After reading the asx aware letter it seems obvious to me that...

After reading the asx aware letter it seems obvious to me that NAB agreed to trial IAM's service offering, but wanted the arrangement to be non-binding. IAM announced it had a MOU with nab and emphasised it was non-binding. NAB was not happy with classifying the agreement as a MOU because of the legalities involved with a MOU agreement. NAB objected to the term. IAM claimed, but your emailed agreement was titled "Summary of Understanding". NAB says fine call it that then.

I note that a "summary of understanding" is not a recognised category of contract and is therefore not equivalent to a memorandum of understanding, which requires each party to work towards a contractual agreement in good faith.

BUT THE ABOVE IS SEMANTICS. The issue of importance is that NAB is trialling the IAM service which is a step of progress we didnt have a week ago. This is fantastic for IAM, and if a "Summary of Understanding (service trial)" is entered into with CBA next I will not be disappointed.