What is the full form of MOU?
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What is the full form of MOU?
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The full form of MOU is Memorandum of Understanding. It is a type of agreement between two or more parties, it expresses the mutual accord on an issue. It is frequently used in cases where parties do not want a legal commitment or in a case where the parties cant make a legally enforceable agreement. It is mostly not a legal binding contract, it contains, it only contains important details of the agreement. Many government and private organizations use MOUs to establish an Offical relationship between departments and companies.
Major components of MOU
1. Date of agreement
2. Introduction of agreement
3. Purpose of MOU
4. Scope
5.Terms of collaboration
6. Termination conditions
7. Signatures
8.Disclaimer
Advantage of MOUs
1. Mou is a non-binding agreement indicating the jobs and duties of the gatherings associated with the understanding.
2. They are typically less tedious and maintain a strategic distance from the legitimate ramifications as engaged with an agreement.
3. MOU gives a guide to non-official understanding flagging viable arrangements between the gatherings required to accomplish a mutual objective.
