A memorandum of understanding, or MoU, template is available from several websites online, including RocketLawyer.com and Entrepreneur.com. Some sites allow users to create a memorandum of understanding online by filling in the requisite details.
According to RocketLawyer.com, a memorandum of understanding is a legal document laying out the terms of a working relationship between prospective business partners. Details outlined by this document include payment terms, duties, deadlines and goals. Generally speaking, the more specific the MoU is, the more valuable it will be to the fledgling business relationship. The most pertinent issues should certainly be included in full.
Although an MoU is not quite as formal or enforceable as a contract, it represents a more formal agreement than a handshake. Typically, it does not legally bind the parties involved since there is usually no exchange of money at this stage. The exchange of money is one of the four crucial elements that courts will take into account when judging whether a document is legally enforceable.
An MoU will generally be used by business owners who are looking to partner with another business owner toward shared objectives and small businesses who frequently partner with others.
Some other terms for this document include MoU agreement and memorandum of understanding form.