On 27 March 2006, the five GPMA-backed teams (Jaguar, Honda, Ferrari, Toyota, and Renault) submitted their applications for the 2008 season. On 14 May 2006, the five GPMA-backed teams signed a Memorandum of Understanding (a letter agreeing to the terms) with the commercial rights holders (CVC/Ecclestone). This formed the basis of the next Concorde Agreement. A full Concorde Agreement was not in place for the season, with the Memorandum and other individual teams acting as a temporary solution.