50 Free Memorandum of Understanding Templates [Word] image source: templatelab.com
A letter of understanding template is very helpful in establishing or updating the relationships between parties involved. The template is basically composed of two paragraphs and should be drafted as a contract between the parties.
The first important thing to consider is that the language and format should be clear, precise, concise, formal and short. The letter of understanding should include all the information related to both the parties without taking into account other factors like privacy. A good template for a letter of understanding is to be drafted by someone who is knowledgeable about the subject and knows how to use proper grammar, spelling and format. To create a proper format, the letter should follow a certain structure which is similar to the formality of an official letter from the government. The basic idea is to establish the relationship between the parties and to give the complete details about the agreement between the parties.
The contents of the letter should also be precise and accurate. It should mention the exact terms and conditions of the agreement and the obligations of both parties. Some of the essential points related to a letter of understanding are as follows: the name of the party to whom the written document is addressed; the date of signing of the agreement; and the name of the legal advisor who can be contacted at any time by either party if there is any question or concern. A signature line in a letter of understanding template can be an electronic signature of the authorized signatory of the signature. In this way, even a casual call on the behalf of the party can make the other party aware of the contents of the letter.
Another important matter to be mentioned in a template of a letter of understanding is to mention the date of signature. A template is not considered as a legal document and cannot be enforced on a court of law. There should be some provisions regarding how the agreement can be used if there is some breach. If the letter is sent as an email attachment, there is no need for a signature at all. The parties can choose to exchange it through snail mail or through a fax.
The next most important matter to be mentioned in a template of a letter of understanding is to mention the names of both parties. This should also include the address, telephone number and email id of each party. The signature should also be noted in the template if it has been included in the draft.
An important aspect that needs to be mentioned in the template is the date of signing. This should be mentioned clearly as it helps in maintaining the secrecy of the communication. In fact, the template itself should be made very short and easy to read so that people reading it can understand its meaning immediately.
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