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Whats' MOU ?


Memorandum of understanding (MOU): 
A document that expresses mutual agreement on an issue between two or more parties. Memorandum of understanding are generally recognized as binding, even if no legal claim could be based on the rights and obligations laid down in them. To be legally operative, a memorandum of understanding must:

(1) Identify the contracting parties, 
(2) Spell out the subject matter of the agreement and its objectives,
(3) Summarize the essential terms of the agreement, and 
(4) Must be signed by the contracting parties.

 Also called letter of intent.

Used often in the financial dailies....as MOUs keep happening everyday between companies for technology &  knowledge sharing, buying & selling products or may be on working together on a project etc. 

So, next time you see an MOU in a headline of a news item, I m sure you wont skip to the article.

Rgds. 

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