What is the full form of MOU?
The full form of MOU is “Memorandum of Understanding“. It is a formal written agreement between two or more parties that expresses a mutual agreement on a subject. Sometimes, an MOU is confused with another similar jargon, such as a letter of intent (LOI) or a memorandum of agreement (MOA). However, for most legal purposes, these three terms are basically the same. This article is not just about the full form of the MOU, but much more than that.
The Memorandum of Understanding (MOU) is widely used in international agreements, as it can be created and ratified in a short time. It is also used to modify existing legal agreements. MOU expresses a convergence of will between the parties, indicating the desired line of common action. It is often used in cases where the parties do not involve a legal commitment or in situations where the parties cannot create a legally enforceable agreement. Although not legally binding, it is a serious declaration that a contract is imminent. An MOU contains the names of the parties, describes the project with which they agree, defines its scope and details of the roles and responsibilities of each party.
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