The Agreement of Understanding is a versatile document used in Swiss business and legal practice when parties wish to formalize their mutual understanding and intentions without immediately creating binding contractual obligations. It serves as a stepping stone toward more formal arrangements, particularly useful in complex negotiations, international relationships, or situations requiring careful relationship building. While governed by Swiss law, particularly the principles found in the Code of Obligations and Civil Code, this document type maintains flexibility while providing a clear framework for cooperation. It typically includes sections outlining the scope of potential collaboration, general principles of cooperation, and any specific areas of mutual interest, while clearly stating its non-binding nature (unless specific provisions are intentionally made binding).
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Key Requirements PROMPT example:
Agreement Of Understanding
"I need an Agreement of Understanding between our Swiss tech startup and a German research institute for collaborative AI development, with special focus on data protection and IP rights, to be effective from March 2025."
1. Parties: Full legal names and addresses of all parties entering into the Agreement of Understanding
2. Background: Context and circumstances leading to the Agreement of Understanding, including the parties' general intentions
3. Definitions: Key terms used throughout the document, ensuring consistent interpretation
4. Purpose and Scope: Clear statement of the agreement's objectives and the broad areas of cooperation or understanding
5. Principles of Cooperation: General principles guiding the parties' relationship and interaction
6. Non-Binding Nature: Express statement that the agreement is not intended to create legally binding obligations (unless specific sections are intended to be binding)
7. Duration: Period for which the understanding is valid, including start date and termination conditions
8. Points of Contact: Designated representatives from each party responsible for communication
9. Confidentiality: Basic confidentiality obligations regarding shared information
10. Execution: Signature blocks and execution details
1. Specific Areas of Cooperation: Detailed description of specific projects or areas where parties intend to cooperate - use when there are concrete activities planned
2. Resource Commitments: General indication of resources parties may contribute - include when preliminary resource discussions have occurred
3. Intellectual Property: Basic principles for handling IP rights - include when parties anticipate sharing or creating intellectual property
4. Dispute Resolution: Framework for resolving disagreements - include for international agreements or complex relationships
5. Publicity and Announcements: Guidelines for public communications about the relationship - include for high-profile or public-facing arrangements
6. Compliance with Laws: General commitment to legal compliance - include when operating in regulated industries or across jurisdictions
7. Amendment Process: Process for modifying the agreement - include for longer-term or complex arrangements
8. Language: Governing language if multiple versions exist - include for international agreements
1. Contact Details Schedule: Detailed contact information for key representatives and their roles
2. Initial Projects Appendix: High-level description of initial areas of cooperation or projects being considered
3. Communication Protocol: Detailed procedures for regular communication and reporting between parties
4. Timeline Schedule: Indicative timeline for key milestones and activities
5. Resource Framework: General framework for resource allocation and contributions
Authors
Relevant legal definitions
Clauses
Relevant Industries
Technology and Innovation
Financial Services
Healthcare and Life Sciences
Education and Research
Manufacturing
Sustainable Development
Public Administration
Infrastructure
Telecommunications
Professional Services
Energy
Environmental Services
International Trade
Non-profit and NGO
Cultural and Creative Industries
Relevant Teams
Legal
Business Development
Corporate Development
Strategic Planning
International Relations
Operations
Project Management
Research and Development
Commercial
Executive Leadership
Partnership Management
Corporate Affairs
Business Strategy
Relevant Roles
Chief Executive Officer
Managing Director
Business Development Manager
Legal Counsel
Chief Operating Officer
Partnership Manager
Strategic Alliance Director
Project Manager
Research Director
Department Head
International Relations Manager
Chief Strategy Officer
Program Director
Commercial Director
Corporate Development Manager
Operations Manager
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