MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (MoU) is made on this ___ day of _______, 2024,
by and between: -
1. Aksh Singh, hereinafter referred to as "Party 1";
2. Prabhas Kumar, hereinafter referred to as "Party 2";
3. Ayush Ranjan, hereinafter referred to as "Party 3".
Hereinafter collectively referred to as the "Parties."
WHEREAS
The Parties wish to formally document their mutual intentions to engage in discussions
and explore various opportunities for collaboration. Such collaboration involves the creation of a
company currently known as Kumar & Singh, which is expected to change its name in the future
to protect the interests of all Parties accordingly. Kumar & Singh is envisioned to be a holding
company that will oversee multiple companies in the future. Currently, it has one venture under
development, CoreVision, which designs software for 3D work like animation and CAD. There
are also plans to execute an unnamed venture for a mental health initiative. The specific form of
collaboration has not been finalized and will evolve through further conversations and mutual
understanding.
NOW, THEREFORE, the Parties resolve to record their mutual understanding as follows: -
1. FUTURE COLLABORATION
The Parties resolve that they aim to pursue a collaborative relationship that will include a
range of potential endeavors. These endeavors may involve joint participation in commercial
businesses, creative development projects, scientific research, or other business-related
initiatives that the Parties agree upon in the future.
The Parties understand that their collaboration will be formalized through the creation of
Kumar & Singh, which will serve as a holding company for multiple future entities, including
CoreVision and other initiatives. The precise nature of these ventures, including their governance
structure, equity distribution, financial arrangements, and operational details, will be determined
in subsequent discussions. These future discussions will form the basis of more detailed
agreements and understanding between the Parties, subject to mutual agreement and feasibility
at the relevant time.
2. EQUITY ALLOCATION
The Parties resolve that, should it be feasible and agreeable under future circumstances,
the preliminary understanding is that the equity interests may be allocated as follows: -
Party 1: 45%
Party 2: 45%
Party 3: 10%
This allocation is tentative and subject to change based on the Parties’ mutual agreement
at the time of formalizing Kumar & Singh or any future entities or collaborations.
3. CONFIDENTIALITY
The Parties resolve that any and all information shared between them during their
discussions, collaborations, or negotiations shall be treated as confidential. For the purposes of
this MoU, "Confidential Information" shall include but is not limited to:
a. Business plans, strategies, financial data, and market analysis;
b. Creative ideas, concepts, designs, intellectual property, and trade secrets;
c. Scientific research, methodologies, and technical know-how;
d. Any communications, agreements, or proposals exchanged between the Parties
regarding potential collaborations;
e. Personal information, details regarding clients, vendors, or third-party stakeholders,
and other proprietary information not publicly available.
The above-stated information shall remain strictly confidential, and none of the Parties
shall disclose or reveal such information to any third party without the express written consent of
all Parties. This information shall only be used for the purposes of evaluating or furthering the
potential collaboration between the Parties and for no other purpose. The obligation to maintain
confidentiality shall remain in effect indefinitely, regardless of whether the collaboration between
the Parties is finalized or progresses.
4. NON-DISCLOSURE
The Parties resolve that they shall not disclose any information related to the discussions,
potential collaborations, or any other sensitive matters discussed or worked between them to any
third party without the express written consent of all Parties.
5. DISPUTE RESOLUTION
The Parties resolve that any disputes arising out of this MoU shall be resolved amicably
through mutual discussion. If the Parties cannot reach an agreement within 30 days of the dispute
arising, they may consider alternative dispute resolution methods such as mediation.
All disputes shall be subject to the jurisdiction of the courts in Jaipur, Rajasthan, India.
6. TERMINATION
This MoU may be terminated at any time by mutual consent of the Parties. The obligations
of confidentiality and non-disclosure shall survive the termination of this MoU indefinitely, unless
otherwise agreed in writing by the Parties.
7. MISCELLANEOUS
Amendments: This MoU may be amended only by written agreement of all Parties.
Governing Law: This MoU shall be governed by and construed in accordance with the
laws of India.
Jurisdiction: Any legal action or proceedings arising under this MoU shall be subject to
the exclusive jurisdiction of the courts in Jaipur, Rajasthan, India.
IN WITNESS WHEREOF, the Parties hereby affirm their mutual resolve to abide by the
terms outlined in this Memorandum of Understanding and to continue towards potential future
collaboration, as set forth above.
SIGNATURE OF PARTY 1:
Name: _______________________
Date: ________________________
SIGNATURE OF PARTY 2:
Name: _______________________
Date: ________________________
SIGNATURE OF PARTY 3:
Name: _______________________
Date: ________________________
WITNESS 1:
Name: _______________________
Signature: ____________________
Date: ________________________
WITNESS 2:
Name: _______________________
Signature: ____________________
Date: ________________________
