LETTER OF AGREEMENT Meaning and
Definition
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A letter of agreement, also known as a memorandum of understanding (MOU), is a written document that outlines the terms and conditions agreed upon by two or more parties involved in a particular agreement or contract. It serves as a formal record of the agreement and helps prevent misunderstandings or disputes between the parties involved.
A letter of agreement typically includes details such as the names and addresses of the parties involved, the purpose of the agreement, the specific tasks or obligations of each party, the duration of the agreement, and any associated terms and conditions. It may also cover aspects such as payment terms, limitations of liability, confidentiality clauses, and dispute resolution procedures.
The letter of agreement provides a comprehensive overview of the agreed-upon terms, serving as a reference document for both parties. It is often used in business transactions or professional collaborations, serving as a precursor to a more detailed contract or as a standalone agreement when a formal contract is not required.
This type of agreement is highly customizable based on the specific needs and requirements of the parties involved, enabling them to define their expectations and responsibilities clearly. The letter of agreement helps establish a mutual understanding and secure commitment between the involved parties, promoting transparency and trust in their business relationship.
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