MEMORANDUM OF UNDERSTANDING

ABOUT MEMORANDUM OF UNDERSTANDING

A Memorandum of Understanding (MOU) is a contract between two or more parties that sets out the rights and obligations of the parties to the contract. This is usually done when the parties enter into an initial discussion. A brief document that formalizes the first level of discussion between the parties. It is a general agreement between the parties and forms the basis for future formal agreements. A Memorandum of Understanding is an expression of continuing or agreeing to continue. This symbolizes that the parties are reaching an agreement and developing a business relationship. Although  not legally binding, it is  a strong statement of the inevitability of the contract.

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