How is a memorandum of understanding document utilized?
What will be an ideal response?
ANSWER: An MOU (memorandum of understanding) documents the intentions of two or more parties to enter into a binding agreement, or contract, and is sometimes used between an informal handshake and the legally binding signatures on contracts. The MOU can be helpful in pushing along contract negotiations and in defining specific concerns of each party, but it is usually not a legally binding document, does not grant extensive rights to either party, provides no legal recourse, and is not intended to provide thorough coverage of the agreement to come.
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