![]() ![]() This non-legally binding Memorandum of Understanding may be useful to act as an agreement between two or more departments within the same public institution, but it is not a legally enforceable duty. ![]() If the parties so wish, MOUs can be kept confidential. It is used to assess the intentions of the transacting parties before a formal agreement being made between them, and it does not confer any rights on either of them. It is created when two or more parties are having preliminary negotiations about the rights and obligations of the parties to the agreement. When parties agree to enter into a contract, but the formalities (such as terms and conditions) have yet to be negotiated, they enter into a Memorandum of Understanding or MOU Agreement. In India, a Memorandum of Understanding (MoU), also known as a Letter of Intent, is simply a way for two parties to make an agreement. What is MOU (Memorandum of Understanding)? In this article information on “What is MOU (Memorandum of Understanding)?”, Advantages of MOU (Memorandum of Understanding) India, Difference between MOU and Agreement is mentioned. When these companies negotiate with potential business partners, joint ventures, vendors, and agents, they normally reach a preliminary agreement as to the first friendly step in forming an alliance. In today’s business environment, companies enter into a variety of agreements in order to conduct their operations. Points to keep in mind while drafting Memorandum of Understanding India.What is MOU (Memorandum of Understanding)?. ![]()
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