Common use of Non-Binding MOU Clause in Contracts

Non-Binding MOU. This Memorandum of Understanding is being signed by the Parties to evidence their in principle non – binding intentions. The Parties acknowledge that no legally binding obligations are intended to arise between them as a result of the signing of this document. Binding obligations are only intended to arise upon signing by the parties of a formal written agreement (See Agreements below). Any action taken by any party in anticipation of approvals will be at the sole risk of that Party. The Parties agree and acknowledge that nothing contained in this Memorandum of Understanding constitutes any of them as agent, partner or trustee of any other of them, or to have authority or power to act for, or create or assume any responsibility or obligation on behalf of any other Party.