How should agency agreements be documented?

Agency agreements should be documented through formal means such as a Memorandum of Understanding (MoU) or a Memorandum of Agreement (MoA). These documents serve as official records that outline the terms and conditions agreed upon between the parties involved. They help clarify the roles and responsibilities of each party, ensuring that both sides have a mutual understanding of their commitments.

Using a MoU or MoA provides a clear framework for the relationship, which can help prevent misunderstandings and disputes in the future. These documents are typically more rigorous and detailed compared to informal communications, and they hold legal weight should any issues arise regarding the partnership. In certain cases, they can also serve as a basis for more formal contracts later on, but primarily, they are designed to formalize the agreement in a clear and comprehensive manner.

Other options like contracts and tariffs, while relevant in certain contexts, may not necessarily capture the specific intentions of an agency agreement as succinctly as MoUs or MoAs. Emails and memos are often considered informal means of communication and may lack the necessary structure and detail expected in formal agreements. Verbal agreements, while potentially valid, are difficult to enforce as they lack documentary evidence and specific terms, making them less desirable for formal agency arrangements.