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Memorandum of Understanding

Memorandum of Agreement Legally Binding

It is often appropriate to possess a set of memorandum of agreement when dealing in very delicate issues especially when it concerns money. This sort of agreement should have some kind of legal backing and as such should not be any problem whatsoever. It is therefore appropriate that there is enough legal backing such that, when it is sent to law court, proper judgement will be done on it. As a matter of fact, memorandum of agreement does not require any false information on it because any sort of false information will not hold when it is taken forward for legal judgement.

Memorandum of Agreement Legally Binding Many banks or financial institutions will often prefer to use a memorandum of agreement due to the fact that matters concerning money are usually very delicate and as such there should be proper guide for it. Those who often go in for loans are usually asked to sign documents of that sort. These documents then serve as a source of evidence for the whole transaction and as such must not be bridged. It is therefore imperative to state that, memorandum of agreement actually facilitates things in the right way and there is usually no specific problem between the two or more parties involved. In other to make things short and straight to the point, below is an example of a set of memorandum of agreement.

Memorandum of Agreement

Between

Party A

And

Party B

The two parties agree to all the terms and conditions to this particular memorandum of agreement and therefore hope that, no party will go against it.

Agreement 1; Purpose and Scope

Agreement 2; Conditions and Arrangements

Agreement 3; Timing

Agreement 4; Future Cooperation

This present memorandum of understanding is perfectly understood by both parties and as such no party will break the rules of the agreement.

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

For and on behalf

Of ……………………………….

For and on behalf

Of;……………………………………

Date;…………………………………….

Most memorandums of agreements usually take a format that is so similar to that of memorandum of understanding and as such one can say they are very similar.