MOU (Memorandum of Understanding)

A memorandum of understanding is a preliminary agreement outlining the basic terms and intentions of parties, typically non-binding and preceding a formal contract.

CharacteristicsFeature
PreliminaryPre-contract negotiation stage
Non-bindingUsually not legally enforceable
Intent expressionShows serious interest
FrameworkOutline of main terms
Common UsesApplication
Property acquisitionInitial purchase terms
Joint venturesPartnership framework
Development projectsCollaboration outline
Lease negotiationsPre-lease commitment


Related Terms

Letter of Intent (LOI)Purchase Agreement Loan RestructuringAgreement in Principle (AIP)

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