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Partnerships & Collaborations. The Memorandum of Understanding /Agreement is a document which describes an agreement between two or more parties and sets out the parties’ common goals and courses of action to be taken for a particular purpose.
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The Memorandum of Understanding /Agreement is a document which describes an agreement between two or more parties and sets out the parties’ common goals and courses of action to be taken for a particular purpose. • The Memorandums of Understanding/Agreement is used by parties who want to enter into a project together, but do not want the rigid formalities of a legally-binding contract.
The Common Elements of an MOU or MOA • Overall Intent • The Parties • The Period • Assignments/Responsibilities • Financial Arrangements • Updates • Terminations • Signatures