How do you address the situation of misunderstanding in your team as a team leader?

Find the point of misunderstanding - situation, problem, man. Then create the solution with people involved. As you are in a team, even if you area  leader you are one of the team member - so co-operate with them.

well, i would take each involved person alone in a1:1 session to try understand the matter

Listen to each team member and understand the cause of the conflict, then resolve the matter by combining both my people- relations skills and the company core values. 

first i must define the kind of the misunderstanding if it is personal or professional

if professional

1- i will check both the authorities and the communication  plan with the nature of misunderstanding and take the necessary action  ,,,,if one of the parties violated it ,,,,he would be redirected,,,,and i will record it,,,for any future similarities

2- sometimes this misunderstanding bring to surface defaults in one of the authorities plan or the communication plan

but if the misunderstanding had personal nature....the approach would be different

1- i will make very clear for bot parties that this should not affect the job

2- i will try to understand it's cause but out of work place and time

3- based on my evaluating for it's nature i will decide wether to participate in an outside friendly meeting with both parties or i will let them solve it without my inteference

Pre job meeting, risk mitigation, toolbox talk, management of change, post job meeting and lesson learned, they are all tools to prevent misunderstanding.

It is imperative for all team members to attend every day meetings before work begin to make sure everyone understand his and each other tasks and how each accomplish his/ her task, address risks involved and how to reduce them, set up responsibilities and accountabilities for each member of the team.