Step by Step and Tips in Writing a Memorandum of Agreement
Memorandum of agreement is a written document that describes a cooperative relationship between 2 parties who wish to meet an agreed on objective or to work together on a business. It serves as a legal document as well as describes the terms & details of the partnership contract. Now, let’s see it further.
How to Create a Memorandum of Agreement
This agreement can be shorten as MOA. It is more formal than verbal agreement. However, it is less formal than contract agreement. It can be used to create & outline collaborative agreement. If you want to write a memorandum of agreement template, you will have to know about the proper format.
There are some sections that you have to include in this kind of agreement. You can start with authority. After that, you should include the purpose of agreement. It relates to the names of involved parties, scope of work, financial obligations for each party, date agreement, and key contacts of each party.
Then, what you have to write is the roles & responsibilities. You have to describe them as clear and detail as possible. The next section of this agreement is the schedule of payment if capable. If there is no schedule of payment, you can skip it and continue to the next section.
Duration of agreement is the next section in this kind of agreement document. Here, you have to state when the agreement starts and lasts in detail including the date, month, and year completely. The duration of agreement will depend on the type of project itself. The bigger project has longer contract.
Memorandum of agreement document should also include modification of termination. Make sure that you do not skip this section. Finally, you should dedicate a space for signatures at the end of the document. Make sure that all parties sign off the document of this agreement to make it valid & legal.
Tips in Creating a Memorable of Agreement
Besides knowing its format, it is also important to consider some important & useful tips below. First, you have to keep it simple by using clear & concise words so that this agreement will be easy to understand.
Besides that, you have to make sure that both parties agree the memorandum. If only one party who is agree, and agreement will not be reached and it is not valid. So, a balance is needed here. Make sure that the agreement gives benefits for both of them.
Then, you also need to use positive language. Next, you also must be specific in describing everything in this agreement. In addition, you should review it once again after you completely write it. Remember that it is a settlement agreement. So, both parties must understand it clearly.
That is all the guidelines in making a memorandum of agreement. Make sure that each party sign off the document and gets a copy of this agreement. Hopefully this guideline will be a useful reference for you all who want to write this kind of agreement.
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