A Memorandum of Understanding (MOU) Agreement is an official business document used to define the terms of a mutual agreement between two or more parties. This agreement outlines the roles and responsibilities of each party involved as well as any expectations for the collaboration project or activity. The MOU sets out the agreed-upon practices, procedures, and timelines necessary for successful completion of the specified task, ensuring that all parties are on the same page from the get-go, saving everyone time and resources in the long run. In short, an MOU Agreement is a simple yet effective way to put into writing the understanding between two or more parties who are working together toward a common goal.