Common Contracts
1 similar Memorandum of Understanding contracts
MEMORANDUM OF UNDERSTANDINGMemorandum of Understanding • August 9th, 2023
A memorandum of understanding (MOU) is an agreement between two parties that is not legally binding, but which outlines the responsibilities of each of the parties to the agreement. An MOU is often the first step toward creating a legally binding contract. In the U.S., an MOU can be considered identical to a letter of intent, which is another kind of non-binding agreement that suggests that a binding agreement will soon follow. To explore this concept, consider the following memorandum of understanding definition.
