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Memorandum of Agreement between Two Parties: How to Compose It Tips
If two parties want to work together, it is most likely that they will have to deal with the so-called Memorandum of Agreement between Two Parties. It is another type of legal and written document between two parties that provides the solid foundation for working together or cooperation.
About the Document
MOA is short for Memorandum of Agreement and it refers to a written contract describing the relationship between two parties to agree upon certain objectives or to work together within a certain project. The MOA is a legal document containing the details and terms of the partnership. For a lot of business people, MOA is considered more formal when compared to a verbal agreement and yet it is less formal than a contract. Organizations use this type of document to outline and establish a collaborative agreement or to provide a technical training and assistance. It can also be used whether there will be money exchange or not.
The General Formats
Basically, a MOA, especially Memorandum of Agreement between Two Parties, has to contain these elements:
- Names of the involved parties
- Purpose of the collaborative work or agreement
- Brief description of the work scope
- Financial obligation of each party, if there is any
- Key contacts for each of the involved party
- Effective dates agreement
- Duration of the agreement
- Payment schedule, if there is any
- The detailed description of responsibilities and roles
- Modification of termination
- Signatures of the parties principals
There are several templates of the simple document or agreement of the MOA. However, a lot of people also claim that it would be better if each of the point mentioned above can be laid out in a detailed manner.
MOA Composition Tips
There are several handy tips for composing Memorandum of Agreement between Two Parties document:
- When you want to write an agreement terms, use only one MOA
- Make sure that it is simple with concise and clear words.
- It would be better if the agreements are written within a positive language. Instead of saying what each party will not do, state what they will do
- The agreement should be detailed and specific, especially when it comes to how, what, who, and when
- The agreements must be balanced. You can start with ‘both parties want or agree’ and then define what each individual agrees to do. And then you can close it off with ‘both parties agree’.
If you are looking for the samples or examples of MOA, you can always check our collections of Memorandum of Agreement between Two Parties templates below.