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MOU
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Abbreviation of Memorandum of Understanding. A document intended to become a contract but which, if meeting other criteria, can be recognized, in law, a contract.
Abbreviation fo "Memorandum of Understanding."
A document which generally is not intended to be legally binding but, if meeting the other criteria, can be, in law, a contract.
In the world of commerce or international negotiations, a MOU is considered to be a preliminary document; not a comprehensive agreement between two parties but rather an interim or partial agreement on some elements, in some cases a mere agreement in larger principle, on which there has been accord, and on which a legally binding, comprehensive agreement can be premised.
In fact, some MOUs are merely agreements to share information or to meet regularly and continue discussions or negotiations on an issue.
Most MOU’s imply - but do not guarantee - that something more is eventually expected.
CATEGORIES AND TOPICS:
This term applies to the following areas of law and categories;