A Memorandum of Understanding (MOU) is an agreement between your campus and a business or an institute of higher education (IHE). It is a contract which describes the terms and services provided and/or exchanged by both parties for a specific period of time. MOUs can be with an IHE, and address a dual-credit agreement and/or college supports and experiences. Or it can be with a business partner that provides student internships or other work-based learning experiences. In order to be valid, all MOUs must be signed by both parties and cover the school year for which the applicant wishes to be designated.