Memoranda of Understanding
A Memorandum of Understanding (MOU) is a formal agreement between two or more parties that outlines their intentions and the terms of their collaboration. Unlike a contract, an MOU is generally not legally binding, but it serves as a clear framework for cooperation. It often includes details about the roles, responsibilities, and expectations of each party involved.
MOUs are commonly used in various fields, including business, government, and non-profit organizations. They help establish mutual understanding and can facilitate partnerships for projects, research, or initiatives. By documenting the agreement, MOUs provide a reference point for all parties, promoting transparency and accountability.