noun
A memorandum of understanding (MOU) is a formal agreement between two or more parties outlining the terms and details of an understanding, including each parties' requirements and responsibilities.
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The two companies signed an MOU to collaborate on research and development.
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We need to finalize the MOU before moving forward with the project.
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Let's get the MOU sorted out ASAP so we can get started.
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The MOU between the two nations symbolizes a new era of cooperation.