DAILY LAW TIPS
by Onyekachi Umah,Esq.
“Memorandum Of Understanding Is Not A Binding Contract”
Contract is a binding agreement between parties, creating a commitment to do or not to do a particluar thing. Memorandum of Understanding is a mere expression of intention by parties, a preliminary understanding of parties to later enter into a formal contract but not on its own a contract and as such not binding and not enforceable by parties.
To ensure you don’t sign a Contract instead of a mere Memorandum of Understanding, always contact your lawyer.
My authority is the decision of Supreme Court in the case of BPS CONSTRUCTION & ENGINEERING COMPANY LIMITED v. FEDERAL CAPITAL DEVELOPMENT AUTHORITY (2017) LPELR-42516(SC).
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