The MEMORANDUM of understanding is more mandatory than an oral agreement, but to do that, you have to talk a lot to the other side. Be sure to agree on all the elements of the document. This is particularly important if this document is used as a solution to certain disputes, which is what it is in some cases. Help from a professional can be a good idea, in this case, as well as if anyone has some doubts. PandaTip: A Memorandum of Understanding is a kind of cooperation agreement designed to document the understanding of certain parties (two or more) as part of their cooperation on a project or the achievement of a goal. Unlike a letter of intent, it is more likely that an agreement will impose certain obligations on the parties. The Memorandum of Understanding is a mandatory legal contract which, for this reason, must contain a number of elements. It is more formal than an oral contract, but also less formal than a treaty. We can say that this is a step between an oral agreement and a final treaty. Your model has real and solid value.
Keep in mind that the less valuable it will be, the more ambiguous the document will be. As we have already said, the MOU is not really a legal document. It is not as formal as a treaty, but it is much better than an oral agreement. This is a good idea for all parties who want a written record of their agreements. When you create the document, you`ll have to put a lot of time and effort into it. You will also need the same components if you create an agreement with another party. The agreement will help you go from approving the terms and conditions to signing a written protocol. A Memorandum of Understanding (MOA) is a written document describing a cooperative relationship between two parties wishing to work together on a project or achieve an agreed goal. An MOA serves as a legal document and describes the terms and details of the partnership agreement. An MOA is more formal than an oral agreement, but less formal than a contract. Organizations can use an MOA to conclude and draw cooperation agreements, including service partnerships or technical assistance and training agreements.