Memorandum of Understanding Between OSTIM TECHNICAL UNIVERSITY Ankara, TURKEY and INSTITUTO DE ESTUDIOS ECONOMICOS Y TECNOLOGICOS (IEET)

This MOU letter dated May 2 2023 confirms the services requested by Instituto de Estudios Económicos y Tecnológicos (client) and provided by Ostim Technical University (service provider) and agree to implement this MOU letter, believing that the process of mutual relations can be enriched and international understanding strengthened, wishing to establish relations between the institutions, hereby agree to engage with each other in areas of common interest as follows:

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1. Participating institutions shall collaboration through a broad range of activities such as:

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• Facilitate Venezuela's industrial transformation by leveraging the knowledge gained from joint research projects and supporting growth of new industries and enterprises ultimately generating employment, income, and value for both countries, by way of technical and economic projects. 
• Enhance human capital development by promoting student exchanges, academic mobility, programs and fostering cultural diversity and intercultural competence through periodical visiting academics to Venezuela.
• Foster a culture of entrepreneurship and innovation by joint incubation programs, innovation hubs, or entrepreneurship competitions in terms of initiating an incubation center staffed by university members.
• Collaborate on research and development in the areas of digital transformation industry 4.0, emerging technologies such as artificial intelligence, big data, and the internet of things (IoT).
• Organize joint training programs, workshops, and seminars to enhance the skills and expertise of faculty, researchers and administrative staff from participating institutions. 
• Collaborate on projects and initiatives that address social issues and improve the quality of life in local communities.

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2. The terms of cooperation and services provided are as follows: 

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• Appoint a dedicated coordinator responsible for overseeing the development and implementation of shared objectives Ostim Technical University hereby appoints Head of Global Institutions director as point of contact and specific performance. 
• Provide necessary resources, facilities and support to ensure successful collaboration through making study groups for specific projects proposed by Venezuela side. 
• Adhere to applicable laws, regulations, and ethical standards of both countries. 
• Respect and uphold the intellectual property rights of all parties involved. 
• Engage in regular communication to monitor progress, address issues and evaluate outcomes by way of monthly online meetings between the parties. 

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3. All sorts of retainer payable due which will be outlined in the addendum that will be part of this memorandum of understanding upon signing. 

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4. Financial obligations thereby charges by the parties shall be decided by an addendum which will be part of this memorandum. All charges, expenses and fees shall be included in the price upon signing of this engagement letter where time shall be of essence. 

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5. The MOU shall remain in force for a period of ten years following the approval of mutual parties. The services can be terminated upon either party sending a written notice of at least one month prior by stating their intent of termination. Such notice may be sent through certified mail with return receipt. 

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6. Nothing, therefore, shall diminish the full autonomy of either institution nor may any constraints to be imposed by either upon the other. 

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7. Confidentiality: Both parties are obligated to keep confidential the information received from the other party-if the other party requires – The confidentiality obligation will be effective beyond the termination of this Engagement Letter.