How To Sign North Dakota Banking Memorandum Of Understanding

Industry sign banking illinois memorandum of understanding simple

[Music] you I want to talk to you about something that I feel very passionate about because of how it's impacted me in my business life and that's working with other people working with partners and making sure that you cover your tail I had two students call me up and this just this past week where they were telling me scenarios about their involvement with another person now in one particular case it happened to be another owner forum member so it was two owner forum members trying to create a sort of partnership in in a deal and then another scenario was an owner forum member who met another person at another gurus boot camp they became partners and they were trying to get into a third persons deal as general partners and the general and the guy who control the deal was offering you know different things to them and all I have to do in situations like that is just ask the most basic probing questions first of which is do you have anything in writing like how do you know this guy what's his involvement what is the expecting of you what are you going to get for that he's told you you're gonna get and they have nothing they know we just we just talked about it but you know we I he's a good guy and I really like him and I trust them and you know okay that's not that's not how this whole thing works you need to get these things in writing and I'll tell you right now it takes the most basic document to make this happen I don't know the easiest document to use is what's called a memorandum of understanding and it's just a simple can be one-page two-page doesn't have to be anything lengthy but it basically lays out what who the parties are why they're coming together what they're trying to achieve and do it under these circumstances and so I started thinking myself I see this more than I want to and I see students getting themselves into trouble that you know oh well he said he was gonna do that well yeah it turns out that that he you know people at the closing table have very short memories now a memorandum of understanding is not it can be binding it doesn't have to be binding but it's it's basically a memorial ization of the conversation that you had so everybody is on the same page and it really shows people that hey you know what if I'm not if I'm not able to agree with this guy now at this stage it's not going to get any easier you later on so what I'm doing and what I'm in the process of doing is putting together an online forum and I'm going to start off with on forum members where you're gonna see a product in the product library it's gonna call it be calling memorandum of understanding you're just gonna click on it I'll have a little video of me teaching you what I want you to do you fill in the blanks you click on that the hyperlink it takes you to a form you fill in the blanks you set up a time with me to talk and then we we go through it and I'll put together the memorandum of understanding for you so that you guys have something to work with and I think that'll really make you it'll it'll protect you and it'll make your business look yeah baby thanks Richard you make your business look like you know what you're talking about when you show up to this guy with a legally drafted MOU is what we call them MOU that has all the terms and conditions of what that what you all agreed to and I can tell you you know there is you know one of these students what this guy was offering was illegal you couldn't get past go and the last thing you ever want to do take this to the bank is enter into a contract that on day one you are in breach of [Music]