Full Form of MOU
The full form of MOU is the Memorandum Of Understanding.
| MOU | Memorandum Of Understanding |
| Category | Business Term |
| Region | Global |
What is MOU
The Memorandum of Understanding (MOU or MoU) is a type of non-binding agreement between two or more parties that describes the intention of the parties to work in consensus. It is usually done when the parties are in initial discussions and describes the rights and obligations of the parties to the agreement.It is not legally binding, but indicates the willingness of the parties to go ahead with a contract.
Advantages of MOU
- The MOU establishes all the roles and responsibilities of the parties involved in the project or work.
- The MOU is a much better option than verbal commitments.
- The MOU will provide you with a good reference if there is any dispute between the project partners.
- The MOU shows the intent of the parties working toward a similar goal.
- The MOU is simpler and stress-free than the legal contract.
- While the two countries sign the memorandums of understanding, the restriction imposed by any international law can be ignored.
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