It's not uncommon for parties to start to work on a deal together without having an agreement signed. However, at the point in time when they have come up with a framework for the deal and they start to work in accordance with the deal, then they have had a "meeting of the minds" on the key implied terms. The Effective Date can be made when they came to that meeting of the minds or agreement. This document would serve as a written record of the agreement that occurred on that day.What are the best practices in regards to converting an oral agreement into a signed agreement?Ideally, as soon as you can get to a written record is best practice. The potential to dispute the terms of the deal in the future is higher when there is no written record. In addition to supplying the actual date of agreement for this document, the parties should include in the recital section that this agreement had been reached previously and this document is intended to provide a written record of the agreed upon terms.