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Memorandum of Understanding
Formal agreement between parties
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🏢 PARTY 1
🏢 PARTY 2
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MEMORANDUM OF UNDERSTANDING
Memorandum of Understanding for Joint Software Development
This Memorandum of Understanding is entered into at Mumbai on 4/5/2026 BETWEEN:
FIRST PARTY:
Tech Solutions Pvt Ltd
456, Tech Park, Andheri East, Mumbai - 400069
Represented by: Mr. Aditya Sharma, Director
AND
SECOND PARTY:
Innovation Labs LLC
789, Innovation Hub, Bandra, Mumbai - 400050
Represented by: Ms. Priya Mehta, CEO
WHEREAS both parties wish to formalize their understanding regarding: Collaboration on AI-powered software development project
NOW IT IS HEREBY UNDERSTOOD AS FOLLOWS:
- Joint development of AI-based customer service platform.
- Sharing of technical expertise, resources, and infrastructure.
- Co-marketing of the developed product to mutual clients.
- Equal investment of resources estimated at ₹50 lakhs each.
Duration: This MoU shall be valid for 24 months commencing from 4/5/2026, unless terminated earlier.
Confidentiality: Both parties agree to maintain strict confidentiality of shared information.
Termination: Either party may terminate with 60 days written notice.
Dispute Resolution: Disputes shall be resolved through mutual discussion, failing which through arbitration as per the Arbitration & Conciliation Act, 1996.
IN WITNESS WHEREOF the parties have signed this MoU on the date and place mentioned above.
FIRST PARTY
Mr. Aditya Sharma, Director
SECOND PARTY
Ms. Priya Mehta, CEO
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