Creating an MOU
This playbook describes the sequential steps to draft a Memorandum of Understanding. It involves outlining the agreement, discussing with the involved parties, and formalizing the document.
Step 1: Draft Outline
Begin by drafting an outline of the MOU, listing the preliminary intentions, goals of the partnership, roles and responsibilities, and any other key points you anticipate will be part of the agreement.
Step 2: Internal Review
Have the draft outline reviewed internally within your organization to ensure it aligns with your interests and objectives, and make any necessary revisions.
Step 3: Stakeholder Meeting
Conduct a meeting with the stakeholders from the other party or parties involved in the MOU to discuss the draft outline and gather feedback.
Step 4: Incorporate Feedback
Revise the draft outline to incorporate the feedback obtained from the stakeholder meeting, ensuring that all parties' concerns and suggestions are addressed.
Step 5: Legal Review
Submit the revised draft to legal counsel for review to ensure that the language and terms do not have unintended legal implications.
Step 6: Finalize MOU
Apply any changes recommended by legal counsel, finalize the wording, and then format the document in a professional manner suitable for an MOU.
Step 7: Signatures
Arrange for the authorized representatives of all parties involved to sign the MOU, thus formalizing the intentions of the ongoing partnership.
Step 8: Distribute Copies
Ensure that all parties receive a copy of the signed MOU for their records.
General Notes
Negotiation
Be prepared for multiple rounds of negotiation when discussing the outline with stakeholders.
Non-Binding
Understand that an MOU is typically a non-binding agreement, but treat it with the same level of care as a binding contract.
Confidentiality
Discuss and agree upon the confidentiality terms regarding the discussions and the MOU itself with all parties involved.