A partnership agreement is a legally binding document that sets out the terms and conditions of a partnership between two or more parties. It is crucial to have a partnership agreement in order to avoid misunderstandings and disputes that can arise in the course of running a business.

A memorandum of understanding (MOU) is a less formal version of a partnership agreement. It outlines the basic terms and conditions of the partnership but does not include all the details that a formal partnership agreement would.

A MOU template partnership agreement can be a useful tool for businesses that are just starting out or for those who want to establish a less formal partnership. Here are some key elements that should be included in a MOU template partnership agreement:

1. Partners` names and contact information: It is important to identify all parties involved in the partnership and their contact information.

2. Purpose and scope of the partnership: The MOU should clearly state the purpose of the partnership and what it aims to achieve. It should outline the scope of the partnership, including the industries and markets it will operate in.

3. Roles and responsibilities of the partners: The MOU should specify the roles and responsibilities of each partner. This includes the tasks they are responsible for and the level of involvement they will have in the day-to-day operations of the partnership.

4. Duration of the partnership: The MOU should specify the duration of the partnership, including its start and end dates. This will help avoid misunderstandings and disputes that can arise when the partnership comes to an end.

5. Financial arrangements: The MOU should outline the financial arrangements of the partnership. This includes how profits and losses will be shared among the partners, as well as the funding arrangements for the partnership.

6. Termination clauses: The MOU should include termination clauses that outline the circumstances under which the partnership can be terminated.

7. Dispute resolution: The MOU should include a dispute resolution clause that outlines the process for resolving any disputes that may arise between the partners.

In summary, a MOU template partnership agreement can be a useful tool for businesses that want to establish a less formal partnership. It should include key elements such as the partners` names and contact information, the purpose and scope of the partnership, roles and responsibilities of the partners, duration of the partnership, financial arrangements, termination clauses, and dispute resolution. By including these elements in the MOU, businesses can avoid misunderstandings and disputes that can arise in the course of a partnership.