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Frequently asked Questions
A formal agreement under the Indian Contract Act, 1872, outlining preliminary terms for collaboration, often non-binding unless specified.
It clarifies intentions, protects IP, reduces risks and lays the groundwork for formal contracts, fostering trust and efficiency.
Objectives, roles, timelines, confidentiality, IP protection and arbitration clauses, per Contract Act standards.
Typically non-binding, but if stamped per the Stamp Act, 1899 or registered under the Registration Act, 1908, it may be enforceable.
Stamp duty under the Stamp Act, 1899, is needed if the MOU relates to transactions requiring registration, ensuring evidentiary value.
Confidentiality and IP clauses safeguard shared assets, per applicable laws, during collaboration.
Breaches may damage trust or lead to arbitration (if binding), per the Arbitration Act, 1996 or legal action if enforceable.
Yes, e-signing is valid under the IT Act, 2000, with stamp duty if required.
We craft sector-specific MOUs with IP, confidentiality and arbitration clauses, per Contract Act standards.
It ensures clarity, protects interests and reduces risks compared to generic templates, enhancing collaboration.
It formalizes intent, aligns expectations and streamlines negotiations, per Contract Act standards.
Yes, with mutual consent and Novam Legal’s support, amendments comply with the Indian Contract Act, 1872.
