A memorandum of Understanding (MOU)is defined as an agreement between two or more parties, expressing a coming together of two or more parties to have the same intent of a common line of action. 

Often used either where parties do not imply a legal commitment or situations where parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen’s agreement, an informal and legally non-binding agreement between two or more parties.

But maybe written or simply understood as part of an agreement by convention or through mutually beneficial etiquette. The essence of a gentlemen’s agreement is that it relies upon the HONOR of the parties for its fulfillment.

Wiktionary outlines the legal, factual premises and by the parties to have been agreed upon between them.

More to come, the SHAARC.org is in the process of writing up an MOU with the SHA for the benefit of the Housing Tenants.