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Learn more about Memorandums of Understanding
You probably need time to settle on all the details of your new business relationship. A Memorandum of Understanding helps you fill in the gap between the handshakes and the signatures. In the meantime, you can work out your terms, and get some assurances that your project is moving forward. You're both business pros, but you'll still need to negotiate. There are a few biggies to take care of first-like terms of payment. Who's doing what in this partnership? What are your deadlines? What's this project all about? Sketch it out in a Memorandum of Understanding and you're already halfway there. Keep in mind that a Memorandum of Understanding is not a substitute for a legal contract, and may or may not be binding. Consult an attorney if you have questions.
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