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CHECKLIST REQUIREMENTS OF AN MOU

Agency InformationRecipient’s or sub-recipients identification information with points of contact.In such cases, rather than employing many people who are experts in that field, companies prefer to take the help of a consultancy agency.The unconditional commitment of third party providers to provide service.Description of services to be provided.Provision of the scope of services. Point-in-time number of clients receiving service.Total clients receiving service over the grant term.
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Benefits of MOU

Establishes a Common Intention
  • • With any business dealing, it is paramount that both parties understand each other's goals and objectives.
  • • An MOU can be a great asset to your business relations.
    • Reduces Risk of Uncertainty
  • • Business negotiations can be rocky and uncertain at times. They can be particularly hazy at the beginning of relations between the parties.
  • Although the document is not legally binding, it is useful as it records what has been agreed upon during negotiations.
    • The Ease of Ending Engagements
  • • An MOU can put our minds at ease. Having the proposed terms already set out in a prior document provides a framework for future dealings.
  • The MOU can also be referred back to as a reminder of the parties’ objectives and intentions if any confusion arises.

    • How does an MOU Work

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  • • An MOU is an expression of agreement to continue or proceed. It symbolizes that the parties have reached an agreement and progressing ahead with their business relationship. Although it is not legally binding, it is an earnest declaration that a contract is imminent.