The Erasmus+ Memorandum of Understanding records all proposed terms and establishes a basic intention between the parties involved to create an Erasmus+ exchange relationship.
Why Do You Need an Erasmus+ Memorandum of Understanding?
While a Erasmus+ Memorandum of Understanding can seem unnecessary if you are planning on entering a formal contract, actually, it is an extremely valuable tool! Don’t underestimates the benefits of using an Erasmus+ Memorandum of Understanding. So what are the benefits of using an Erasmus+ Memorandum of Understanding? Read on for more.
1. It Establishes a Common Intention
As with any partnership, it is paramount that both parties understand eachother’s goals and objectives. Without clear terms and effective communication, partnerships will likely fail. This is why an Erasmus+ Memorandum of Understanding is hugely beneficial. Parties are able to simply set out their requirements and expectations in one place. As a result, this establishes everything clearly and sets out the objectives in one place.
2. It Reduces the Risk of Uncertainty
There is nothing worse than disagreeing with your Erasmus+ partner over contract terms! The Erasmus+ Memorandum of Understanding provides a great safeguard to reduce the risk of uncertainty in the expectations and objectives. Specifically, this is beneficial in any Erasmus+ partnership where the engagement is over a prolonged period. Setting out clear intentions can avoid disagreements between the parties involved. Doing this can also reduce the risk of uncertainty when drafting the formal contract.
3. It Records Prior Agreements
Often during the course of negotiation, two or more Erasmus+ partners agree on certain terms but what happens when a party retracts or forgets the agreed terms? This is where an Erasmus+ Memorandum of Understanding comes in handy! The Erasmus+ Memorandum of Understanding is useful, as it provides a clear understanding between the parties as to their common objectives and it enables parties to safely communicate confidential information.
4. The Ease of Ending Engagements
As discussed, an Erasmus+ Memorandum of Understanding can facilitate positive relations between parties as terms are clearly set out. The Erasmus+ Memorandum of Understanding is a great starting point, as it establishes what both parties want to achieve out of the agreement. If you find your objectives do not align with the other party, exiting the agreement is much easier, while exing an agreement after a contract is formed, can be more complex, stressful and sometimes costly.
5. It Provides a Framework for Future Dealings
Entering into a formal contract can be daunting when the Erasmus+ project is complex or over a long period of time. Having the proposed terms already set out in a prior document provides a framework for future dealings. The Erasmus+ Memorandum of Understanding can be used as a basis for the future contract. It can also be referred back to as a reminder of the parties’ objectives and intentions should any confusion arise.
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Don't forget to read our blog What is an Erasmus+ Memorandum of Understanding?.
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