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A memorandum of understanding11/9/2023 Techopedia Explains Memorandum of UnderstandingĪn MOU is a non-binding preliminary agreement that falls somewhere between a handshake deal and a legal contract. This term is also known as memorandum of agreement (MOA) or as a letter of intent (LOI) in the United States. It is also used before or during the negotiation process to define a party’s initial position as a preliminary document that will be modified as the final deal is shaped. Although not legally binding, the MOU is a formal document that puts in writing the willingness of all parties to expedite the deal and move the contract forward. When the parties have reached an understanding that is acceptable by each of them, the MOU can be used to document all of the most important stances for each party. The MOU is often the starting point for negotiations, and is used to sketch out the purpose and scope of the forthcoming deal and make sure all parties are on the same page. Additionally, an MOU may be issued by smaller local businesses and municipalities (counties or townships, for example.) This is more expeditious than other forms of documentation and is used both by corporations (usually in high-stakes business dealings such as mergers) and by international agencies or nations (such as during treaty negotiations). The Memorandum of Understanding was signed as part of the ongoing Compact of Free Association negotiations and confirms our shared vision for a strong and enduring partnership that will continue to benefit both nations and the entire Pacific region.An MOU indicates that a legal contract will be forthcoming. Department of State and First Secretary Raleigh Welly of the Federated States of Micronesia attended the signing in Washington, DC. Soram signed for the Federated States of Micronesia.ĭeputy to Special Presidential Envoy for Compact Negotiations Jane Bocklage, U.S. Department of the Interior signed the Memorandum for the United States and Deputy Chief of Mission of the Embassy of the Federated States of Micronesia Jackson T. assistance to be requested for the Federated States of Micronesia.Īssistant Secretary for Insular and International Affairs Carmen G. Today, the Government of the United States of America and the Government of the Federated States of Micronesia signed a Memorandum of Understanding affirming our close and continuing partnership and reflecting our shared understanding reached on levels and types of future U.S.
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