Memorandum of Understanding (MOU) is a type of agreement which is executed between two or more parties describing the rights and obligations of the parties. Generally it is executed for initial discussions. Hence it consist the features of oral discussion among the parties. Memorandum of Understanding is a non binding contract which reflects the intention…
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What is Memorandum of Understanding?
A memorandum of understanding (MoU) is a formal agreement but less formal than contracts. It is executed between two (bilateral) or more (multilateral) parties. The main purpose of this agreement is to establish official/partnership relationships. It is not legally binding on the parties. There is an existence of mutual respect between parties executing MoU. It…