Why Memorandum of Understanding (MoU) is Necessary? What's It is, When and Who can Use It, How Do They Work and How to Draft One? Discover Salient Facts for Better Management!
Abstract: A memorandum of understanding, or MOU, is defined as an agreement between parties and can be bilateral (two) or multilateral (more than two parties). The MOU serves as an expression of aligned will between the parties in question and depicts the intent of a common line of action. An MOU is important because it allows each party to clearly state their objectives and what they expect from one another . Drafting an MOU can help solve any disputes before each party enters into a full, legally binding contract. This article highlights the salient points of an MoU and guide you to understand and develop a perfect MoU for your needs. So let's learn...! Keywords : Memorandum of Understanding, MOU, Parties, Contract, Relationship, Trust Learning Outcomes After undergoing this article you will be able to understand the following: 1. What's exactly a Memorandum of Understanding? 2. What's the other names of MoU? 3. What's the purpose of MoU? 4. What are the