Memorandum of Understanding
Memorandum of Understanding
This template is absolutely necessary minimum documentation you need when someone joins your project.
It outlines the parties expectations - commitment, compensation, confidentiality, expenses, intellectual property rights protection and protects personal liability of the parties.
It is a Framework agreement for - cofounder - testing / probation period.
This template is to use for any form of joint cooperation in the initial stages of the project – for both parties to decide if you want to be working together.
When and for how long to use it?
As soon as you start collaborating with anyone else - be it potential future cofounder, volunteer or an intern. It helps to clarify expectations and avoid sensitive discussions if any of the parties decide not to proceed or continue. It also protects your project’s intellectual property from potential disputes about ownership.
How to use it?
1. Read and understand the template
2. Outline the framework agreement between the parties – length, compensation, expectations. Adjust the template to fit your agreement.
3. Document the framework agreement in the template and complete the yellow highlighted parts