Prepare Legal Utah Buy-Sell Forms For Free

For example, three doctors could form a joint practice, and the doctors can agree to a buyout agreement where all remaining doctors can buy a doctor's ownership for $1,000,000 upon retirement.

A memorandum of understanding (MOU) is a legal document but it is not necessarily legally binding, although it usually signals a contract is imminent. The specific intent and language of the agreement will determine whether it is actually binding or not.

Similar to a contract, a memorandum of understanding is an agreement between two or more parties. Unlike a contract, however, an MOU need not contain legally enforceable promises. While the parties to a contract must intend to create a legally binding agreement, the parties to an MOU may intend otherwise.

Here is how buy-sell agreements work: Determine which events invoke a triggered buyout. Establish who has rights and purchase obligations. Identify the names and address of the purchasers. Set a purchase price or valuation with applicable discounts. Establish payment terms as well as their intervals.

While drafting a bill of sale is good standard practice for the purchase of many big-ticket items, they are required for the purchase of boats or motor vehicles in the state of Utah. You can use the form the state of Utah provides (Form TC-843), or you can draft your own.

The contents of an MOU include but are not limited to the scope and intended action of the MOU, the project, and the names of the parties and their respective responsibilities. Other contents include the length of the agreement, when the agreement begins, and when or how either party can terminate the agreement.