How a Memorandum of Understanding Can Strengthen Business Partnerships
A Memorandum of Understanding (MOU) is a document that outlines the basic terms of cooperation between two or more parties. It is often used in business, government, and research collaborations to establish a clear framework for partnership. MOUs specify key details such as goals, responsibilities, timelines, and dispute resolution mechanisms. Although they are typically non-binding, they serve as an important reference point for formal contracts. MOUs help build trust, promote transparency, and ensure that all involved parties have a shared understanding of their commitments.