![]() All parties should receive a written copy of their agreement before they leave the session.Want to create a memorandum of understanding? Read below for all the details about memorandum of understanding and download a free template! Part 1: What is a Memorandum of Understanding?Ī memorandum of understanding (also known as MOU or MoU) is a formal written document between two parties or more, outlining the key terms and details of an understanding or agreement, including each parties’ requirements and responsibilities.Be absolutely sure that all parties sign the agreement.Keep in mind that the Memorandum of Agreement is a Settlement Agreement therefore, appropriate personnel will need to clearly understand the terms of the agreement in order to effectuate the contents of the agreement.Each party should be able to understand its responsibilities in terms of the agreement. ![]() You should read each item out loud and ask each party if the wording is accurate.
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