You might know it as a letter of intent or a term sheet. Maybe you’ve heard it referred to as an MOU, or memorandum of understanding. Whatever you call it, this document of about five pages is a summary of the terms of a deal the parties hope to close down the line. If buyers and sellers don’t have a meeting of the minds early on in the game, it’s possible that, deeper into negotiations, the proposed terms in the definitive agreement could derail weeks of work, wasting everyone’s time and energy. The MOU’s goal is to make sure everyone is on the same page.