What Is a Memorandum of Understanding (MOU) and How Does It Work in India? 🤝💼 You’ve probably heard of a Memorandum of Understanding (MOU) in business or legal discussions. But what is it exactly? Is it legally binding? 🧐 Let's explore what an MOU is, how it functions in India, and why it’s an essential tool for business agreements! 📌 What Is a Memorandum of Understanding (MOU)? 💡 An MOU is a preliminary agreement between two or more parties that outlines their intentions, terms, and understanding before entering into a formal, legally binding contract. It’s like a blueprint for a future agreement! 📝 📌 Key Features of an MOU: Non-binding (mostly) – Generally, MOUs are not legally binding , but they lay down the groundwork for a formal contract. 💼 Intent and Terms – It sets out the basic terms and intentions of the parties involved, which will be later formalized in a full agreement. 🔐 Clarity – An MOU ensures that all parties are on the same page before moving ...