What is the full form of MOU?
- on Jun 16, 2022
MOU stands for Memorandum Of Understanding.
|Full Form||Memorandum Of Understanding|
|Category||Business » Business Terms|
What is MOU?
A Memorandum of Understanding is a contract or agreement between two or more parties that sets out the terms and conditions under which they will work together. It is often used to formalize an arrangement between two or more organizations that do not have a written contract.
A Memorandum of Understanding can be written or oral. If it is written, it will usually be between two organizations that are already familiar with each other and are working together on something new. If it is oral, the parties will usually make a commitment to work together, but they will not write anything down until they need to enforce the agreement.
A Memorandum of Understanding can cover a wide range of topics, including business dealings, marketing campaigns, and cooperation between different government agencies. It is important to remember that a Memorandum of Understanding is not a contract. It does not create legal rights or obligations between the parties involved. Rather, it is simply an agreement between them that sets out the terms and conditions under which they will work together.