Document background
The Memorandum Of Understanding Between Two Partners is a crucial document in Nigerian business practice, commonly used when two entities wish to formalize their intention to collaborate while maintaining flexibility in their arrangement. This document type is particularly relevant when parties want to establish clear parameters for their cooperation without immediately entering into a fully binding contract. It's governed by Nigerian law and typically includes sections covering objectives, scope of cooperation, roles and responsibilities, and duration of the partnership. While less formal than a full contract, it still requires careful consideration of Nigerian legal requirements, particularly regarding stamping and execution. The MOU serves as an important stepping stone in business relationships, often preceding more detailed agreements while providing a clear framework for initial collaboration.
