Memorandum of Understanding
In research, Memorandums of Understanding are used to establish the framework for cooperation between institutions, organizations, or researchers.
A Memorandum of Understanding (MOU) is a formal agreement between two or more parties that outlines the terms and details of a mutual understanding or collaboration. MOUs are not legally binding but serve to document each party's expectations and intentions, facilitating smoother collaboration and reducing misunderstandings.
An MOU does the following:
- Define the objectives and scope of the collaboration, including specific research activities and goals.
- Outline the roles and responsibilities of each party involved in the collaboration.
- Specify the duration of the agreement and conditions under which it can be terminated.
- Address the handling of confidential information and the management of intellectual property rights.
- Detail the financial and resource commitments of each party.
MOUs are processed through the Workday Strategic Sourcing Contracting System.