A mutual, formal agreement between two or more entities that does not involve legal commitment is called a Memorandum of Understanding (MOU). It is usually termed as a concordat in the United Kingdom. The purpose may be synonymous to the Memorandum of Agreement (MOA), but it’s nothing more than a formal document of goodwill between two parties. Having an understanding about this particular matter will help one in choosing the suitable deal with potential business partners.
5 Steps To Create A Memorandum Of Understanding
Before jumping into conclusions, make sure that an MOU is suitable for your business. Do a quick research or ask for some legal advise from business experts or lawyers. Here are some pointers on how you can effectively generate your own MOU.
Step 1: The intent of the MOU
The document should start with a brief description of the purpose and intentions of both parties. The next part should be the assigning of responsibilities and division of tasks for both sides. Items on the memorandum of understanding should be written clearly and direct to the point to avoid confusion and misconception.
Step 2: The parties involved
This section should introduce the entities involved in the formulation of the MOU. These are the personalities or organizations that will be participating in the agreement. The members are not exclusive to a certain number of people or associates as long as both parties agree to all of the provisions.
Step 3: The time frame
State the dates when the MOU will take effect and when the term will end. You might as well consider including payment schedules to the document just in case one party is providing funding to a certain project.
Step 4: Terms and conditions
Your agreement should be flexible to alteration or updates. New issues or unexpected circumstances may surface during the operation and the only way to revise the agreement is with another written MOU. Since the partnership is voluntary, either party has the ability to terminate the agreement provided that the said party will present a notice of termination to the other parties involved.
Step 5: Signatures
Make sure to print and send copies of the MOU to each representative from the participating organizations. Save the copy of the original agreement and put it in a safe place that can be accessed by both parties.
7+ Memorandum Of Understanding Templates
1. Restaurant Memorandum of Understanding Template
Memorandum of Understanding or MOU documents are time-consuming and stressful to prepare if you don’t have a material to serve as a reference in generating this kind of document. To save you from this hassle, download our Restaurant Memorandum of Understanding Template. Just fill in the necessary information on the highlighted sections of the template and print it. Easy and simple! This template is available in Google Docs, MS Word, and Pages file formats and in A4 and US letter sizes.
2. Memorandum of Understanding Format for Business Template
With our Memorandum of Understanding Format for Business Template, you’ll never have to start from scratch ever again! This professionally designed format template is recommended for entrepreneurs who wants to venture into a business partnership. Download and edit the file anytime and anywhere using your mobile devices, laptops, etc. Try this premium template now!
3. Sample Memorandum of Understanding Template
Creating a layout of agreement for both parties is not a simple job, especially when you’re dealing with bigger companies. The contents should display clarity and should be presentable. I highly suggest using our Sample Memorandum of Understanding Template to get the job done. This unique, five-page template has original suggestive headings and contents that will help you draft the suitable MOU for your business.
4. Memorandum of Understanding for Business Template
Merging two or more organizations to perform a particular project requires proper guidelines and documentation to seal the deal. Our Memorandum of Understanding for Business Template will surely cut down the workload for you. Simply supply the basic information of your agreement and save it. Now you’re ready for printing. It’s as simple as that!
5. Memorandum of Understanding Template
Starting a business collaboration is not that easy and simple. You need to produce a list of the obligations and responsibilities of both participating organizations. This ready-made Memorandum of Understanding Template is designed to make a difference in your business. Download this file now and start drafting your own MOU with ease and style.
6. Sample Memorandum of Understanding Template
Prepare a complete and comprehensive document for your business partnership using this Sample Memorandum of Understanding Template. This 3-page, fully customizable document is available in MS Word and Pages file formats. It’s easy to modify to suit your needs and you can download it anytime and anywhere. Send it for commercial printing or print it at the comfort of your home.
7. Memorandum of Understanding Template
Using an effective medium in preparing legal documents helps save time and money. Take advantage of our Memorandum of Understanding Template. Competently crafted to help you make an effective outline for your business agreement. Add value and style to every business document you draft with this useful material. Download this file now and get your money’s worth.
8. Sample Memorandum of Understanding Template
Contract drafting is usually brutal and nerve-racking even for business professionals and lawyers. Good thing you can now find several ready-made drafts of documents online, just like our Sample Memorandum of Understanding Template. It’s a complete and reliable guide in generating your own business documents. You can easily customize the information sections on each page to fit your needs. Highly recommended for businessmen who’s always on the go.