Memorandum of Understanding

A memorandum of understanding (MoU) is a type of agreement between two or more parties that expresses a convergence of will and indicates an intended common line of action. It is often used in cases where parties do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. According to the United Nations, MoUs have become an essential tool for international cooperation. In the business world, companies like Google and Microsoft use MoUs to outline the terms of their partnerships and collaborations.