MoU and Its Importance
A Memorandum of Understanding (MoU) is a record in which more than two parties acknowledge that they comply on a set of general path of direction or function for the business. This is the basic stage of the building of an MoU. However, an MoU is commonly identified as requisite though it has no authority and responsibility in itself. To be lawfully functional, an MoU should recognise the consenting groups, define the business objectives of the contract, outline the important conditions and get it autographed by the consenting parties.