A memorandum of agreement (MOA) is a formal written document that outlines the terms and conditions of an agreement between two parties. This document serves as a legal agreement between parties and is used to secure and solidify the terms of their agreement. In this article, we will provide you with a sample memorandum of agreement between two parties.
Sample Memorandum of Agreement
This memorandum of agreement (MOA) is made on [insert date] between [insert name of Party A], represented by [insert name and title], address [insert address], hereinafter referred to as “Party A” and [insert name of Party B], represented by [insert name and title], address [insert address], hereinafter referred to as “Party B.”
Purpose
The purpose of this memorandum of agreement is to outline the terms and conditions under which Party A agrees to provide [insert service or product] to Party B.
Scope of Work
Party A agrees to provide [insert service or product] to Party B as detailed in the attached [insert document].
Duration of Agreement
This MOA shall commence on [insert date] and shall remain in effect until the completion of the services by Party A or until [insert date], whichever occurs first. The agreement may also be terminated by either party upon [insert notice period] written notice to the other party.
Payment Terms
Party B shall pay Party A [insert payment amount] for the services provided by Party A within [insert payment period] days of receipt of the invoice. In the event that Party B fails to make payment within the agreed-upon timeframe, Party A shall be entitled to impose a penalty of [insert penalty amount] for each day that payment is late.
Confidentiality
During the term of this MOA and thereafter, Party A and Party B shall maintain the confidentiality of all confidential information received from the other party, whether or not such information is marked as confidential.
Intellectual Property
Any intellectual property rights arising from the services provided under this MOA shall remain the property of Party A. Party B shall not use any intellectual property rights of Party A without the prior written consent of Party A.
Termination
Either party may terminate this MOA with immediate effect by written notice to the other party if there is any breach of the terms of this MOA by the other party or if either party becomes insolvent, has a receiver appointed, or enters into bankruptcy.
Governing Law and Jurisdiction
This MOA shall be governed by and construed in accordance with the laws of [insert state or country]. Any dispute arising out of or in connection with this MOA shall be submitted to the exclusive jurisdiction of the courts of [insert state or country].
Entire Agreement
This MOA constitutes the entire agreement between Party A and Party B and supersedes all prior negotiations, understandings, and agreements between the parties.
Signed by:
[Insert name and title of Party A]
[Insert name and title of Party B]
Conclusion
In conclusion, a Memorandum of Agreement serves as a legally binding document that outlines the terms and conditions agreed upon by two parties. The sample MOA above provides a basic outline that can be customized to suit the specific needs of your agreement. Be sure to consult with your legal team before signing any agreements to ensure that you are protected and that the terms of the agreement are clear and enforceable.