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A memorandum of understanding (MOU) in a sale and purchase situation. This represents the good faith intentions of the parties but also include deposit from the Buyer. This document is drafted in favour of the Buyer.
The Parties wish to set out in this Memorandum ("MOU") the general terms and conditions of a proposed acquisition of the proportional % interest in (the “Target”), from all existing shareholders of the Target to (collectively, the “Parties”). The Target is in the specified business.
The parties recognise that the various arrangements will need careful review but each will endeavour in good faith to agree the detailed terms of the acquisition, on the basis of the principles set out in this Memorandum, and to take all necessary other actions in order successfully to complete the Proposed Transaction (as defined below).