JOINT VENTURE AGREEMENT
A Joint Venture Agreement (JV) is a contract which defines the arrangement between two or more entities who wish to jointly develop a new entity for their mutual benefits. The main goal in any joint venture agreement will be to gain greater market exposure for a product or service, or to lower R&D costs.
What are the key terms under a Joint Venture Agreement?
This Joint Venture Agreement will include the following key terms:
⇒ JOINT VENTURE OUTLINE
Basic details of the JV should be provided by the members such as the name of venture] and the business purpose. The members may also wish to describe the method by the business purpose will be accomplished.
⇒ CAPITAL CONTRIBUTION & FUNDING
Members of the JV will agree upon the amount of initial capital contribution of each member. The members may also agree that if the venture requires additional funds, the members shall will make additional contributions in the agreed upon proportions.
⇒ PROFITS & LOSSES
Members of the JV will agreed upon how net profits and losses accruing to the venture will be held and distributed to the members and in what proportions. The members will also agree that the risks and responsibilities in this venture will be shared, and which members will bear which responsibilities.
⇒ MANAGEMENT OF THE JV
The members will agree upon key details relating to the management of the JV and how the management will be shared (ex., the members will agree upon how executive decisions will be distributed). Importantly, the members must clarify that this agreement will not be construed to create a partnership or any other fiduciary obligations between the members.
JOINT VENTURE AGREEMENT | DETAILS
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⇒ Last Review Date: 10 JUNE 2021
⇒ Length: 2 pages (Min.)
⇒ Review Number: 148
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