MoU (Memorandum of Understanding)

A Memorandum of Understanding (MoU) is a formal agreement between two or more parties that outlines their intentions to collaborate or work together. It clarifies the goals, responsibilities, and expectations of each party without being legally binding like a contract. Think of it as a clear handshake or a guide that sets the foundation for a future partnership or project, ensuring everyone is on the same page. MoUs are common in business, government, and organizations to establish mutual understanding before formal agreements are made.