Memorandum of Understanding (MOU)

A Memorandum of Understanding (MOU) is a formal agreement between two or more parties outlining their intentions and the terms of a partnership or collaboration. It is typically less binding than a contract, serving as a framework for cooperation. An MOU specifies what each party plans to do, their roles, and goals they aim to achieve together. While it may not enforceable in court, it demonstrates a commitment to work together and can serve as a reference to guide future actions and decisions. MOUs are commonly used in business, government, and international relations.