What is an understanding memorandum?
A Memorandum of Understanding is the document that outlines the agreed ideas established by the parties in mediation with the assistance of the mediator.
This document is drafted by your mediator and is not legally binding on its own.
The mediation agreement outlined in the Memorandum of Understanding provides the parties time to deliberate on the recommendations and seek legal counsel before making the agreement legally enforceable.
Creating a legally enforceable mediation agreement is uncomplicated.
By reaching an agreement via mediation, the difficult job has been completed.
There are many alternatives for making the agreement legally binding, including petitioning the court to turn it into a court order.
The manner in which the parties make the agreement legally binding is a question of decision and will mostly rely on the nature of the dispute and their levels of confidence.
This topic is discussed in further depth later on.