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Checklist - Memorandum of Understanding
Key issues for you to watch out for
The Problem
You need to know what to look for in the agreement you are reviewing.
Related challenges include:
- the business complains if a contract review takes too long
- having legal counsel review every contract is not feasible from a time or cost perspective
- conducting each review of every contract to a common standard is almost impossible
- even the best people have an off day and miss things
- non-lawyers / junior lawyers can take a long time to train in reviewing contracts
- you want contract reviews performed to a common standard
- you need to empower your business to do more for itself
- you do not have a checklist which explains what can and what cannot be agreed
- the problem increases when using 3rd party paper
The web has lots of checklists – but are they any good?
The GLS Solution
GLS Checklists™ flag the key issues you need to be aware of in a wide range of commercial agreement so you can be confident in the agreement that you are reviewing/signing.
This checklist is for a Memorandum of Understanding.
Useful to both legal teams and lay-persons, this GLS Checklist™ flags what is important and/or unique in this clause type, and includes a brief explanation as to why.
GLS Checklists™ flag what is a truly “material” risk area and what is not – allowing you to conduct an efficient and proportionate review.
There are plenty of checklists found on the Web but few are regularly maintained by a legal services group dedicated to empowering you to achieve more yourself.
Problem solved.
GLS RPLV Legal Operations Score
This solution’s GLS RPLV impact score:
| Resource Status: | Specialist | Repeater | Formative |
| Ease of Implementation: | Complex | Average | Easy |
| Value Demonstration/Visibility: | Low | Medium | High |
| Productivity Leverage Profile: | Low | Medium | High |
| IHL Line Optimisation: | Single | Multiple | All Lines |
IHL Critical Function Optimisation Targets
This solution enhances performance across the following critical in-house functions:
In-House Legal: Critical Functions / Processes
Contracting
Legal Tech
Managed Service
Human Capital
Knowledge
GLS has identified 15 critical in-house processes/functions that are present in every world-class legal department. To learn what these functions are, their composition and how they interrelate to deliver efficient legal team performance outcomes - visit here.
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