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A memorandum of agreement is a legal document describing a business partnership between two parties that agreed to cooperate to meet an agreed objective. A Memorandum of Agreement (MOA) is a written document describing a cooperative relationship between two parties wishing to work together.Use this totally free 2022 Memorandum of Agreement (MOA) template to document your cooperation on a project with another party. An MOA details the obligations and commitments of the parties and allocates and minimizes each party's risks. A memorandum of agreement generally looks different from a contract. What is a Memorandum of Agreement? A Memorandum Agreement is a useful placeholder that helps you outline terms for nearly any kind of new business relationship. 3.2 This Memorandum of Agreement shall terminate, in accordance with Section 1. A memorandum of understanding is an agreement between two or more parties outlined in a formal document. CML is obligated to take the electricity and make the contract payments for the full 15-year term.