Memorandum of Understanding
A Memorandum of Understanding, or MoU, is a document that outlines an agreement between two parties. It is not a legally binding contract, but it is a formal agreement that sets out the responsibilities of each party and the expectations of what will be accomplished.
An MoU can be used for a variety of agreements, such as between two businesses, or between a business and a government agency. The key elements that should be included in an MoU are:
-The names and contact information for the people who are authorized to represent each party in the agreement
-A statement of the purpose of the agreement
-The scope of the agreement, which outlines what is included and what is not included
-The roles and responsibilities of each party
-The timeline for accomplishing the goals of the agreement
-The method for resolving disagreements or disputes
An MoU can be either handwritten or typed, but it should be signed by both parties to indicate their agreement to the terms. Once it is signed, both parties are obligated to uphold their end of the bargain.