Memorandum

of
Understanding

Between
InnoVista Pvt Limited

And

pie-Technologies (Pvt) Ltd

MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding (“MoU”) is made on _________________, 2024

BETWEEN

1. InnoVista PVT LIMITED with address: Main Defence Ave, DHA Phase 1, Islamabad-Rawalpindi,
(hereinafter referred to as “InnoVista”) of the one part;

AND

2. pie-Technologies (Pvt) Ltd, with address: Buraq Centre, 2nd Floor, 11-D, 6th Road, Satellite Town,
Rawalpindi.

(The InnoVista and pie-Technologies are hereinafter referred to individually as a “Party” and
collectively as the “Parties”)

WHEREAS

A. InnoVista is an IT company geared for youth empowerment through modern coworking spaces,
facilitating freelancers and businesses for skill development across Pakistan.

B. pie-Technologies will provide Data Sciences, Big Data Analytics, AI and machine learning,
Blockchain, Mern/ Mean stack development, cloud and cloud native computing solutions, and expertise
to InnoVista. pie-Technologies will support InnoVista in offering training programs related to above
mentioned services.

C. The Parties have a common understanding that it is necessary to establish and strengthen cooperative
efforts related to Data Sciences, Big Data Analytics, AI and machine learning, Blockchain, Mern/ Mean
stack development, cloud and cloud native computing, consultations, products, education, and training.

NOW THIS MEMORANDUM RECORD THE UNDERSTANDING OF THE PARTIES AS FOLLOWS:

ARTICLE (1)
The abovementioned introduction is an integral part of this MoU applicable to be read and used for
explanation and interpretation.
ARTICLE (2)
The Parties mutually agree to act within the framework of their objectives, powers, interests and
responsibilities and based upon the principles of mutual respect, equality and reciprocity.
ARTICLE (3)
The Parties agree to develop a focused cooperation starting from the following activities.

 Data Sciences, Big Data Analytics.

 AI and Machine Learning.
 Blockchain.
 Mern/Mean Stack Development.
 Cloud and Cloud Native Computing.
 Development and implementation of education and training programs in the Data Sciences, Big
Data, AI and Machine Learning, Mern/Mean Stack Development, Cloud and Cloud Native
Computing
 Collaborate in forming a consortium to submit a proposal in response to the Request for
Proposal (RFP). This collaboration is contingent upon all Parties meeting the relevant expertise,
experience and eligibility criteria outlined in the RFP and qualifying for participation in the
proposal process.

ARTICLE (4)

Each Party will appoint a representative who will act as a point of contact, responsible for determining the
particular directions of cooperation and ensuring the effectiveness of all cooperative activities. The
representatives will consult with each other to define the cooperative activities and other related matters.

ARTICLE (5)
Cooperative activities carried out under this MoU will be subject to the availability of funds and resources of
the Parties. If the activities are not jointly agreed upon, each Party will use its own funds and resources for its
commitments related to those activities.
ARTICLE (6)
This MoU may be amended by a written amendment agreed to and signed by the Parties. Any such amendment
will be annexed as an addendum to this MoU and will form an integral part hereof.
ARTICLE (7):
The Parties’ participation in this MoU will come into effect on the date of this MoU, and this MoU will remain
in effect for a period of 1 (one) year from such date, unless earlier terminated by a Party giving three (3)
months prior notice in writing to the other Party.

ARTICLE (8)
It is not anticipated by the Parties that intellectual property will be generated by activities undertaken pursuant
to this MoU. However, if intellectual property is generated, the Parties will negotiate provisions for its
allocation to be included in the relevant MoU.
ARTICLE (9)
“Confidential Information” means any information disclosed by a Party (the “Disclosing Party”) to the other
Party (“Receiving Party”) in the course of this MoU. No Party shall publish or otherwise make public the
contents of this MoU and any Confidential Information made available to each other except:
1.With the written consent of the other Party;
2.If required by law to be disclosed;
3.In connection with legal proceedings by authority of a court of competent jurisdiction; or
4.If the information is or becomes generally and publicly available not as a result of breach by either Party.
The Receiving Party shall promptly notify the Disclosing Party if required to disclose Confidential
Information. The obligations of confidentiality shall survive the termination of this MoU.

ARTICLE (10)
A Party may not assign or delegate its duties, obligations, rights or interests howsoever arising pursuant to this
MoU to a third party without the prior written consent of the other Party.

ARTICLE (11)
Where a Party fails to comply with the provisions of this MoU and fail to remedy the non-compliance of which
it has received at least thirty (30) days prior written notice to remedy, the notifying Party has the right to
terminate this MoU by giving notice to the non-complying Party.

ARTICLE (12)
None of the Parties is responsible for any failure and/or delay concerning the implementation of its
commitments based on this MoU when it is the result of a “force majeure”. The affected Party should notify
the other Party in writing within (30) days from the date of the occurrence of these causes specifying the
reasons for such failure and/or delay. Both Parties has the right to amend or terminate this MoU if the “force
majeure” situation continues for a period more than six (6) months.

ARTICLE (13)
This MoU shall be governed, interpreted and implemented based on the official and stated laws and regulations
of Pakistan. Any dispute and/or claim arising therefrom shall be settled amicably through mutual consultation
or negotiation between the Parties. If not, it shall be settled in accordance with such laws depending on service
location. Should the dispute be of a kind that might warrant a revision of this MoU, the Parties will consult
each other on the proposed revision and a draft revision of this MoU will be circulated to all Parties for
comment and consideration.
ARTICLE (14)
This MoU is an understanding of good faith between the Parties. It does not create legally binding obligations
except for the confidentiality obligations stated in Article 9, which shall survive the expiry or termination of
this MoU.
ARTICLE (15)
Signing this MoU shall not contravene with the right for either Party to create similar agreements with other
parties, provided that articles do not contradict with any of the articles mentioned under this MoU or with
interests of the other Party.

ARTICLE (16)
All notices or other written communications required or permitted to be given hereunder shall be in writing and
shall be deemed to be given ten (10) business days after mailing by certified or registered mail or after
dispatching by telex or telegram. In every case, such notices or other written communications shall be
addressed to the designated representatives of the Parties as follows:
FOR INNOVISTA
Address : Main Defence Ave, DHA Phase 1, Islamabad-
Rawalpindi
Attention : Fahad Manzur
Telephon : +92 3225098796
e
Email : [email protected]

FOR SYBRID
Address : Buraq Centre, 2nd Floor, 11-D, 6th Road, Satellite
Town, Rawalpindi.
Attention :
Telephon :
e
Email :

or to such other address or to the duly appointed successors of such addressee as shall be furnished in writing
by one Party to the other Party.
IN ACCEPTANCE OF THE ARTICLES above, the Parties through their respective authorized
representatives have hereby affixed their signatures on the date and year first above written.

INNOVISTA
SIGNED BY:
Hisham Sarwar / CEO

pie-Technologies
SIGNED BY:
/ CEO