During the course of doing business, business organizations often enter into various agreements. In order to develop a grand alliance with other potential business collaborators, vendors, joint ventures, or agents, these companies usually enter into an agreement with them. There is some ambiguity surrounding whether the memorandum of understanding is legally binding. What is a memorandum of understanding? In a nonbinding contract, a memorandum of understanding describes the intention of two people or businesses to work together. Indians also refer to memorandums of understanding as letters of intent. The mere fact that the contract is called a memorandum of understanding […]