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Memorandum of Understanding - MOU

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Memorandum of Understanding - MOU
A legal document outlining the terms and details of an agreement between parties, including each parties requirements and responsibilities.

Notes:
The MOU is often the first stage in the formation of a formal contract. An MOU is far more formal then a handshake and is given weight in a court of law should one party fail to meet the obligations of the memorandum.
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