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Most companies and businesses prefer to work alone without involving any outside help i.e. partners or companies. But, sometimes it is possible that it needs help of other companies in some particular matters. When two or more companies enter in a joint partnership to execute a project. And such partnership is not going to last more than the finishing of the project. It is called a joint venture and the agreement that the companies or both partners enter before executing the project in known as the joint venture agreement. There are certain elements that joint venture agreements includes. But the most important element is the duration in which the joint venture will be executed. Also the deadline after which the partnership will end along with the ownership of intellectual property and disclosure of important or secret information in public.
Brief Description of Joint Venture Agreement:
Most of the time, people think of the partnership and joint venturing as the same process. However in reality, they are very different. The partnership is most likely to exist for a long period of time. Normally, as long as the company or business exists. Where as the joint venturing is to last for a specific or short period of time. Even if the time duration of joint venturing is short and the new partners that were included in the business for a specific period of time will leave the company in future. It is very important for the company and the partners to secure and protect their rights and responsibilities in the joint venturing so that there won’t be any disputes or legal conflicts in between the partners or companies.
The primary company or partners have to make sure that when they include new partners or companies for a joint venture in the business, all partners respect the rights and ownership of others and no one cross the lines that could lead to a difficult situation. It is very hard to believe on words of partners as they always have chances to screw up or mess up the entire venture so companies secure their rights and protect their business with the joint venture agreement. This agreement on one hand, secures the rights and obligations of each partner and on the other hand, it allows them to work with harmony and mutual understanding.
Key Elements to add in the Joint Venture Agreement:
- Name of the company and owner(s) of the company
- Details of the business the company conducts
- Name of new partner(s)/company(s) to add for joint venture
- Details of joint venture project
- Duration/time limit to finish the joint venture
- Rights, obligations, limitations and responsibilities of each partner in the venture
- Compensation/profit share of each partner in the venture
- Intellectual property disclosure rights and limitations
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Termination of the agreement
- Results of violation of the agreement
- Validation and expiration of the agreement
- Signature of both parties i.e. company/business owner(s) and new partner(s)
Free Joint Venture Agreement Templates
Download all these Free Joint Venture Agreement Templates that can easily help you to prepare your own Joint Venture Agreement effectively.