The Memorandum of Understanding For Supply Of Goods is commonly used in Hong Kong business practice as a preliminary step before entering into a formal supply agreement. It is particularly valuable when parties need to document their initial understanding and commercial intentions while maintaining flexibility for detailed negotiations. This document typically includes key commercial principles, proposed supply arrangements, basic pricing structures, and timeline expectations, while preserving the generally non-binding nature characteristic of MOUs. Under Hong Kong law, while most provisions are non-binding, certain clauses such as confidentiality and exclusivity can be drafted to have binding effect. The document serves as a roadmap for future negotiations and helps parties align their expectations before committing to a definitive agreement.
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1. Parties: Identification of all parties to the MOU, including full legal names and registered addresses
2. Background: Context of the proposed supply relationship, including brief description of each party's business and their intentions
3. Definitions: Key terms used throughout the MOU, keeping it focused on essential definitions only
4. Purpose and Scope: Clear statement of the MOU's purpose and the scope of the proposed supply relationship
5. Non-Binding Nature: Clear statement that the MOU is non-binding except for specific clauses (such as confidentiality)
6. Basic Commercial Terms: High-level overview of proposed supply arrangements, including types of goods and general pricing principles
7. Duration and Termination: Proposed timeline for the MOU and conditions for termination
8. Confidentiality: Terms regarding the protection of confidential information exchanged during discussions
9. Next Steps: Process for moving forward towards a definitive agreement
10. Governing Law: Specification of Hong Kong law as the governing law
1. Exclusivity: Terms regarding exclusive negotiation periods, used when parties want to ensure focused discussions
2. Intellectual Property: Basic provisions about IP ownership and usage, included when supply involves branded or proprietary goods
3. Costs: Agreement on who bears the costs of negotiations and due diligence, included for complex supply arrangements
4. Public Announcements: Controls on public statements about the relationship, important for sensitive or high-profile arrangements
5. Representatives: Designation of key contact persons, useful for complex negotiations or when multiple parties are involved
6. Dispute Resolution: Basic framework for resolving disagreements, included when parties want more structure around conflict resolution
7. Language: Specification of official language(s), important when parties are from different jurisdictions
1. Initial Product List: Preliminary list of goods to be supplied, subject to refinement in definitive agreement
2. Indicative Pricing Structure: General pricing principles or ranges, without firm commitments
3. Timeline: Proposed schedule for negotiation and implementation of definitive agreement
4. Key Commercial Terms: Summary of main commercial points to be developed in definitive agreement
5. Contact Details: List of key contacts from each party involved in the negotiations
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