Verbal Agreement Money Owed (VAMO) is an official business term for debt that has been agreed upon by two parties, without being formally written down. This type of agreement carries a certain set of risks and responsibilities and must be approached with caution. Verbal agreements must be specific,, clear, and binding – both parties must understand the terms of the agreement and accept them as accurate. VAMO can often have serious consequences if not followed through on, so make sure you fully understand all expectations before signing off on any verbal money owed.