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 ?
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.
Under the terms of the memoranda of understanding, Chambers has agreed to make payments totaling approximately $80 million.
The memoranda of understanding do not bind Rim Semi or any of the equipment manufacturers.