What is an MOU?

A memorandum of Understanding is a non-binding agreement between two or more parties which expresses a will of parties intending a common line of action. It is the initial stage of making of a contract. The basic details in a MOU are that it should clearly identify the contracting parties, subject matter should be clearly mentioned and also the essential terms should be declared along with the signatures of the Contracting parties.

Advantages of MOU

Procedure

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