A Letter of Understanding or LOU is a formal text that sums up the terms and understanding of a contract which mostly has been negotiated up to this point only in spoken form. It reviews the terms of an agreement for a service, a project or a deal and is often written as a step before a more detailed contract is issued.
The LOU may provide for example:
detailed summary of the work to be performed
tasks of the service provider and the receiver
milestones for the work to be done
work steps that have been accomplished already
The Letter of Understanding may also introduce key contractual elements, like payment terms.
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