This means that if one party doesn't hold up their end of the deal, the other party can't take them to court.įor this reason, memorandums of understanding are typically less formal than contracts and are used to lay out the general terms of a working relationship for parties that want a written agreement but not a legally binding one. In business, a memorandum of understanding is basically a document that outlines the terms of an agreement between multiple parties, but isn't legally binding. What is a memorandum of understanding (MOU)? Contracts and memorandums of understanding provide a way to do this effectively, but how do you know which is right for your partnership? While forming new, potentially lucrative professional partnerships is exciting, it’s important for businesses to solidify working relationships in ways that are safe, legal, and sensible for what they’re trying to accomplish.
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