A document that express mutual accord on an issue between two or more parties is called as MOU
Memorandum Of Understanding are generally recognised as binding even if no legal claim could be based. on the rights and obligationslaid down in themto be legally operative.
A Memorandum Of Understanding must identify the contracting parties. Spell out the subject matter of the agreement and its obectives. Summerize the essential terms of the agreement and must be signed by the contracting parties. It is also called as "Letter Of Intent"
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