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In this video, Matthew guides viewers on creating a Memorandum of Understanding (MOU) using legal templates. To begin, users should click the provided link, navigate to "business forms," and search for "memorandum of understanding." The creation process involves identifying the first party, either a business or individual, and providing their name, address, city, state, and zip code. The same information is needed for the second party. Viewers must also specify the effective date of the MOU, the project name, and its main objective if details are required. Finally, the video prompts users to outline the expertise and experience each party brings to the project.