Memorandums of Understanding, often referred to as MOUs, are legally non-binding documents that outline the terms and conditions of an agreement between two or more parties. By signing this document, the parties involved agree to comply with its terms and details. These agreements can range from cooperation in business or research projects, to simple collaborations among individuals. MOUs provide a clear understanding of the commitments being made by each party and act as a formality for any partnership or collaboration established. They are used to ensure transparency and trust between all parties involved, helping to make sure everyone is on the same page.