This Memorandum of Understanding (“MoU”) sets out the intentions of the signatory parties with respect to evaluating and potentially engaging in a commercial arrangement for the AI Knowledge Base Platform (AIKB) provided by Interversial System of Systems Pty Ltd.
The purpose of this MoU is to establish a mutual understanding of the scope, evaluation process, and good-faith intentions of the parties regarding a possible enterprise engagement. This MoU is not intended to create a legally binding obligation, except where expressly stated.
The parties agree to cooperate in the evaluation of AIKB, including system demonstrations, technical discussions, security reviews, and reference checks. Each party will make reasonable efforts to provide information necessary for assessment.
Subject to express provisions to the contrary, this MoU is non-binding and does not obligate either party to enter into any definitive agreement. Any binding commitment will be subject to negotiation and execution of a formal agreement.
Each party agrees to maintain the confidentiality of information exchanged during evaluation in accordance with applicable confidentiality arrangements. No party may disclose confidential information without the other party’s written consent, except as required by law.
Each party retains all rights, title, and interest in its pre-existing intellectual property. Information shared for evaluation purposes remains the property of the providing party. No transfer of intellectual property rights is intended or implied by this MoU.
The parties agree to complete the initial evaluation phase within a reasonable timeframe, subject to mutual agreement on specific dates. Either party may extend the evaluation period by written notice.
This MoU is governed by the laws of the Republic of South Africa. Interpretation or disputes regarding the MoU shall be resolved through good-faith negotiations between authorised representatives of the parties.
If you have questions or require further clarification, please contact: ai_your_enterprise@interversialsystemofsystems.com .