This type of agreement specifies the terms and conditions between two parties that team up on a product or company, including the type of work they plan to undertake together, the allocation of responsibilities, and how any profits may be divided.
A service agreement is used between two people or businesses where one agrees to provide a specified service to the other. This agreement should clearly set out the rights and obligations of both parties, along with clear terms of the agreement to prevent potential disputes from arising.
An MOU describes an agreement between two or more parties. It often is the first stage in the formation of a formal contract and it lists the expectations between the parties as they work together toward a common objective.