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Introduction. A memorandum of understanding is commonly known as a gentleman's agreement or a letter of intent between two parties. Mou is generally a non-binding agreement and is not enforceable in India.
Typical Format of a Memorandum of Agreement (MOA) Title. Authority. Purpose of the Agreement. Name of parties involved. ... Detailed Description of Roles and Responsibilities. Payment Schedule if Applicable. Duration of the Agreement. Modification or Termination. Signatures of Parties' Principals.
The MOU must be signed by all partners. Signatories must be officially authorized to sign on behalf of the agency and include title and agency name.
Signature: Do not sign a memo at the end of the message. At most, leave one line space and then restate initials. Enclosures: If there are any enclosures, first, write "Encl." or "Enclosures," leave one line of space, then, write the title of the enclosure.
An MOU expresses a convergence of will between the parties, indicating an intended common line of action. It is a more formal than a verbal or ?hand-shake? agreement but generally lacks the binding power of a contract. MOUs do not require any party to commit funds or other resources.