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Memorandum of Understanding
(redirected from MOU)

   Also found in: Dictionary/thesaurus, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
Memorandum of Understanding
An agreement between two parties, usually two companies, outlining the rights and responsibilities each has for a particular venture or project. A memorandum of understanding is intentionally vague and is usually the first step toward a full contract. Negotiations usually continue after the MOU is signed. However, an MOU is more formal and legally binding than a handshake agreement and is enforceable in a court of law.


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In case of a breach of this MOU by either party, the other party has the right to terminate this MOU after sending a written notice to the breaching party stating the particulars of the breach.
So far Taiwan has signed MOU with 32 countries and regions.
The Commission has already established co-operative arrangements through MoUs with the counterpart regulatory authorities of India, Maldives, Australia, Bhutan and Sri Lanka.
 
 
 
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