Joint Venture Agreement (Drafting)

Joint venture agreement is legally enforceable agreement. On the breach of any terms and condition of agreement by any of the party both party can sue each other on the basis of Joint Venture agreement.Once the term or purpose of the joint venture is complete, the agreement comes to an end, and the accounts of the coventures, are settled, as and when it is dissolved. The co-ventures are free to carry on their own business, unless otherwise provided in the joint venture agreement, during the life of the venture.

Joint Venture can be described as a business arrangement, wherein two or more independent firms come together to form a legally independent undertaking, for a stipulated period, to fulfill a specific purpose such as accomplishing a task, activity or project. In other words, it is a temporary partnership, established for a definite purpose, which may or may not uses a specific firm name. Joint venture agreement is legally enforceable agreement. On the breach of any terms and condition of agreement by any of the party both party can sue each other.

JOINT VENTURE AGREEMENT

 

BASIC INFORMATION

 

Joint Venture can be described as a business arrangement, wherein two or more independent firms come together to form a legally independent undertaking, for a stipulated period, to fulfill a specific purpose such as accomplishing a task, activity or project. In other words, it is a temporary partnership, established for a definite purpose, which may or may not uses a specific firm name.

 

FEATURES OF JOINT VENTURE AGREEMENT

 

1. JOINT CONTROL : Due to the joint venture there exist a joint control of the co-venturers over business assets, operations, administration and even the venture.

 

2. LEGALLY ENFORCEABLE : Joint venture agreement is legally enforceable agreement. On the breach of any terms and condition of agreement by any of the party both party can sue each other on the basis of Joint Venture agreement.

 

3. Dissolution : Once the term or purpose of the joint venture is complete, the agreement comes to an end, and the accounts of the coventures, are settled, as and when it is dissolved. The co-ventures are free to carry on their own business, unless otherwise provided in the joint venture agreement, during the life of the venture.

Documents


Passport Photo

Passport photo of all parties.


PAN Card

PAN card of all parties.


Aadhar Card

Aadhar card of all parties.


Utility Bill

Utility bill of Electricity or Telephone.


Address Proof

Valid Address Proof of all the parties.


Licence

Valid Driving Licence of all the parties.


Terms and Conditions

Terms and Conditions between the parties.


Other Documents

Other documents will be intimated through e-mail.

FAQ

A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. In a joint venture (JV), each of the participants is responsible for profits, losses, and costs associated with it.

Business location, the type of joint venture, Venture details, such as its name, address, purpose,Start and end date of the joint venture, Venture members and their capital contributions, Member duties and obligations, Meeting and voting details, etc.

Unlike a Partnership, Joint Ventures are created to allow parties to reach a specific goal, and once that goal is reached, the Joint Venture will end. Partnerships, on the other hand, will continue until the parties either agree to dissolve the partnership or one partner decides to exit the partnership.

Joint ventures are generally considered to have “joint and several liability.” This means: Each firm is responsible for the partnership's actions. The joint venture, or a partner, can be named as defendant in a suit. A claimant can possibly recover a full award from either or both parties.

A joint venture is a cooperative arrangement between two or more business entities, often for the purpose of starting a new business activity. Each entity contributes assets to the joint venture and agrees on how to divide up income and expenses.

Principal advantages of major joint operations include complementary capabilities, greater flexibility and, hence, a greater number of options in the employment of subordinate forces, and the exploitation of enemy vulnerabilities by employing one's forces asymmetrically.

They can sue and be sued, accrue debt and so forth.

Such an agreement is legally binding and clearly lays down the areas of cooperation and divergence, and makes provisions for profit-sharing and operations.