A memorandum of understanding (“MOU”) is a document that contains a collection of tenets between two or more entities that intend to establish a relationship. Often MOUs act as placeholders until the parties negotiate and prepare a definitive agreement.
Indemnification refers to the act of “protecting against or keeping free from loss.” Practically speaking, indemnity provisions are used by parties in a contract to shift and manage risk.
A governing law clause is a contractual term that describes the laws of the jurisdiction that will govern the terms of the contract and any dispute arising out of it. It typically appears at the end of a contract.
OUC’s corporate legal team provides legal advice to the University on a range of corporate legal matters including various types of contracts.