The Contract Time shall be set forth in the Agreement, as well as time to complete each Phase of the Work. Remember the whereas clauses.Those sentences that begin with old, antiquated language, may just be the keys to your contracts. THIS AGREEMENT is made and entered into on. This Agreement shall be deemed to have been executed and to be performed within the. This Memorandum of Understanding ("MOU" or "Agreement") is made effective October. Include a complete justification for the need for any subawardee listed in the application.