposed are as follows:
1. Overall Structure:
By executing this MOU the Parties agree to complete respective tasks, obligations, and/or requirements as follows: Playbasis agrees to: Provide the Offeree with a quotation, payment terms, time-line for implementation and other key information for negotiation. If negotiation is successful, Playbasis shall provide its Technology, Consulting, Training and Technical Services to the Offeree. Offeree agrees to: Negotiate Playbasis’ offer and share all necessary information to facilitate negotiation setting.
2. Negotiation:
The Parties agree to enter into negotiations under the Terms and Conditions of this MOU to determine whether this business transaction is viable for both Parties. The Parties shall make all reasonable efforts to finalize negotiation within nighty (90) days of the date first written above.
3. Confidentiality:
In the event that any confidential information is exchanged between the Parties, resulting from negotiations under the Terms and Conditions of this MOU, both Parties shall agree to protect the confidentiality of the confidential information of the other in the same manner that it protects the confidentiality of its own proprietary and confidential information of like kind.
4. Terms and Termination:
Unless sooner terminated or extended by the parties, this MOU shall remain in effect for a term of nighty (90) days from the Effective Date. Either party may terminate this MOU at any given time, without cause, upon providing the other party two (2) weeks prior notice.
5. Binding Agreement:
This MOU is non binding and constitutes an indication of intent only and creates no liability or obligation of any nature whatsoever among the Parties. Legally binding obligations with respect to the contemplated transaction will only arise upon execution of a definitive contract.
IN WITNESS WHEREOF, the parties hereto have executed this MOU as of the date first written above.
Robert Zepeda, Playbasis [Client’s Decision maker], [Client]
Sign: ______________________ Sign: ______________________
Title: CEO Title: _____________