Memorandum of Understanding

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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.
References in periodicals archive ?
HM King Hamad and President Putin lauded the signing of the agreements and Memoranda of Understanding that will contribute to the consolidation and development of the relations between the two countries.
During the President s meeting with the Emir of the State of Qatar, the Ministers accompanying the President of the Republic signed, on behalf of the Republic of Cyprus, one Agreement and three Memoranda of Understanding.
During the President's meeting with the Emir of the State of Qatar, the Ministers accompanying the President of the Republic signed, on behalf of the Republic of Cyprus, one Agreement and three Memoranda of Understanding.
Rim Semiconductor Company (OTCBB: RSMI), an innovator in video-over-copper, has entered into memoranda of understanding with three equipment manufacturers concerning their evaluation and testing of the Company's Cupria[TM] 5001 transport processor.
The eCall Driving Group has developed a roll-out plan which includes (1) garnering memoranda of understanding from key stakeholders by June 2005, (2) agreeing on the business model and standards by the end of 2005, (3) full specification of in-vehicle systems by June 2006, (4) infrastructure and full-scale field tests during 2006 - 2007 and (5) eCall as standard equipment in all new vehicles starting from models introduced after September 2009.