![]() The letter of intent and the memorandum of understanding are non-legally bound contracts with significant values. This MOU's full form as a Memorandum of understanding is used synonymously with the letter of intent in the US. Their top priority must be what is most important for both parties. Thus, to produce a memorandum of understanding, all partners and the parties must reach a mutual decision and goal. All the partners of MOU must resolve any of their conflicts and state their expectations before proceeding toward the contract negotiation stage. MOU created at the initial stages of the partner's relationship does not involve any money exchange.
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