A Memorandum of Understanding (MOU) is a document that business partners use to confirm their intent to work together. Memorandums of Understanding describe the project they plan to work on and what each party's expected contribution will be.
Unlike what you might assume, signing an MOU does not create a legally binding obligation for either party. It is the anticipation that the parties will work to finalize negotiations and complete a contract or agreement which will then become binding upon the parties.
By signing this agreement, all parties will be more likely to share the same set of expectations. Different from the blank templates that you may download elsewhere, each Memorandum of Understanding from Rocket Lawyer is fully customizable to match your specific situation.
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