Memorandum of understanding is a first step in forming the contract that is bilateral in nature between two or more parties, organizations, or business concerns to establish a formal relationship. It is one step behind in forming the legal contract between the two organizations that is executed on e stamp paper. Memorandum of understanding is undertaken especially where legally implementable agreement cannot be done. Memorandum of understanding is more than likely to be used to change the already existing contracts. MOU are most commonly used between countries. It works on commonly established expectation and working towards common goals.
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