An MoU, or memorandum of understanding, spells out the responsibilities and requirements between two or more parties. S&P 500 +---% | Stock Advisor +---% Join The Motley Fool ...

Both a letter of intent and a memorandum of understanding establish business agreements. Neither term has a strict definition, so they are sometimes used interchangeably.

The memorandum of understanding, ... Even though the MOU/LOI is just the first step (and templates can be found online), it is still advisable to hire an attorney to draft it.