Memorandum of Understanding (MoU)
An agreement between two or more parties that is detailed in a formal document is known as a memorandum of understanding. Although it does not have legal force, it expresses the parties’ will to proceed with a contract.
As it outlines the parameters and goals of the discussions, the MOU may be viewed as the beginning point for negotiations. These memos are most frequently used in international treaty negotiations, but they may also be utilized in risky corporate negotiations like merger discussions.