Memorandum of Agreement Template Philippines

MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Memorandum of Agreement (the "Agreement") is entered into this ______ day of ________, 20, at ____________________, Philippines, by and between:

[NAME OF PARTY A], a corporation/individual duly organized and existing under the laws of the Republic of the Philippines, with principal office/residence address at ________________________________________, represented herein by its [Position], [Name of Authorized Representative], hereinafter referred to as the "FIRST PARTY";

-and-

[NAME OF PARTY B], a corporation/individual duly organized and existing under the laws of the Republic of the Philippines, with principal office/residence address at ________________________________________, represented herein by its [Position], [Name of Authorized Representative], hereinafter referred to as the "SECOND PARTY".

(The FIRST PARTY and the SECOND PARTY shall be collectively referred to as the "PARTIES").

WITNESSETH:

WHEREAS, the FIRST PARTY is engaged in the business of ________________________________________;

WHEREAS, the SECOND PARTY has the capacity and expertise to ________________________________________;

WHEREAS, the PARTIES desire to enter into this Agreement to set forth the terms and conditions under which the SECOND PARTY shall provide [Services/Goods] to the FIRST PARTY;

NOW, THEREFORE, for and in consideration of the foregoing premises and the mutual covenants herein contained, the PARTIES hereby agree as follows:

1. SCOPE OF WORK

The SECOND PARTY shall perform the following services/deliver the following goods: ________________________________________________________________________________________________________________________.

2. CONSIDERATION / PAYMENT TERMS

In consideration for the services/goods rendered, the FIRST PARTY shall pay the SECOND PARTY the amount of PHP [________________]. Payment shall be made via [Check/Bank Transfer] upon [Submission of Invoice/Completion of Milestones/Other terms].

3. TERM

This Agreement shall be effective for a period of ____________ starting on ____________ and ending on ____________, unless terminated earlier in accordance with the provisions herein.

4. CONFIDENTIALITY

The PARTIES agree to maintain the confidentiality of all proprietary information, data, and trade secrets disclosed during the term of this Agreement and for a period of ____________ years thereafter.

5. TERMINATION

Either party may terminate this Agreement upon ____________ days' written notice to the other party in the event of a material breach of the terms herein.

6. DISPUTE RESOLUTION

Any dispute arising out of or in connection with this Agreement shall, as far as possible, be settled amicably. In the event that no settlement is reached, the parties agree to submit the matter to the exclusive jurisdiction of the competent courts of ____________________, Philippines.

7. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

8. ENTIRE AGREEMENT

This Agreement constitutes the entire understanding between the PARTIES and supersedes all prior discussions, agreements, or understandings of any kind.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ______ day of ________, 20 at ____________________, Philippines.

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[NAME OF FIRST PARTY] By:

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[Name of Representative] [Position]

[NAME OF SECOND PARTY] By:

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[Name of Representative] [Position]

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ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES) CITY/MUNICIPALITY OF __________) S.S.

BEFORE ME, a Notary Public for and in the City/Municipality of ____________, this ______ day of ________, 20, personally appeared:

Known to me and to me known to be the same persons who executed the foregoing Memorandum of Agreement, and they acknowledged to me that the same is their free and voluntary act and deed, and that of the entities they represent.

WITNESS MY HAND AND SEAL on the date and at the place first above written.

Doc. No. _____; Page No. _____; Book No. _; Series of 20.