Memorandum of Understanding

Memorandum of understanding is formal arrangement between parties to the agreement drawing out the mutually agreed terms and conditions. It is actually just a means for two parties to reach a decision. It is used to gauge the intention of the transacting parties before a deal is officially signed between them and doesn’t grant either of them any rights. A Memorandum of Understanding or MOU is put in place to establish a clear understanding of how the deal will practically function and each party’s role and compensation. MOU is a formal contract but it doesn’t carry any legal right. Each deal is vastly different; there is no particular convention of writing MOU. Drafting of MOU totally depends upon the parties and nature of deal between them.

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