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Memorandum of Understanding |
Also found in: Wikipedia | 0.01 sec. |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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