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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 provided, navigate to "business forms," and search for "memorandum of understanding." Users have to identify and input details for the first and second parties, including names, addresses, and other pertinent information. Key elements to include are the effective date of the memorandum, the project name, objectives, and the cooperation aspect detailing the expertise and experiences each party will contribute. The tutorial emphasizes following these steps to complete the document effectively.