Your Destination: Learn how to create an agreement letter, which is a legal document that defines the relationship and terms between two businesses. They are usually used for pre-contract negotiations.
Travel Kit: notebook, pen or pencil, printer
On the Path:
Step 1 Writing an agreement letter is important because it sets essential boundaries and rules. It is also helpful for all parties involved to know what to expect from each other.
Step 2 Think about the rules, terms, and duties that are expected from both parties. Be sure to be very detailed to prevent any confusion. Instead of saying “Share information with each other,” which is vague, say “Share any information that is learned right away with each other.” It is important to establish even simple rules that set boundaries like, “Do not release information on social media without consulting the other party.”
Step 3 If you are working with a partner, make sure you all agree with it as you edit the agreement letter. With the completed version of your letter, print out a copy for yourself and for the other party. Always have the agreement letter handy.
Group Tour: Compare your agreement letter with a partner to see if you come up with the same rules, terms, and boundaries. Compare and contrast your list of rules, and see which ones you agree on using in your agreement letter.
Extend Your Journey: Research other company and business agreement letters to see what differences and similarities you have with them. Make sure to find companies that are similar to your business.
Learn new vocabulary: boundaries
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