MOU

A Memorandum of Understanding (MOU) is a type of agreement between two or more parties that outlines the terms and conditions of their cooperation or relationship. Unlike a contract, an MOU is not legally binding, but it is a formal and serious agreement that serves as a record of the parties’ understanding and intentions. An MOU can be used in a variety of situations, including between governments, between companies, between individuals, and between organizations.  An MOU can be a useful tool for establishing a clear and mutual understanding between parties, and it can serve as the starting point for a more formal and legally binding agreement in the future.