Collaboration and teamwork are some of the virtues of success. As much as you’ve claimed to reach the goal on your own, there are factors that paved the way towards your accomplishment. Acknowledge them. Establish meaningful partnerships with others with the help of a memorandum of agreement (MOA). This document eases various types of transactions and collaborative deals with others. It defines the participating parties’ relationship and ensures that they understand what the agreement is all about.
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What Is a Memorandum of Agreement?
A memorandum of agreement (MOA) is a draft agreement that builds and establishes the scope of association, togetherness, and mutuality by two or more entities. In basic terms, it’s a document stating that the involved parties will cooperate on the agreed terms or participate in the assigned tasks and responsibilities stipulated on it.
Although it is less formal than a contract, it serves a variety of purposes that contributes to establishing smoother deals and spelling out matters to avoid future misunderstandings. Because it’s a written document, it makes it easier for both parties to review the terms and discuss what changes they would like to incur. They can store the details and revisit them in the future for revisions and improvements. Compared to verbal transactions, it’s more reliable to use a MOA in working together and protecting each party’s professional interests.
How to Write a Memorandum of Agreement
Here are some valuable tips to help you write a memorandum of agreement:
Step 1: Identify the Purpose
If you want to make a MOA that’s specific to its intended goal, it’s best to identify what purpose it needs to serve. Ask yourself what should be your agreement’s focus and what issues it needs to clarify. Often, MOAs are used in research programs and activities where study participants agreed to render their insights and services through answering questionnaires or getting interviewed. They’re also used in settling payments, lease or rent issues, and other business transactions. Be clear on your purpose, so it’s easier to draft a complete outline of your document content. It also ensures that you only include matters that satisfies the objective of your purpose instead of straying far from your intentions.
Step 2: Name the Participating Parties
Once you have a clear understanding of your goal plan, proceed to name the participating parties of your MOA. The involved parties can be individuals or organizations who come to work together and accomplish a similar objective. Remember to be specific and be conscious about assigning the tasks to whom to avoid confusion. Collect the parties’ contact information so you can reach them immediately when matters in need of discussion arise. Aside from those directly involved in signing the memorandum, you might also want to take note of other connections who are participating in completing the project plan.
Step 3: Specify the Scope of the Agreement
Now that you’ve made clear what the goals and who are involved in making them happen, proceed to provide the details of the agreement’s scope. If you’re tending on a work plan, provide a description. Then, proceed to delegate assignments to the different entities. Spell out what each task entails and who should oversee them. This makes it easier to monitor whether the assigned party has satisfied all requirements in finishing their part. It also helps identify who should be held accountable when complications happen.
Step 4: Provide the Termination Details
You must specify when each party should expect to put their collaboration to a close. You may include a timeline and mention the start and end dates so it’s clear when the agreement expires. You may also provide the option for any party to withdraw their participation, given that they have gone through the voluntary termination process such as the submission of a letter of notice.
Is the memorandum of agreement and memorandum of understanding the same?
Both documents possess almost the same characteristics but they differ in weight and function. A memorandum of agreement is written to help detail the responsibilities of the parties and to hold them accountable for their duties. On the other hand, a memorandum of understanding can be legally binding and describes the bilateral or multilateral agreement among the parties.
Is a memorandum of agreement legally binding?
No, a memorandum of agreement is not legally binding. The court doesn’t acknowledge this document in case of a breach and other damages incurred during the parties’ partnership. This is why if there are more significant matters at stake, it’s best to proceed to contracts and business agreements for a more airtight correspondence.
What are the different components of a memorandum of understanding?
While it may vary for different documents, the following are the different components of a MOA:
- Agreement purpose
- Names of the parties
- Scope of work
- A detailed account of roles and responsibilities
- Financial responsibilities
- Payment schedule
- Work timeline
While it may not hold power in court, MOAs are essential and are considered highly crucial in forming new business alliances that can potentially lead to lasting partnerships. It helps clarify undertakings and keep complications at bay by ensuring that everyone involved is committed to their signed responsibilities. Scroll through our collection of the memorandum of agreement templates and choose which suits your needs best. Download now!
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