Memorandum of understanding
Document overview
- Length:5 pages (1204 words)
- Available in:
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About this document
The execution of this document creates a Memorandum of Understanding between two companies one of whom is the landlord/owner of the premises occupied by the other as a tenant to run a business. The landlord has determined the lease and the tenant company are being offered compensation for vacating the premises.
The format is fit to be used to address peculiar situations where mostly commercial properties are sought to be vacated on determination of lease and precisely where the tenant intended to continue with a renewal of the lease period.
There are no specific legal provisions that govern a legal document of this nature; you still have the liberty to make alterations and additions that exactly suit your situation or the case. With very small changes the document can be altered to use in completely different circumstances such as for residential properties.
Who will use this document?
Any Company, business or individual – holding clear title, finalizing full and final settlement terms with a tenant for peaceful vacation of a rented commercial premises.
Application and features
- Very flexible to suit the requirements of either or both parties;
- Provides a complete framework;
- Protects both sides;
- Objective settlement to avoid unnecessary litigation;
- Saving of money for both parties.
Contents
- Appropriate legal provisions - warranties, exclusions, indemnities, etc.
- Objects of agreement clearly defined;
- Dispute resolution;
- Reasonableness;
- Time schedule for payment;
- Successors and assigns;
- Jurisdiction;
- Practical terms that protect parties from future disputes.
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