After an oral agreement and before a legal contract, there is the Memorandum of Understanding (MOU). It lays down the fundamentals of the agreement you have entered into and outlines the future involvement of both groups involved.
By using this Memorandum of Understanding Sample, you can easily and clearly detail your future business relationship. The “Purpose and Agreements” section at top the template outlines how the relationship will be defined, with easy instructions on how to draw up what both groups are responsible for. This gives you a clear idea on how to write this section. The terms and termination process section is perfect to avoid confusion, and includes a sample for your business to follow. The “Financial Considerations” section is straightforward and to the point, giving your business protection from any malfeasance or misunderstanding that may arise. The area for signatures includes the date of the agreement in addition to a clear and prominent place for both parties to sign.
Make your business dealings easier and more professional with this Memorandum of Understanding sample. Each section includes formatting guidelines that are easy to follow, and give you an example of what needs to be included. This sample also clearly marks this document as an MOU, as opposed to a Letter of Intent, as the two are commonly mistaken. By using this sample you are protecting yourself and your business by turning an oral agreement into a written agreement, which is vital in any legal proceedings.
A Memorandum of Understanding is necessary in the early stages of a business deal. It lays the groundwork for the future of your business dealings and is an important step towards a legal contract. You are also protecting your business, and putting both your business and yourself in a safe legal position.