Memorandum of Understanding Format

It is often a shame when the so called business men eventually have a problem with their fellow business men only for other people to realise that, they had no form of written agreement whatsoever. It is very necessary to usually have a set of memorandum of Understanding between people who do business together as that usually serves as the proof to their transactions. It is however important to state here that, every memorandum of understanding usually has a particular format it follows which really makes the whole transaction very successful.

Memorandum of Understanding Format In the first place, a set of memorandum of understanding should possess a date. This date basically informs any neutral person who picks the agreement to understand that, the transaction took place at that particular date. As a matter of fact, it is from this date that, other information can be made with reference to it. The date therefore is very crucial in all aspects of the transaction. Moreover, there should be a description towards what exactly is going on. Well this description can just be something very short which will then elaborate on the whole business transaction. Another crucial part is that, the full names and contact addresses of all the members involved should be vividly written so that, each and every one will have the chance of contacting any of the members they wish to contact. This again makes things very easy and hence facilitates the deal to a better ending. To make things easy, below is a typical example of a set of memorandum of understanding;

Memorandum of Understanding

Between

Party Y

And

Party Z

The two parties to this particular memorandum of understanding agree vividly to the following and as such will pursue it until it is done.

Article 1; Purpose and Scope

Article 2; Conditions and Arrangements

Article 3; Timing

Article 4; Future cooperation

The present memorandum of understanding actually serves as some kind of evidence to this unique agreement and will therefore be available until the whole deal is done.

Signature:………………………………..Signature:…………………………

For and on behalf

Of ………………………………………..

For and on behalf

Of ……………………………………………

Date:……………………………………….

Most memorandum of understanding are often a success simply because they are usually put on paper and besides that, they make those involved really comfortable in their dealing.