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In this video tutorial, Matthew guides viewers on creating a Memorandum of Understanding (MOU) using Legal Templates. To start, viewers should click the provided link, navigate to "Business Forms," and search for "Memorandum of Understanding." The process involves selecting the first party, which can be a business or individual, and entering their name, address, city, state, and zip code. The same information is required for the second party. Next, users will need to specify the effective date of the MOU, the project name, and its objectives. Matthew emphasizes detailing the main objectives and noting the expertise each party will bring to the collaboration.