Clarifying its features can help you to understand how to differentiate an MOU from other similar documents. You may be confused about the purpose and identity of an MOU, primarily due to the presence of other similar documents, such as MOA, AOA, LOI, and MOI. To understand the differences, you can also look at the different memorandum of understanding between two parties sample drafts and drafts for real estate transactions available online. Considering this, the Memorandum of Understanding format for property differs from one drafted for business purposes. Buyers and sellers of property generally engage in drafting MOU as an initial form of the final contract that acts as an instrument providing the parties' intent regarding entering into the transaction. ![]() The MOU is majorly used for real estate and property agreements. Both parties need to arrive at a consensus regarding the task at hand through negotiations and produce the document, which then acts as a benchmark while drafting the actual contract. Often confused with the Memorandum of Undertaking meaning, the fundamental purpose of MOU is that it initiates the process of developing a contract, and negotiations are crucial for developing an MOU between two companies. ![]() Generally carried out by organisations (including but not limited to governmental, public, private, and corporate entities), the document acts as a flexible arrangement to work together. Drafting of MOU – Memorandum of Undertaking MeaningĪn MOU is an official agreement between at least two parties.
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