Understand the value of using Memoranda of Understanding as a regular part of your operations.
Many organizations see value in working with other organizations, but they are wary of doing so due to contracts, formalities, etc. How can organizations work together to maximize their ultimate results and operations while not entering into additional formal contracts? This topic will help the persons responsible for the operation of organizations to recognize the need for and utilize Memoranda of Understanding to build relationships and increase the outcomes for the organizations. This material will walk through the process and cover the dos and don'ts. This information is critical for high-level employees to utilize this rarely used but powerful tool.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
What Is a Memorandum of Understanding
- Is It a Contract?
- Is It a Waste of Time and Resources?
- What Is the Rationale Behind Its Use?
Reasons for a Memorandum of Understanding
- Relationship Building
- Initiating a Process
- Lower Level of Commitment
Who Can Physically Prepare a Proper Memorandum of Understanding
- A Lawyer?
- Your Accountant?
- Your Staff?
Problems With Poorly Drafted Memoranda of Understanding
- No Measurable Metrics
- No Hard Time Periods
- No Specific Expectations
Finalizing the Memorandum of Understanding
- Look Each Other in the Eye
- Regular Follow up
- Have Plan for Contract
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on July 9, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Samuel J. Erkonen
Howe & Hutton, Ltd.
- Practices on a wide variety of matters with a focus on not-for-profit law
- Admitted to and has practiced in the U.S. District Courts of New York (all four districts), California, Illinois, Florida, District of Columbia, Colorado, and Oregon
- Frequent speaker for a large variety of audiences in the hospitality and not-for-profit industries including regularly giving educational presentations for the U.S. Chamber of Commerce at its Institute for Organization Management
- Past chairman of the Trade and Professional Association Committee of the Chicago Bar Association and recently served on its prestigious Nominating Committee
- J.D. degree; LL.M. degree in taxation, Washington University School of Law in St. Louis; B.B.A. degree in finance, University of Iowa
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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