How To Make MOU In Dubai Rest App
Dubai REST is an intelligent online platform which offers real estate services. The app performs all sorts of functionalities required by property owners in Dubai, tenants, Dubai real estate brokers, developers, real estate valuators, investors and all beneficiaries of the real estate market. It allows convenient access of properties in Dubai to owners through a real estate wallet that gives information about the updated real estate prices, rental return, service charges.
Whether its issuance of the map, request for issuance of To Whom It May Concern letter, request for a mortgage bid, request for property evaluation, or payment of the service charges fees, your submission requests are just a click away.
Both property owners and tenants can use Dubai REST to manage leases (registration, renewal, and cancellation of the lease), submit rental dispute cases, and follow up them.
What is MOU in Dubai?
A Memorandum of Understanding (MoU) is an document between two or more parties describing the proposed rights and obligations of the parties involved in the agreement. It is generally created during the initial phase of discussions. It clarifies the expectations of both parties by expressing a common line of action. A Memorandum of Understanding may also be called a “letter of intent”
When are MOU’s Used?
MOUs are used by Individuals and organizations use memoranda of understanding for various reasons. Following are some common applications of an MOU in Dubai:
- You can generate a payment schedule especially if the initial contract does not stipulate one.
- It allows organizations to explain aims and intents. It is also commonly used by property broker or a real estate service.
- Companies can outline conditions of financial transactions. This serves as an addendum to a legal contract such as a prenuptial agreement or a sale of property.
- If you are running a business in UAE and you plan on partnering or merging with another business, you would need an MOU.
- MOU is also helpful if you’re the owner of a small business in Dubai or anywhere in UAE and you frequently partner with professionals and businesses.
How to Build a Valid Memorandum of Understanding in Dubai, UAE:
Memorandum of Understanding (MOU) form is considered as less formal compared to other formal contracts. Here is a step-by-step guide to create a Memorandum of Understanding in Dubai.
Step 1: Find out if you have to create an agreement from scratch
If you are making an MOU from scratch, you must determine the type of document required for your specific needs. Consult with involved parties about an existing agreement. If there isn’t, move on to the next step.
Step 2: Make the introduction:
Its is crucial for the involved parties to clearly understand the contents of the memorandum of understanding. This is the main purpose of an introduction. A good introduction discusses the need for the agreement, indicates the organizations involved, and highlight the need relevant participants to work together. It should be simple but clearly explained. It doesn’t have to discuss unnecessary details regarding past efforts or state how parties reached the level of agreement.
Step 3: State purpose of the document:
The purpose section has to be concise, but clearly outline the objectives for a new proposed capability which makes an MOU form necessary. It should also explain how the involved parties are going to use a new capability, including the circumstances in which it applies.
Step 4: Describe the scope of the MOU form:
This section should describe the parties and jurisdictions relevant to the agreement. Explain their relationship with each other and outline the level of government, command, data, etc. You can also add technical and operational terms which are associated agreement. This step helps to avoid uncertainty and confusion.
Step 5: Explain the policy:
A Memorandum of Understanding has to briefly describe the circumstances in which a capability may be utilized. It is in the policy section where you mention activation, authorized use, and all other possible situations.
Aeon and Trisl is Dubai’s leading realtors and diamond broker of Emaar Properties. We deal in all kinds of properties in Dubai. Our mission is to enable a hassle-free buying and renting process for our clients and help investors in each and every step of closing a successful deal. Get in touch with us for all your Dubai property needs.
