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In this video tutorial, Matthew guides viewers on creating a memorandum of understanding using legal templates. To start, viewers should click the link in the video description and navigate to the business forms section to explore available templates. He emphasizes using the search function to locate the memorandum of understanding form. The process involves identifying the first party, which can be either a business or an individual, and entering their name, address, city, state, and ZIP code. The same information is required for the second party. Additionally, viewers need to specify the memorandum's effective date, project name, objective, and the expertise each party will contribute to the project.