What is the full form of MOU
MOU:Memorandum of Understanding
MOU stands for Memorandum of Understanding. It is a formal agreement between two or more parties which expresses the mutual accord on an issue. It is commonly used by the companies to establish official partnerships.
Though it is mostly not a legally binding contract, it contains all important details and has a high degree of mutual respect and seriousness. It can be considered as the first step to a legal contract.
In the US, it is also called a Letter of Intent (LOI). It is widely used in international agreements as it can be created and ratified in a short time frame. It is also used to modify the existing legal deals.