About Memorandum of Understanding (MoU)
A Memorandum of Understanding (MoU) is a formal agreement between two or more parties that outlines the terms, responsibilities, and intentions of their collaboration. It serves as a foundational document for partnerships, business arrangements, and strategic alliances.
Key Benefits of a Memorandum of Understanding (MoU)
- Clarifies Roles & Responsibilities: Clearly defines what each party must contribute to the agreement.
- Creates a Formal Understanding: Establishes mutual terms without the legal binding of a contract.
- Improves Collaboration: Builds trust and alignment between parties for smooth project execution.
- Foundation for Future Contracts: Acts as a preliminary step before signing legally binding agreements.