An agreement is an agreement; no ifs and no buts. Two people who made a deal with each other, shook hands as a gesture of trust and promise, should abide by their partnership. However, history taught us that promises are sometimes broken. For that very reason, formal documents such as the memorandum of agreement were invented. That type of document ensures that people who made an agreement with each other will follow their deal. So, if you’re about to make a business deal with someone, secure a memorandum of agreement. Let us help you with that by offering our Sample Memorandum of Agreement Templates.

FREE 15+ Sample Memorandum of Agreement Templates

Memorandum of Agreement

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Sample Memorandum of Agreement

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Restaurant Memorandum of Agreement Sample Template

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Printable Memorandum of Agreement Template

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Sample Memorandum of Agreement Template in Word

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What Is a Memorandum of Agreement?

A memorandum of agreement or MOA is a document that records the deals that two parties made with each other. It serves as a written guide for the two parties to review what responsibilities they have during the span of their agreement. More importantly, an MOA ensures that both parties will follow the terms and conditions of their deal. The deal could be a sponsorship, real estate property rental or payment, business partnership, business merger, employment, event organizing, and many more.

How to Write a Memorandum of Agreement

Preparing an MOA is a must if you’re about to embark on a business deal. In fact, you should be familiar with its format. That way, you can become more adept at making win-win deals with other entrepreneurs. Get better at writing memorandum of agreement documents by reading this guide we’ve prepared for you.

Step 1: Introduce the Parties Involved in the Agreement

Detailed information about the parties involved should be crystal clear in the MOA. Most importantly, their names, contact details, and company profile should be present. This step is easy to execute. But it holds significant importance. That’s because it’s where you establish who are the people responsible in case something occurs concerning the agreement. That said, you have to make sure to input the two parties’ information accurately.

Step 2: Explain the Purpose of the Agreement

In the MOA, you should explain, as detailed as possible, why the two parties are making an agreement. You can explain by saying how the agreement will benefit both of them. It could be to boost their businesses’ revenue, profit, market reach, or to collaborate for a major project, etc. In this step, you need to provide a clear overview of the agreement. To explain it accurately, you should communicate with the involved parties. They know the ins and outs of their agreement better.

Step 3: Discuss the Responsibilities and Rules

Both parties have important roles to play for their agreement to be successful. And, of course, the two parties should be aware what their roles are. They need to have a written guide to remind themselves of their responsibilities. That’s why you must list and discuss their responsibilities in the MOA. Don’t leave out even a single responsibility. That’ll create holes in the MOA that can ultimately cause the agreement to fail.

Moreover, an MOA would be ineffective if it doesn’t have rules. So, make sure to include them in the document. Speaking of rules, those should be agreed upon by the two parties, including the corresponding sanctions if they violate them.

Step 4: Set the Duration of the Agreement

After discussing all the terms and conditions of the agreement, it’s time to set the agreement’s duration. Set a start and end date. That span of time is when the agreement is in full effect. The two parties must follow all the statements of the agreement in that duration.

Step 5: Review the MOA

Once everything is on paper, don’t let the two parties sign it yet. Review the MOA first from start to finish. Double-check if every necessary statement was included and watch out if there are typos. Make the necessary corrections if you see some errors, including minor ones.

FAQs

How does a memorandum of agreement differ from a memorandum of understanding?

Some people confuse a memorandum of agreement and memorandum of understanding (MOU) as the same. In fact, they are two different things. An MOA is a document that signifies the agreement of two parties to perform duties and follow regulations to achieve their mutual goals. Meanwhile, an MOU is a document that indicates both parties understand the concepts and elements of their shared plans and goals.

Is a memorandum of agreement legally binding?

Yes, an MOA is a legally binding document. The presence of both parties’ signatures is evidence of that. And even more so if their lawyers were involved in issuing the MOA.

Can I consider a memorandum of agreement as a contract?

Yes, an MOA can be considered as a contract. In addition, an MOA has the same elements and functions as a contract.

According to Entrepreneur, partnerships might not bode well for businesses. One reason why that happens is misunderstandings between two business partners. And likely not having a clear MOA. With that in mind, always prepare an MOA before building professional relationships. It’s an ingredient for a fruitful alliance in the business world. So before you leave this page, make sure to download our Sample Memorandum of Agreement Templates.

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