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In this video tutorial, Matthew guides viewers in creating a Memorandum of Understanding using legal templates. He instructs to first click on the provided link, navigate to the business forms section, and utilize the search engine to find "Memorandum of Understanding." Viewers learn to specify the first party as either a business or an individual, entering their name, address, city, state, and zip code. The same information is required for the second party. Additionally, the tutorial covers establishing the document's effective date, outlining the project name and objectives, and detailing the cooperation aspects, including the expertise and experiences that the parties will contribute.