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In this video, Matthew guides viewers on creating a Memorandum of Understanding (MOU) using legal templates. He instructs to click the provided link, navigate to business forms, and search for "memorandum of understanding." The document creation involves identifying the first party as either a business or an individual, followed by entering their name, address, city, state, and zip code. The same information is required for the second party. Next, viewers are to specify the memorandum's effective date, project name, and main objectives. Additionally, the video covers detailing the cooperation and expertise each party brings to the agreement.