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Main Theme This chapter focuses on the basic types of agreement and memorandum. By studying the contents and types of them, students will be able to master the writing skills and notice some tips about what should do and what should not do. Pre-reading Questions Do you know how to lease a car? Check the depreciation on that model of car Sign the lease agreement Get insurance 2. Do you know what the function of an Agreement is? Help you stay profitable Define how and when you get paid Clarify ownership of intellectual property 3. Do you know how to write a memo letter? Write the bottom-line first Check for the needless words Formatting Introduction An agreement typically documents the give-and-take of a negotiated settlement and a contract specifies the minimum acceptable standard of performance. Help You Stay Profitable. A well-drafted agreement helps avoid future misunderstandings. Make sure you clearly define your responsibilities and your fees. Define How and When You Get Paid. Specifically defined payment arrangements ensure that your client understands when payment is due and ensure that you, the consultant, are paid for your work in a timely manner. Help Avoid Costly Litigation. Include a clause addressing how any future disputes should be handled, saving you and your client lawyers’ fees and court costs. Clarify Ownership of Intellectual Property. A written agreement is essential in clarifying your rights to intellectual property. Finally, Have the Agreement Reviewed by a Lawyer before You Use It. What is an agreement? Agreement is meeting of minds (or an evidence of mutual accord or understanding) between two or more legally competent parties, about their relative duties and rights regarding current or future performance. How to Write an agreement? Basic Agreement Forms and Letters Signature of the Agreements Mutual Agreement Oral Contracts Crucial Elements of Written Agreements
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