1. This Memorandum of Understanding (henceforth “MoU”) represents an agreement between the Human Capital Project (henceforth “HCP”) and a supported university (henceforth “the university”). This document is a binding contract and parties to the contract agree to uphold the below committments.
2. HCP committs to providing funding for university students to attend the supported university. Financing will be provided through the “personal equity” approach as set down in a contract between HCP, the university and the student. The number of students will be determined by HCP according to available finance.
3. The university will provide one person to represent the university on the advisory board of HCP. That person will assist in finding elegible students for HCP financing, distribute information about HCP financing, interview potential candidates and assist in the decisions and management of HCP. This position is voluntary and appointments are decided by the university.
4. HCP will provide one person to represent HCP at the university. This position is voluntary and appointments are decided by HCP.
5. The university will help to co-ordinate the repayments of HCP-financed students. This includes withholding the original degree until all HCP committments are finalised (photo-copies can be supplied to the student on request), assisting in legal/political action to force payment, cancelling membership of the university alumni (if applicable) and applying social pressure.
6. Notwithstanding the above responsibilities, the university is not liable for the payment of any outstanding funds owed by the students. The risk of default rests entirely with HCP.
7. This MoU remains in force unless (a) both parties agree to desolve the MoU; (b) both parties agree to a new MoU; or (c) no HCP-financed students remain at the university.