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Understanding and Writing Contracts and Memoranda of Agreement

Understand the nuances of contracts and memoranda of agreement, their differences, when to use each, and how to draft them effectively.

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Understanding and Writing Contracts and Memoranda of Agreement

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  1. Understanding and Writing Contracts and Memoranda of Agreement

  2. What are contracts and memoranda of agreement? • ContractIt is a statement of an agreement between or among two or more parties that involves an "exchange of value." • Memorandum of agreementIt is not a legal document, but the signers are showing that they don't intend to try to enforce its terms. • Gray areasIf one party takes a lossIf a particular exchange has become customary

  3. When might you use each document? • Use a contract or subcontract: • Whenever money is involved. • Situations involving a non-money exchange. • Use a memorandum of agreement: • To define a relationship between organizations. • To agree to affiliate in a particular way. • To agree to share something. • To agree to work together in specific ways.

  4. How do you read and understand a memorandum of agreement? • Read every word carefully. • Ask for clarification or help. • Be sure you agree with all the conditions of the memorandum of agreement before you sign it. • Raise any questions before you sign.

  5. How do you draft a contract? • Explain who the parties to the contract are, and the time period that the contract covers • Explain as specifically as possible every aspect of the contract: what, who, how, when and where • If there's money involved, explain the details of payment. • Explain any other obligations of each party. • Explain how the contractor's performance will be evaluated. • Explain the consequences if either party fails to deliver on what it has agreed to. • Explain the conditions under which the contract can be ended or "terminated ". • Explain the conditions under which the contract can be changed or "amended ". • When you've finished, show the contract to others to review your intentions and specifications. • Finally, give the contract to the contractor, and be prepared to negotiate some parts of it.

  6. How do you draft a memorandum of agreement? • The more everything is spelled out, the less confusion about what you're agreeing to. • Being specific helps to avoid misunderstandings, which can escalate into bad feelings and enmity where there was originally trust and collaboration. • Clarity in an agreement provides an outline for your work or activity. • A clear agreement reflects the clarity of everyone's expectations.

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