Memorandum of understanding
These terms and conditions (“Terms”) are entered into by and between “Born in Bharat” having its registered office at 138/323 Arcot Road, Kodambakkam, Chennai 600026, Tamil Nadu, India (“Party1”), and the Knowledge Partner (“Party2”). Each Party shall be individually referred to as “Party” and collectively referred to as “Parties”.
The participants of the masterclasses are referred to as students. Parties hereby agree and acknowledge as follows.
1. Party2 shall (i) actively design, develop and deliver content for their masterclasses targeted at Party1’s students (ii) Design & develop exercises and assessment tests for their courses.
2. Party1 holds the rights to publish the masterclass content that was developed by Party2 on various mediums of Party1 during the tenure of this partnership.
3. Party1 shall have exclusive rights to market these masterclasses during the tenure of this partnership.
4. Party1 will have the right to work with other content providers for further improvements on the same masterclasses.
5. Compensation: Party1 shall pay to Party2 for their services towards commercial programs within 30 days of completing the transaction with students.
For Commercial Programs:
The masterclass fee is subject to change and could vary from time to time based on the promotion, agreement with certain organizations, redemption of points accrued by students, special student privileges, etc.
- Party1 receives 30% of the fee paid by the students.
- Party2 receives 70% of the fee paid by the students.
If the program is offered for FREE to the students, both Party1 and Party2 do not receive any fee from students.
6. Party2 agrees to not work on similar projects with the clients or competitors of Party1 or any organization associated to Party1.
7. Party2 agrees not to use or distribute any of the content published by Party1 to outside parties.
8. Modification: These Terms may not be modified, except in writing by Party1 and Party2.
9. These terms are in effect immediately upon signing this document.
This document is last updated on June 1, 2022