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Making a Memorandum of Agreement
A Memorandum Agreement is a useful placeholder that helps you outline terms for nearly any kind of new business relationship. You can use it to set up the foundation for a partnership by laying out specific objectives, milestones, or final outcomes. When you've found your dream home and the buyer agrees to sell, you can protect the deal while you secure financing. If you're a contractor or subcontractor, you can detail a project's scope or timeline. Does your new venture involve confidential information or intellectual property? Put it in writing with a Memorandum Agreement. You can also lay out critical financial details and preferred methods for resolving disputes.
Rocket Lawyer will build your Memorandum of Agreement for you in minutes. All you need to do is answer some basic questions. Consider the following beforehand to make the process speedier:
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A Memorandum Agreement can buy you the time you need to hash out the details you need for a contract, but it's not a substitute for a legal contract. If you have questions about the legal parameters of your agreement, you should consult with an attorney.
A Memorandum of Agreement (MOA) and Memorandum of Understanding (MOU) are similar in nature. If they are written with similar language, then there is no legal or practical difference between the two documents.
The primary difference between the two documents relates to whether the parties involved intend to be engaged in a legally enforceable contract or agreement. If so, a legally enforceable contract will be made regardless of whether it is called an MOU or an MOA.
A Memorandum of Agreement (MOA) is not a substitute for a formal contract. If you have questions about the legal parameters of your agreement, you should ask a lawyer.