How to repair damaged / corrupt .MOV (QuickTime) video files

.MOV is a very popular file format that is used by the QuickTime Media Player. MOV files are used in digital cameras where the pictures are stored on the memory card. A QuickTime movie or a .mov file may get corrupt due to several reasons like memory card related errors, corruption caused while editing videos, bad sectors, any kind of interruption that occurs while recording the video, MBR corruption etc.