No one would be able to make the case that raffles and movies are not popular events. The latter in particular is seen by countless people as one of…continue reading
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What is a Deal Memo?
A deal memo or deal memorandum is a summary of the important points of a contract. It is a written document that is usually short. Deal memo is an American term. It is a precursor before having a contract. Usually, it is written because both parties do not have enough time yet to make the contract and they need to write their terms in a hardcopy that they can use. They can use a deal memo temporarily before the contract. It can make their legal agreement documented. A deal memo is a little different than an ordinary memo because of its key elements and use. But a deal memo is an example of a memo. Usually, a deal memo is used in the film industry or in the music industry.
A cast or actor can have a deal memo with the producer. Writers and the workers in video production can also be given a deal memo. Some example of deal memo are actor deal memo, crew deal memo, cast deal memo, producer deal memo, and talent deal memo. You can write a deal memo in a memo notepad or a memo pad. Unlike the typical memo, a deal memo contains the signatures of the two parties. A deal memo is so useful, because you can make an agreement by using it if you still do not have the time or the opportunity to have a contract. It will do for the mean time. You can be at ease that your agreement will be working just by a deal memo.
Key Elements of a Deal Memo
Are you going to write a deal memo but you do not know what to put in it? Here are elements that you need to include in a deal memo.
Benefits of a Deal Memo
There are reasons why a deal memo is vital. It has certain benefits that is why it is used in any kind of business. They are the following:
How to Write a Deal Memo
Is it your first time to write a deal memo? First times are hard sometimes, so to make things easier for you, you can use the following steps which can help you how to write a memo.
Step 1: Begin with a header.
A header tells that you are communicating in a memorandum. It contains the name of the recipient, the name of the sender, the date, and the subject of the deal memo. Be accurate in writing this details, because you can refer to the deal memo when the two of you are going to make a contract. Be sure to input the date correctly and choose the right subject that can describe your agreement.
Step 2: Start writing an introduction.
Use declarative sentence in giving the main topic of the deal memo. The introduction will be a short summary of what your deal memo is all about. Be clear about the introduction. It should emphasize the contents of the deal memo. Use 3-4 sentences that can describe your agreement, defining the very important infornation of the deal memo. The introduction somehow is the executive summary, so write effectively for it. Do not miss on the important information that you should give.
Step 3: Write the body paragraph.
Then the most of your content should be written. They are the information on the deal memo. Write the key elements or all the data that you should include in the deal memo. Elaborate main ideas and write in short paragraphs. Make each paragraph using 2-4 sentences only. Make your deal memo as easier to read as possible. Include subheadings and have lists using bullets so the deal memo will be easier to comprehend when the recipient scans it. By using that, the recipient will have an initial understanding of the deal memo even at a glance.
Step 4: Make a conclusion.
After the body paragraph, have a conclusion. This is another summary of the deal memo. Only, it includes ideas on how to take action for the deal memo. If an action is required, tell it at the conclusion.
Step 5: Close with the signatures.
Your signatures are needed in the deal memo. You can put your names, with your email address and contact number. Then signature blocks that are alloted for the signatures of the parties that would enter the agreement.
Is a Deal Memo Binding?
A deal memo signifies your agreement with another party. It is a document that both of you can adhere but a deal memo is not binding. To make a binding agreement, you should make a contract. A deal memo just serves its purpose. It is not binding and cannot be brought in the court of law.
Where Can I Find a Deal Memo Example?
A deal memo sample is easy to find. Just type “deal memo template” in Google, and diffrent websites who offer templates can be shown to you. You can choose a template that you like and start writing your deal memo. Examine each template first, so you can choose the best one for you.
Making a deal memo is much easier than making a contract as we start a project. It will save us time and cost. It is useful, although, it is not binding. But still, a deal memo is something to be accounted for. We can use it every time that we are making a project. It is beneficial for everyone or for all parties that are involved. It is more simple and is so much easier to write. If you cannot make it to have a contract, and your project should start as soon as possible, you can try making a deal memo first. Make a deal memo in your notepad and you can start your project without sweating for a contract.