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A Memorandum of Agreement (“MOA”), also known as a memorandum of understanding, is a formal business document used to outline an agreement made between two separate entities, groups or individuals. A MOA usually precedes a more detailed contract or agreement between the parties. This MOA may be used to cooperatively work together on an agreed upon purpose or meet an agreed objective and outline the discussed terms of a new relationship. The purpose of an MOA is to have a written understanding of the agreement between the parties. A MOA usually precedes a more detailed contract or agreement, after a process of negotiations and due diligence. This MOA provides a simple but effective format to enter into a general agreement prior to finalizing a more detailed contract or agreement with a party.