Both parties can work out the complicated details beforehand, see if the agreement works for a period of time, and then move on to a more permanent arrangement once both parties are ready. The entire back and forth process of drafting an MOU can be time-consuming, tedious, and laborious, and only organizations serious about working together would go through the effort required to draft and finalize an MOU.Īdditionally, oftentimes an MOU is a great first step before creating a more serious, legally binding document. MOU’s are also a great way to confirm that both parties involved are serious about the ins and outs of working together. ![]() They ensure that both parties are serious about working together However, when using an MOU, both parties can have a safe, clear, and efficient way to negotiate all of the details of their relationship. Miscommunication can easily happen when discussing these issues verbally. Instead of discussing this all in a meeting, an MOU allows both parties to clearly assert what they want from the relationship, what they can provide for the project, and when they expect it all to happen. Sometimes it is much easier to negotiate a relationship if you have a well though-out and outlined list of roles and responsibilities for each party. Without an MOU, organizations may feel uneasy and unsure about what exactly is required from them. However, a Memorandum Of Understanding can help to ensure that both parties adequately meet each other’s expectations, which ultimately helps to prevent disappointment, confusion, and a deterioration of the working relationship.Īdditionally, the process of crafting a Memorandum Of Understanding can help both parties plan ahead and make the necessary arrangements to fulfill their part of the agreement. It is very common for organizations working together in partnership to base their relationship on ambiguous verbal agreements alone. ![]() Why Memorandums of Understanding are important They help both parties plan ahead and avoid disappointment However, typical sections in an MOU include a section providing context for the nature of the relationship, roles and responsibilities for each party involved, a timeline, and a place for representatives from each party to sign. The information included in a Memorandum Of Understanding template can vary depending on the nature of the relationship and project. ![]() Standard MOU’s are usually no more than 2-3 pages long, and they are not legally binding. What is a Memorandum Of Understanding (MOU)?Ī Memorandum Of Understanding is simply a document that outlines a working agreement between two or more parties.
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