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In this video tutorial, Matthew explains how to create a Memorandum of Understanding (MOU) using legal templates. He instructs viewers to click the link below the video to access business forms and search for "Memorandum of Understanding." Matthew emphasizes the importance of identifying the first party as either a business or an individual, requiring their name, address, city, state, and zip code. The same details are needed for the second party. Viewers should specify when the MOU becomes effective, along with the project name and objectives. Additionally, the tutorial covers what expertise and experience each party will contribute to the project.