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 ?
Pure Biofuels has secured memorandums of understanding with local fuel distributors for all of Callao Port's annual biodiesel production.
Nine Memorandums of Understanding (MoUs) and agreements were signed between Sri Lanka and Qatar at the Presidential Secretariat yesterday (October 14).
THE ACCREDITED STANDARDS COMMITTEE X12 ENDORSES MEMORANDUMS OF UNDERSTANDING WITH HEALTH LEVEL SEVEN AND THE NATIONAL COUNCIL FOR PRESCRIPTION DRUG PROGRAMS