Memorandum Of Understanding
A memorandum of understanding is an agreement between two or more parties defined in a formal document. It is simply a written agreement to identify the working relationships and guidelines between co-operating entities. It is not a legally binding document but signals them of all parties to move forward with a contract.
Each MOU is exclusive. While making MOU keep in mind what you and the other party have agreed to and what your mutual goals are.
An MOU may include:
●The intention of the commercial partnership;
●The common purpose of the parties;
●The act of each party;
●Any agreed-upon time limit;
●How the parties will resolve disputes.
Contracts intended to create legally binding commitment and rights between parties.
A memorandum of understanding (MOU) is a binding agreement between two or more parties understanding of terms and condition, including each parties requirements and responsibilities. Always its first stage of Agreement.
A memorandum of understanding (MOU) is a basic agreement between two or more parties. Companies and organizations use MOUs to establish official partnerships and terms and condition to run that partnership. MOUs are not legally binding but they carry a degree of seriousness and mutual respect, stronger than a verbal agreement.
MOA and MOU both are the same just name are different. Both are the agreement of understanding.