A memorandum of agreement (MOA) describes the cooperative relationship agreed between two or more parties, entities, people who intend to work together for a project, plan or a scheme to achieve an objective.
It is a formal agreement used by the organizations to document and summarize the agreements outlining the details of the partnership along with the service corporations for provision of technical training and support.
This written understanding of the partnership agreed upon by the parties involved for working together to achieve the objective and summarize the terms and conditions of the new alliance.
What Is a Memorandum of Agreement?
The memorandum of agreement between two parties outlines the terms of the new cooperation among the parties. This written interpretation among the parties is done after a process of negotiations and understanding.
The MOA is effective to serve the purpose of documenting the terms and conditions agreed upon by the parties to work for the project cooperatively. In order to achieve the common goals, it states each party’s requirements and responsibilities.
It is helpful to have a memorandum of agreement to guide the people working on the project as it outlines all the details and conditions to be followed along with the roles and responsibilities of involved teams.
How a Memorandum of Agreement Works?
A MOA explains why the parties entered into the agreement and the way in which they are going to achieve the goal. In a work environment, having proper guidelines is very important to ensure smooth and hassle-free workflow.
Using a memorandum of agreement can be ensured to maintain the work environment and assures the goal completion by stating terms and conditions clearly in the document.
Hence, each party involved in the agreement will add value to the whole project with their expertise and skills by signing this agreement
When Will Memorandum of Agreement Be Used?
This agreement is used to establish the outlines of the work and the associated responsibilities of the team involved to accomplish the goals agreed upon. The terms and conditions are clearly documented stating the agreement of the parties involved.
The parties are accountable for the respective workers, employees, volunteers, officers, agents, and representatives. In case of any loss, MOA is used to explain the proportional costs of the party's demands, actions, claims, costs, damages, attorney fees.
Any disagreement or alteration in terms of workflow situation arise, MOA serves as the best evidence in pointing out the agreed terms and conditions of the workflow and support and in case of any change what has to be done and how.
What Are the Benefits of Using Memorandum of Agreement?
Establishing the written agreement of the work environment, roles, responsibilities, and other factors in achieving the goal is the MOA. It is highly beneficial for the parties in having a legal document of the alliance along with many other factors.
An MOA contains the detailed information of the project and the goal to be accomplished along with the rules and regularities. Parties' details, and the expertise they possess, for any problem to be addressed can be allocated and done easily.
The connections, affiliation, that each party possesses will also be mentioned in the MOA that makes it very easy to locate the right party for tasks coming up during the course of the project competition.
MOA presents a detailed account of all the guidelines and processes in which the work has to be completed with a timeline. This accomplishes the path for work progression faster and easier with the expertise, funding, and experience of the involved parties.
What Are Included in a Memorandum of Agreement?
The memorandum of agreement captures various details and aspects of the terms and conditions in which the parties take up the roles and responsibilities to achieve the goal or the purpose.
- Purpose of the Agreement with the parties included.
- Dates agreed by the parties including start date of the agreement, the duration of the project, and the end date of the agreement.
- Contacts of both the parties and the hierarchy.
- Details of the parties involved names, Financial obligations (if applicable).
- Project related details including project work and attributes, the scope of work, information about the technical assistance and support, roles and responsibilities description.
- Payment schedule if applicable.
- Modification of schedule or termination of the agreement conditions.
- Signatures of the involved parties.
- The project details and the reason why the parties have entered the agreement with the resources details and the expertise they possess.
- All the details of the people, project work, timelines, and the experience of the work and other required information.
- Funding related information, guidelines for the individual and collaborative work, and the associated dependencies are also documented in the MOA.
The memorandum of agreement is one of the best ways to document the project goal and the conditions with which the parties have entered the agreement.
With such high importance for an MOA, CocoSign has served many customers to offer the best services and most reliable and proper agreement documents.
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding (MOU), hereinafter referred to as the Memorandum, entered into on ________________________, by and between ________________________ residing at ________________________, ________________________, ________________________ ________________________, hereinafter referred to as the "First Party," and ________________________ residing at ________________________, ________________________, ________________________ ________________________, hereinafter referred to as the "Second Party," and collectively known as the "Parties" for the purpose of establishing and achieving various goals and objective relating to the ________________________ .
WHEREAS, the aforementioned Parties desire to enter into the herein described agreement in which they shall work together to accomplish the goals and objectives set forth;
AND WHEREAS, the Parties are desirous to enter an understanding, thus setting out all necessary working arrangements that both Parties agree shall be necessary to complete this ________________________;
The aforementioned ________________________ has been established with the following intended mission in mind:
PURPOSE AND SCOPE
The Parties intend for this Memorandum of Understanding to provide the cornerstone and structure for any and all possibly impending binding contract which may be related to the ________________________.
The Parties shall endeavor to work together to develop and establish policies and procedures that will promote and sustain a market for ________________________, and intend to maintain a product and/or services that meets or exceeds all business and industry standards.
RESPONSIBILITIES AND OBLIGATIONS OF THE PARTIES
It is the desire and the wish of the aforementioned Parties to this MOU Agreement that this document should not and thus shall not establish nor create any form or manner of a formal agreement or indenture, but rather an agreement between the Parties to work together in such a manner that would promote a genuine atmosphere of collaboration and alliance in the support of an effective and efficient partnership and leadership meant to maintain, safeguard and sustain sound and optimal managerial, financial and administrative commitment with regards to all matters related to the ________________________ .
The above outlined scope and objective shall be contingent on the Parties obtaining the necessary funds required for the ________________________ as described within any grant or business loan
application, if any. Responsibilities under this Memorandum of Understanding may coincide with the grant period.
TERMS OF UNDERSTANDING
The term of this Memorandum of Understanding shall be for a period of ________________________ from the aforementioned effective date and maybe extended upon written mutual agreement of both Parties.
AMENDMENT OR CANCELLATION OF THIS MEMORANDUM
This Memorandum of Understanding may be amended or modified at any time in writing by mutual consent of both parties.
In addition, the Memorandum of Understanding may be cancelled by either party with ________________________ days advance written notice, with the exception where cause for cancellation may include, but is not limited to, a material and significant breach of any of the provisions contained herein, when it may be cancelled upon delivery of written notice to the other party.
The Parties acknowledge and understand that they must be able to fulfill their responsibilities under this Memorandum of Understanding in accordance with the provisions of the law and regulations that govern their activities. Nothing in the Memorandum is intended to negate or otherwise render ineffective any such provisions or operating procedures. The parties assume full responsibility for their performance under the terms of this Memorandum.
If at any time either party is unable to perform their duties or responsibilities under this Memorandum of Understanding consistent with such party's statutory and regulatory mandates, the affected party shall immediately provide written notice to the other party to establish a date for resolution of the matter.
LIMITATION OF LIABILITY
No rights or limitation of rights shall arise or be assumed between the Parties as a result of the terms of this Memorandum of Understanding.
ARBITRATION/MEDIATION DISPUTE RESOLUTION
The Parties to this Memorandum of Understanding agree that should any dispute arise through any aspect of this relationship, including, but not limited to, any matters, disputes or claims, the parties shall confer in good faith to promptly resolve any dispute. In the event that the parties are unable to resolve the issue or dispute between them, then the matter shall be mediated and/or arbitrated in an attempt to resolve any and all issues between the parties.
The parties agree that any claim or dispute that arises from for through this agreement, the relationship or obligations contemplated or outlined within this agreement, if not resolved through mediation, shall then go to and be resolved through final and binding arbitration. Any decision reached by the Arbitrator shall be final and binding and, if required, may be entered as a judgment in any court having jurisdiction.
In the event that any court having jurisdiction should determine that any portion of this Agreement to be invalid or unenforceable, only that portion shall be deemed invalid and not effective, while the balance of this Agreement shall remain in full effect and enforceable. This Agreement shall be interpreted and governed by and in accordance with the Federal Arbitration Act 9 U.S.C. §1-16.
Any notice or communication required or permitted under this Memorandum shall be sufficiently given if delivered in person or by certified mail, return receipt requested, to the address set forth in the opening paragraph or to such address as one may have furnished to the other in writing.
This Memorandum of Understanding shall be governed by and construed in accordance with the laws of the State of ________________________.
In the event that any provision of this Memorandum of Understanding shall be deemed to be severable or invalid, and if any term, condition, phrase or portion of this Memorandum shall be determined to be unlawful or otherwise unenforceable, the remainder of the Memorandum shall remain in full force and effect, so long as the clause severed does not affect the intent of the parties. If a court should find that any provision of this Memorandum to be invalid or unenforceable, but that by limiting said provision it would become valid and enforceable, then said provision shall be deemed to be written, construed and enforced as so limited.
Neither party to this Memorandum of Understanding may assign or transfer the responsibilities or agreement made herein without the prior written consent of the non-assigning party, which approval shall not be unreasonably withheld.
The herein contained Memorandum of Understanding constitutes the entire understanding of the Parties pertaining to all matters contemplated hereunder at this time. The Parties signing this MOU desire or intend that any implementing contract, license, or other agreement entered into between the Parties subsequent hereto shall supersede and preempt any conflicting provision of this Memorandum of Understanding whether written or oral.
FURTHERMORE, the Parties to this MOU have mutually acknowledged and agreed to the following:
- The Parties to this MOU shall work together in a cooperative and coordinated effort, and in such a manner and fashion to bring about the achievement and fulfillment of the goals and objectives of this ________________________.
- It is not the intent of this MOU to restrict the Parties to this Agreement from their involvement or participation with any other public or private individuals, agencies or organizations.
- The Parties to this MOU shall mutually contribute and take part in any and all phases of the planning and development of this ________________________, to the fullest extent possible.
- It is not the intent or purpose of this MOU to create any rights, benefits and/or trust responsibilities by or between the parties.
- The MOU shall in no way hold or obligate either Party to supply or transfer funds to maintain and/or sustain the ________________________.
- Should there be any need or cause for the reimbursement or the contribution of any funds to or in support of the ________________________, it shall then be controlled in accordance with ________________________ governing laws, regulations and/or procedures.
- In the event that contributed funds should become necessary, any such endeavor shall be outlined in a separate and mutually agreed upon written agreement by the Parties or representatives of the Parties in accordance with current governing laws and regulations, and in no way does this MOU provide such right or authority.
- The Parties to this MOU have the right to individually or jointly terminate their participation in this Agreement provided that advanced written notice is delivered to the other party.
- Upon the signing of this MOU by both Parties, this Agreement shall be in full force and effect.
AUTHORIZATION AND EXECUTION
The signing of this Memorandum of Understanding does not constitute a formal undertaking, and as such it simply intends that the signatories shall strive to reach, to the best of their abilities, the goals and objectives stated in this MOU.
This Agreement shall be signed by ________________________ and ________________________ and shall be effective as of the date first written above.
(First Party Signature)