How to Write a Memorandum of Understanding

In many ways most people usually want to safeguard their business which is a good idea but do not really know the procedure to do that. Of course there are different and numerous ways of safeguarding one’s business. But the most important way especially when dealing with other partners is to draft a memorandum of understanding. A memorandum of understanding in many situations has saved so many problems and is therefore often crucial that, it is present in any business venture. However, it is not just enough to talk about it without actually knowing how to write it. There are of course different approaches to writing this splendid agreement.

How to Write a Memorandum of Understanding In general, when writing a memorandum of understanding, the first thing to do is to write the date or provide a portion for the date. This is very crucial because the date actually shows the beginning of the deal and as such is very crucial in all aspects. It should also be noted that, the date should be written appropriately and there should never be an error committed to that. As a matter of fact, a simple error can change the meaning of the whole agreement which of course can be detrimental in the long run. The next important aspect on a memorandum of understanding when writing one is the names and contact addresses of all the parties involved. To be precise, this is very crucial because it helps each member of the deal or transaction to be able to contact any other member when the need arises. It is therefore very necessary and again, it is appropriately to state that, the names and contact information of each member should be clearly and accurately written to avoid mischief. To make things easy, a typical example of a memorandum of understanding is as set below;

Memorandum of Understanding

Between

Party A

And

Party B

This memorandum of understanding is purposely meant for the two parties to truly achieve what they want and it is therefore the duty of the two parties to see to it that, their set aims are achieved.

Article 1; Purpose and Scope

Article 2; Conditions and Arrangements

Article 3; Timing

Article 4; Future Cooperation

The present memorandum of understanding is to be obeyed by each and every member of the deal so that, it will continue to be a success. It is therefore the duty of the two parties to achieve that.

Signature;……………………………….. Signature;……………………………………

For and on behalf

Of; ……………………………..

For and on behalf

Of;………………………………….

Date;…………………………………………..

It is worthwhile to mention that, any memorandum of understanding is achievable provided the parties involved are truly cooperative in every aspect of their activities.