Full form of MOU
MOU stands for “Memorandum of Understanding”, and in many countries, it is also known as a “Letter of Intent” or “Memorandum of Agreement”. It is a document that contains the points on which the parties who are negotiating have agreed upon. It is a safer option for the parties to have a MOU to proceed with the agreements later on. Not all the MOUs need to be legally binding, but it depends upon various circumstances. MOU outlines all the terms and conditions that the parties have agreed upon in the negotiations.