Memorandum of Understanding

Letter of Intent (Memorandum of Understanding)
A document that sets out the main terms of an agreement between two or more parties and their intention to enter into a binding contract once certain details have been finalized. While not a formal contract itself, certain provisions can be enforceable.
Memorandum of Understanding (MOU)
A Memorandum of Understanding (MOU) is a formal, non-binding agreement between two or more parties outlining the terms and details of an understanding, including each party's requirements and responsibilities.

Accounting Terms Lexicon

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