Memorandum of Understanding (MoU)

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A Memorandum of Understanding (MOU or MoU) is an agreement between two or more parties outlined in a formal document. It is not legally binding but signals the willingness of the parties to move forward with a contract.

The MOU can be seen as the starting point for negotiations as it defines the scope and purpose of the talks.

Source: Memorandum of Understanding (MoU)