Ifinix Corporation (INIX)

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What is included in an LOU


Letter of Understanding

This concept emphasizes the importance of operating true partnerships in which frequent communication and mutual understanding between both sides takes place. While by-laws apply to a chapter and establish the ground rules for how that chapter (one side of the partnership) will conduct its business, the Letter of Understanding provides written guidelines for operating the partnership as a whole. The Letter establishes a mechanism through which the two sides of a partnership clarify their joint goals and responsibilities.

While Letters of Understanding can vary from partnership to partnership, several common elements must be included. These elements are:

* A statement of philosophy. This statement is a reaffirmation of the goals and objectives of the partnership, developed and agreed upon by both Partner chapters.
* A commitment to respond promptly to communications between counterpart chapters, including written information exchanges with regard to duties and responsibilities of committees. An excellent partnership has an effective system of internal communications among the officers, board of directors, program subcommittee chairpersons and members within each chapter, as well as a system of regular communication between the two chapters of the partnership.
* A commitment to a communications strategy that involves the exchange of minutes, financial reports, progress reports, publications, membership lists of officers and program committee chairpersons, and any other helpful information.
* A system to ensure approval of all mutually agreeable joint projects by both chapters.
* Recognition of the Partners of the Americas Board of Directors as the ultimate governing body of the Partners of the Americas program.
* Recognition of the Partners of the Americas, Inc. by-laws.
* Compliance with the Requirements for Charter and acceptance of the system of chartering and peer consultancy.
* Commitment to put forth the best effort of both chapters to achieve the Standards of Excellence.

Other elements that reflect best practices and should be included in Letters of Understanding are:

* A plan to visit the counterpart chapter for planning purposes at least once every other year (such that there is either a north-south or south-north traveler every year).
* A commitment to request assistance from the counterpart chapter in connection with internal challenges.

http://www.partners.net/partners/Letter_of_Understanding_EN.asp?SnID=2