When an agreement is in the making, and an advisor or attorney is involved in the discussions, it is common for them to put together a form with some standard wording. In many cases, these are template forms that have already been put together by other professionals. When looking for memorandums of understanding, these may not be the best option. This is because the templates are generally just rehashed information from different sources on the internet. They are not tailored specifically to your needs, and many times the terms used will not be the ones best suited for your agreement. In addition to this, a template can often have legal ramifications that would not be appropriate in your specific case.
When working with a professional who is handling the negotiations for you, if they insist on using a sample form, then ask them if they can supply you with the completed document. If they say no, or that they cannot provide you with one, then consider finding another attorney to work on your agreement. It may be necessary to provide different forms of documentation to each party involved in the agreement, but a template should suffice for most purposes.
A Memorandum Of Understanding is not something that should be entered into lightly. Drafting and following it correctly can mean the difference between a successful agreement and a successful lawsuit. When it comes to a Memorandum Of Understanding, it is important to take the time to consider all the options and look for the most appropriate format for your agreement. Additionally, it is important to follow the law, and be sure there are no gaps in the documentation. If an advisor insists on using a sample form, take the time to discuss the legal ramifications of using that document in your situation.