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In this video, Matthew demonstrates how to create a Memorandum of Understanding using legal templates. Viewers should click the link provided, navigate to "Business Forms," and search for "Memorandum of Understanding." He explains that users need to identify the first party as either a business or individual, providing relevant details like name, address, city, state, and zip code for both parties. Additional steps include specifying the memorandum's effective date, naming the project, and outlining its objectives. Matthew emphasizes including the expertise and experiences each party will contribute.