A Memorandum of Agreement (MOA) is Less Formal Than a Contract But More Serious Than a Handshake
A memorandum of agreement is an understanding and agreement between two parties.
CITE: Advocatesforyouth.org
When two parties create a memorandum of agreement (MOA) in the form of a legal document, this is a formal and traditional gentleman’s agreement. It is not as binding as a contract would be but it is used as a letter of intent, especially in private law. A MOA is less formal than a contract but far more serious than a verbal agreement.
A letter of intent shows that a party has expressed an interest in becoming a part of an activity or has an interest in performing a service; however, it does not legally bind either party.
The Oil For Food Program, established by the U.N. in 1995, which lasted until 2003, is an example of a memorandum of understanding. This agreement gave permission to Iraq to sell oil to the world so that it could receive humanitarian help in exchange, including medicine and food for that country’s citizens. It is quicker to put a memorandum of understanding into use than a treaty. A memorandum of understanding does not require ratification and it can be changed without elaborate negotiations.
A memorandum of this nature is used quite often in international public law because it has advantages over treaties, which can’t be kept confidential as a memorandum can be. This is particularly beneficial when private or sensitive issues are addressed.
When a memorandum of agreement is drawn up it is essentially describing a cooperative relationship between two parties that agree on an objective or want to work together.
Money may or may not be involved or exchanged in a MOA agreement. Organization often use a MOA to create and detail collaborative agreements which can include providing training or technical assistance or service partnerships.
Who needs a memorandum of agreement? Presidential candidates do. Their respective teams decide on the limits of a pre-election debate, for example, and create a MOA spelling out the terms.
Sometimes a MOA actually turns out to be a contract. There are four elements needed to create a contract including legally enforceable actions from both parties are within the agreement; consideration of some benefit or form of payment is exchanged between the parties; both parties must not be under any threat or duress when signing the agreement and the acts considered in the contract are legal. A contract does not have to be called a contract in order to be enforceable.
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MY TAKE:
Always enlist the services of an attorney when drawing up a MOA or contract to make sure you know what you are agreeing to and exactly what you are getting yourself into. Down the road, you do not want to regret entering into some form of agreement that turns out to be more binding than you thought it was.
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