Memorandum of Understanding (Draft) for a Nominal Business Alliance
ovitMemorandum of Understanding Regarding a Nominal Business Alliance
ovit (hereinafter referred to as “Party A”) and 〇〇 (hereinafter referred to as “Party B”) hereby enter into this Memorandum of Understanding for the purpose of mutual cooperation in the fields of visual inspection and related technologies, as set forth below.
Article 1 (Purpose)
The purpose of this Memorandum of Understanding is for Party A and Party B to continue operating as independent businesses while cooperating with each other through technical consultations, project referrals, and the exchange of information, with the aim of enhancing the value provided to customers.
Article 2 (Independence)
Party A and Party B are each independent business entities, and this Memorandum of Understanding does not constitute an employment relationship, an agency agreement, a franchise agreement, or any other binding contractual relationship.
Article 3 (Scope of Cooperation)
Party A and Party B shall cooperate as much as possible in the following matters.
- Exchange of Technical Information
- Cooperation with Technical Consultations
- Project Information Overview
- Joint Response as Needed
- Complementary Customer Support Systems
However, there is no obligation to cooperate; each party shall respond at its own discretion.
Article 4 (Clients and Projects)
Contracts with customers shall be entered into directly by the party that secured the project.
With regard to referred projects, the contractor shall bear all responsibilities related to contracts, estimates, invoices, warranties, and other matters.
Article 5 (Confidentiality)
Party A and Party B shall not disclose to any third party any customer information, technical information, or other confidential information obtained through their cooperation.
Article 6 (Intellectual Property)
The technology, software, know-how, and other intellectual property that each party has traditionally possessed shall remain the property of the respective party.
In the event of joint development or similar activities, the details shall be determined through separate discussions.
Article 7 (Liability)
Party A and Party B shall each conduct their business activities at their own discretion and responsibility, and shall not be liable for the other party’s business operations.
Article 8 (Term)
This Memorandum of Understanding shall remain in effect for one year from the date of execution.
However, unless either party gives notice, the agreement shall be automatically renewed.
Supplementary Provisions
This Memorandum of Understanding,
"Don't Keep It to Yourself"
The purpose of this is to ensure that participants, while respecting each other’s independence, remain a support network to whom they can turn for advice when they encounter difficulties.
That's all.
