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Is a Memorandum of Agreement binding?

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1 Is a Memorandum of Agreement binding? on Wed Sep 23, 2015 10:59 am

maizuki


Arresto Menor
hi there. Thank you for reading this as I badly need advise.

I am an organizer of seasonal bazaars within Metro Manila. We have necessary permits and is legally registered in BIR just last April 2015. Problem started when I requested to organize a bazaar for Sept, Oct and Nov thru one of Megaworld Lifestyle Malls Event Specialist. The request was done via phone only and was later materialized for final booking thru a Memorandum of Agreement (MOA).

The MOAs I signed were for all 3 Legs - Sept, Oct, Nov respectively. The Sept bazaar is now ongoing until Friday but due to factors internally and the sudden typhoon coming has become very difficult for us. I have already lost P120,000 but still push thru with the event as per MOA.

Right now, I am projecting bigger loss come Oct and Nov because the outcome of our Sept leg is not beneficial to us. I would like to ask CAN I CANCEL the booking for Oct and Nov even if I already signed an MOA for these? No deposits whatsoever has been made on our part just the signing.

What can I do at this stage so i can prevent further loss to my business?

The event specialist told me that I am obligated to push thru with the events because I already signed an MOA with them for Oct and Nov and that the events are already plotted in their calendar. Does that mean I cant back out now? I haven't made any deposits. Just signed the documents. She told me that if I do not push thru with the event, they will forward to legal dept. Is that right?

Please help me. I plan to fight legally and want a good outcome for all. Let me know if you need to see the MOA copy. THANK YOU SO MUCH

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