VIEWS: 26,966 PAGES: 6 CATEGORY: Drafting Legal Forms POSTED ON: 6/30/2008
A Memorandum of Understanding (MOU) is a document that sets forth two or more parties? intent to enter into an agreement. An MOU may also be referred to as a letter of intent or a term sheet. In this short-form template MOU, the parties list the services to be performed under the envisioned final agreement. This form contains both standard clauses and opportunities for the use of optional terms and conditions making it fully customizable to fit the needs of the parties. The MOU can be drafted to be not legally binding as to the underlying agreement but the parties agree to use their best efforts to finalize and execute a final agreement, or it can be drafted to be legally binding.
"Memorandum of Understanding"