A memorandum of agreement format typically includes five sections, numbered with Roman numerals: purpose, description of roles and responsibilities, payment schedule, duration of the agreement, and signatures. Each section contains information corresponding to the numbered heading in list format or paragraph format.Continue Reading
The purpose section explains why the agreement exists. It includes the parties' names, the date, a description of the work, key contacts and any relevant financial obligations. The description section identifies each party's obligations, as well as the expected outcome of the agreement. The payment schedule details the amounts due and includes a timeline of related outputs.
The agreement duration section notes the start and stop dates and includes details for modification or termination. The final section provides names, signature lines for officials from both parties, and dates signed. Each party receives a signed and dated original copy.Learn more about Business Communications