Mou Contracts, or Memoranda of Understanding (MOUs), are documents that formalize an agreement between two or more parties. They outline the terms and conditions of a relationship, describe the roles and duties of the parties involved, and specify the rights and responsibilities associated with the agreement. MOUs can be used for a variety of different business ventures, from setting up joint research projects to managing international collaborations. Unlike contracts, MOUs don’t have legally binding consequences, but they do form a strong foundation for future agreements and provide clear expectations for all parties involved.