A Joint Venture Agreement is usually drawn up by two or more parties who are looking to collaborate on a project or common business goal. Having an agreement in place ensures that all parties can share the risks and liabilities of the project, whilst also enjoying its successes.
A joint venture can manifest itself in a number of different ways, from a Corporate Joint Venture, operating with a statutory framework laid out in The Companies Act 2006, to Partnerships, or Contractual Joint Ventures. The structure of any business collaboration will always come down to its desired outcomes and the length of time that the parties wish to collaborate for. For this reason, it is always imperative that before undertaking a joint project, you obtain specialist legal advice and draw up a Joint Venture Agreement.
A Joint Venture Agreement will include a variety of details that are pertinent to your new joint business venture. These may include details of the financial obligations of each party, the structure of the project, overall outcomes and objectives, how disputes will be handled, and an exit strategy.
The commercial law Solicitors at Jarmans are able to advise you on the best way to set up a joint venture, can draw up the relevant documents and policies you need, and can also assist should you decide that you wish to terminate a collaboration.
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Another great job thank you!