Memorandum of Understanding

The Memorandum of Understanding is a record of an agreement between two or more equals who have agreed to cooperate in order to achieve certain objectives; these "equals" could be, for example, different divisions of the same company or two or more different companies. It is similar to a partnership agreement but in the case of the Memorandum of Understanding there is no attempt to build a separate legal entity; it is simply a way of getting the two entities to work together. It is nevertheless a legal agreement and satisfaction of its terms and conditions could be sought in a court of law. It is not viable to dictate what law it will be written under, as this will change from one to another. This example Memorandum of Understanding is designed for three companies who have decided to co-operate in a new project. This agreement looks at the individual and joint responsibilities of each of the parties to the agreement. International legal agreement.