MOU - Making Contracts Easy

By: Bette Daoust, Ph.D.
Submitted: 2007-01-17 15:35:52
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I had never really heard the term MOU until a few months ago and now I can fathom how I can do contracts without them. A MOU (Memorandum of Understanding) will help you get working on contracts much quicker.

Here is how a MOU will work for you.

  • Set a meeting with a potential client.
  • Come to an agreement with the client during the meeting.
  • Put the items of agreement into an MOU and have both of your sign the MOU

You now have an agreement that will allow you to start doing some preliminary work without either of you backing out of the temporary agreement. You might ask what goes into a MOU. Here are some of the items that you should consider:

  1. The official name of each company for the terms of the agreement
  2. The purpose of the agreement - what the general agreement is about - a summary in as few words as possible.
  3. Reference information - how it relates to the agreement - date, time, or other information.
  4. A clear, concise statement of the problem with any background information you feel is important.
  5. A brief description of the scope of the agreement - should be fairly specific as to what the work will be.
  6. A list of the understandings, agreements, support and resource needs plus the responsibilities of each of the parties signing the MOU.
  7. State the contracting period for the MOU.
  8. State the monetary and performance requirements - do not get overly detailed as that will be spelled out in a more detailed contract later in the process. You should also include a termination clause that benefits all parties.
  9. State how performance will be measured.
  10. Include the date the MOU becomes effective.
  11. The final step is to have all parties sign the MOU.
    12. The MOU is one of the easiest agreements to put in place and help you get to work much quicker while you wait for the final contract.

Bette Daoust, Ph.D. is a speaker, author (over 170 books, articles, and publications), and consultant. She has provided marketing, sales, business development and training expertise for companies such as Peet's Coffee & Tea, Varian Medical Systems, Accenture, Avaya, Cisco Systems to name a few. Dr. Daoust has also done extensive work with small businesses in developing their marketing, training, and operational plans. You may contact Dr. Daoust at http://BizMechanix.com You may also view her latest publications at http://BlueprintBooks.com Dr. Daoust also writes for the National Networker http://theNationalNetworker.com

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