What is memorandum of settlement?

A memorandum of settlement is a formal document that outlines the terms and conditions agreed upon by parties involved in a dispute or negotiation, typically in the context of labor relations or legal agreements. It serves as a record of the settlement reached, detailing responsibilities, obligations, and any financial arrangements. This document can be binding, depending on the jurisdiction and the parties' intentions, and is often used to prevent future disputes by clearly defining the agreed-upon terms.