Memorandum of Understanding
/ˌmɛm.əˈræn.dəm əv ˌʌn.dərˈstæn.dɪŋ/
Definitions
- (n.) A non-binding agreement outlining the terms and details of a mutual understanding or intention between parties.
The companies signed a memorandum of understanding to collaborate on research.
- (n.) A preliminary document that sets forth agreed points before finalizing a formal contract.
The parties drafted a memorandum of understanding prior to the final contract negotiation.
Forms
- memorandums of understanding
Related terms
See also
Commentary
Although non-binding, a memorandum of understanding helps clarify intentions and is often used as a procedural step before formal contracts.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.