A Joint Venture Agreement is a contract entered into between at least two parties, either individuals and/or firms, whereby these separate entities work together for a specified period of time in order to undertake a specific business project, the object of which is to make a profit.
There are various types of Joint Venture agreements. This agreement should be used in cases where the parties wish to retain their independence and to create a contractual relationship whereby the parties work together to complete a specified business project for a specified period of time. This agreement regulates the working relationship between the parties. It is in long format and therefore a comprehensive and detailed agreement covering all aspects of the Joint Venture relationship between the parties.
This agreement should not be used in cases where the parties wish to create a separate independent business entity for the Joint Venture.
The Agreement contains the following clauses:
Definitions
Interpretation
Purpose of Joint Venture
Duration
Contributions and Interests
Management
Duties and Obligations
Books and Records
Sub-Contracting and Cession
Confidentiality
Utmost Good Faith
Breach
Force Majeure
No Partnership
Notices
Arbitration
Governing Law and Jurisdiction
Counterparts
Signatories