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Home Q&A Forum When is it appropriate to use a memorandum of understanding?

Partnership

Memorandum of Understanding

Colorado

Asked on Mar 29, 2021

When is it appropriate to use a memorandum of understanding?

I am discussing a partnership with another company and we will be doing a pilot before integrating our software. The other party has asked us to provide a partnership agreement. I read about memorandum of understandings and wanted to learn more about what they are used for.

1 Attorney answer

Answer

Partnership

Colorado

Answered 1203 days ago

Jane C.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut, District of Columbia, New York
Free Consultation

You may use a Memorandum of Understanding when you want a written agreement that is less formal than a contract yet still outlines the terms of your partnership. Disclaimer - This information is provided for general informational purposes only. No information contained in this post should be construed as legal advice and does not establish an attorney-client relationship.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
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