Tuesday, June 11, 2013

Trump Style Negotiation: CH15--When to Use Nonbinding Letters of Intent or Memoranda of Understanding

Letter of Intent (LoI) and memorandum of understanding (MoU)

         LoI and MoU are both non-binding documents. They provide the agreement both parties should morally agree to stick to. LoI outlines what the transaction is about. MoU, on the other hand, is written after a few items have been agreed.
          Both LoI and MoU should be concise (e.g., 2-page long). They state the intent of both sides, and should state that  they do not legally bind both sides and therefore not written in lawyer-like language.

Guidelines about LoI/MoU

  • Again, you should control the document. If you get a chance to write an LoI/MoU, take it!
  • LoI/MoU may reveal the real decision maker. It could be the person who signs on the LoI/MoU.
  • LoI/MoU pose moral commitment on both sides. Legal documents will come out of the LoI/MoU.
  • LoI/MoU need time investment. Once established, both sides feel strongly to stick to the agreement. Even if they don’t have to, they don’t want to. 
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Book or Audiobooks?

Personally, I prefer audiobooks. It's fun, and I can listen when I'm doing something else. It also makes other activities (e.g., jogging) a lot more fun. For more detail about audiobooks, please read [this post].

There is one more reason that may encourage you to go for the audiobook version. You can get it now for FREE. Audible offers you a free trial for 14 days. Even if you get the book and cancel the subscription right away (so that you don't have to pay), you can keep the book. And, don't worry if you lost the audiobook file. Just log into audible.com. You can keep downloading the over and over again.
About the summary: It takes time to finish up a book. And, when you do, sometimes, you want to review what you learn from the book. If you do not make  notes as you read, you might have to go through the book once again. This can be time-consuming when you are dealing with a book. But you can still flip through the book and locate what you are looking for.

However, when the material is an audiobook, it is extremely hard to locate a specific part of content. Most likely you will have to listen to the entire audiobook once again.

This book summary will help solve the pain of having to go through the book all over again.

I am leaving out the details of the books. Most books have interesting examples and case studies, not included here. Reading the original book would be much more entertaining and enlightening. If you like the summary, you may want to get the original from the source below.

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