Differnce between MoU and Agreement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2010
Hi all ,
Wats the differnce between MoU and agreement?
When MoU is required and when Agreement?
Wats the differnce between MoU and agreement?
When MoU is required and when Agreement?
30 July 2010
A MEMORANDUM OF AGREEMENT (MOA) ALSO KNOWN AS A MEMORANDUM OF UNDERSTANDING (MOU). THESE TITLES ARE INTERCHANGEABLE AND THE USE OF THE TERM “AGREEMENT” OR “UNDERSTANDING” HAS NO LEGAL SIGNIFICANCE. OFTEN, DIVISIONS WILL SUBMIT AN MOA THAT IS IN ESSENCE ONLY THE STATEMENT OF WORK. THE BEST USE OF THIS DOCUMENT IS TO MODIFY IT TO SERVE AS THE STATEMENT OF WORK FOR THE MORE FORMAL CONTRACT DOCUMENT.AN AGREEMENT BETWEEN TWO OR MORE PERSONS THAT CREATES AN OBLIGATION TO DO OR NOT TO DO A PARTICULAR THING. THE PURPOSE OF A CONTRACT IS TO DOCUMENT EACH PARTY’S OBLIGATION AND TO ALLOCATE AND MINIMIZE EACH PARTY’S RISKS DURING THE PERFORMANCE OF THE AGREEMENT. THE CONTRACT INCLUDES STANDARD TERMS AND CONDITIONS THAT SERVE AS THE SKELETON OF THE CONTRACT AND A STATEMENT OF WORK THAT SERVES AS THE SUBSTANCE OF THE CONTRACT. IN GENERAL, THE STANDARD TERMS AND CONDITIONS CAN SUPPORT ANY STATEMENT OF WORK, WITH ONLY MINOR MODIFICATIONS TO SOME OF THE TERMS.
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