Today, Russian speech is replete with various terms and concepts that, until recently, were known only to a narrow circle of enlightened and literate people. Such words are now densely entered into life and are found everywhere: in everyday life, art, work, politics and sometimes even in the field of entertainment. One such term is a “memorandum”. What is this word, and what does it mean?
Word origin story
Before you begin to understand the meanings and stylistic options, it is worthwhile to understand the meaning and literal lexical meaning. Memorandum translated from Latin means "what you need / should remember." In the old days, such a term was called manuscripts or books telling about historical events, facts from the past and even some descriptions of other worlds and entities beyond human life. Today, the word "memorandum" also means a document, only drawn up not to mention the past, but as a reminder or guide to action in the future.
Political Importance
The first association with this term is international relations. When solving various economic and political issues at the interstate level, the representative of one of the parties is personally presented with a diplomatic document - a memorandum. What it is? Such a document, as a rule, covers all available facts on the issue under consideration, sets out an analysis of the current state of affairs and prospects for the future, contains a rationale for the side’s position and possible solutions with an analytical or calculated review of all possible consequences of fulfilling or not fulfilling the above conditions.
In simple terms, in a memorandum at the level of international relations, one state justifiably declares to the other its position on any issue. And it requires or recalls the need to fulfill certain obligations. This document may be transmitted either independently or as an annex to a diplomatic note. And the second side, having considered all aspects, decides whether to sign an agreement or not.
On the international level
Such agreements can be signed not only between national governments. Parties to the interstate document may be individual departments or ministries, large corporations, organizations and associations of budgetary spheres, etc. For example, a memorandum of cooperation between universities of several countries may involve the exchange of scientific research and work, staff and students to gain experience and expand the circle of knowledge in order to achieve the best results in any scientific field.
Business value
If this is not about the interstate level, the memorandum: what kind of paper is this? In business (most often in trade), such a document can be sent to a partner or client with a reminder of the need to fulfill any obligations. For example, about the imminent expiration of the debt repayment period for the purchased goods, the requirement to ship the products at the price specified in the contract, etc. True, this concept is not often used in this industry. And, as a rule, only by large corporations.
Special and specific interpretations
You can often find in the insurance contract or in the form of an appendix to it a memorandum. What is it when it comes to this area of the economy? In insurance policies, most often marine, this concept designates a list of cases and circumstances that are not subject to compensation under the contract. In the clerical work of various organizations and institutions, you can also find documents with the eloquent title of “Memorandum”. The value of such papers boils down to banal memos, service notes and other paper correspondence.
There are specific meanings of the term. For example, a document containing a list of restrictions on various promotions and discounts, compiled by a distributor of film strip and sent to film distribution companies. In the stock market there is the concept of "investment memorandum." This document sets out information that is needed or will be useful to potential investors. This applies to both stock market investments and direct investments in companies and enterprises.
Memorandum structure
As mentioned above, this document can be composed in the form of a regular memo and a business letter, proudly entitled by the word “Memorandum”. What kind of document is it, if drawn up correctly, as an agreement or contract, while adhering to basic rules and principles? First of all, it should be divided into semantic sections:
- Introductory part. It contains a brief description of the subject matter.
- The main part of the memorandum. It describes in detail the subject of discussion, gives a legal and economic analysis of the issue, contains analytical reviews, the position of the parties regarding the subject of discussion. This part should be as informative as possible, contain facts and reasonable conclusions without abstract reasoning and deviations from the topic.
- Estimated results of fulfilling / not fulfilling the terms and conditions with a clear position of the one who offers such an agreement. Concluding it, it is important to remember: the parties, after they have signed the memorandum, can no longer refuse to implement it or terminate it without the consequences set forth in this section.
- References to regulations, other agreements, contracts or memoranda, etc.
- The final part, which usually consists of abstracts.
The document should be composed correctly, without errors and commonplace expressions, to give explanations to complex or specific terms. The memorandum should also take into account the particularities of the parties to the agreement and the availability of opportunities for its implementation. It all depends on the issue under consideration, therefore, the subtleties of economic development, religious preferences, established traditions are taken into account. Thus, the word “memorandum” has many meanings. And it acquires a specific meaning depending on the scope and purpose of use.