Figure 7.1.
Once you have finished your negotiations, the next thing you need to do is get the agreement in writing. You should write a memorandum of understanding (MOU) right after the negotiation. What is an MOU? It’s a memo that states what you agreed to in writing. An MOU is very important because, before the supplier leaves your building, he knows exactly what you agreed to. There are no misunderstandings on what each party agreed to in the negotiation (at the end of the chapter is a sample MOU).
Once you have this you can prepare your contract. Most companies have a standard “boilerplate” contract that their legal department ...
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