Definition of memorandum of agreement

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Definition of memorandum of agreement
An MOA is an agreement between to parties that outlines each party's responsibilities. (business deal(agreement) image by Alexey Klementiev from Fotolia.com)

A memorandum of agreement is an agreement between two parties where each party has certain responsibilities. Both parties must sign off on the responsibilities chosen.

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General

A memorandum of agreement forms an association between two entities and outlines their responsibilities to each other.

Basic Sections

A basic memorandum of agreement (MOA) includes sections like authority (clarifying by what authority the MOA is being entered into, like a cited law), background (which provides information for the MOA) and the period of time the agreement will be in place. It also includes a date that the agreement will be terminated, any financial information, such as who will pay for what, and responsibilities of each entity involved. Parties must sign and date the agreement.

Extensive Sections

Depending on the parties involved in an MOA, more extensive sections may be added. Parties may decide to include records of accounting, a designation of representatives for the agreement or administrative contacts.

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