A memorandum of understanding is a document that describes the broad outlines of an agreement reached by two or more parties. It is a nonbinding contract that highlights the actions, business transactions and new partnerships between the parties. It is not a legal document, nor is it enforceable in court.
An example of when an MoU is used, is for individuals who receive commissioned training with the understanding for the individual to commit to giving back something to future BCG members, furthering the aims and objectives which BCG operates by.
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