A compromise agreement is a legally binding agreement either during or following the termination of your employment, and which brings your employment to an end. Governs the terms and condition of settlement agreed upon the parties.
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. It determines the rights and obligation of both the parties and binds both the parties.
A memorandum of understanding (MOU) is a formal agreement between two or more parties. It expresses mutual agreement on an issue between the parties. It is used to determine the intention of the transacting parties before a deal is signed between them. MOUs are not legally enforceable, but are viewed as serious document by the law. MOUs are often the first stage in the formation of a contract.
Settlement agreement between employer and employee therein specifying the terms of settlement. It governs the terms and condition of settlement agreed upon by the parties.
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