All About Memorandum of Understanding (MoU)

Introduction: Whenever there are business collaborations, partnerships and joint ventures, which are actually very common nowadays, but before entering into a formal contract, parties always want to outline their intentions clearly. Now this memorandum of understanding (MoU) plays a vital role. An MOU might not always carry the same legal enforceability as a contract, but it is a document that records the mutual understanding between two or more parties about their roles, responsibilities, and expectations, and serves a strong foundation for building trust and avoiding future disputes. What is a memorandum of understanding? (MoU) A written agreement between the parties that states about their mutual goals and terms of collaboration is called memorandum of understanding (MoU) . This is often used in business government and international relations to show the intent to work together. It is formal than a handshake but less rich th...