Joint Venture Agreement

A joint venture (JOINT VENTURE) is a business arrangement in which two or more parties agree to pool their resources to accomplish a specific task were two parties associate their costs and risks together to earn profits.

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Concept of Joint Ventures

A Joint Venture is a kind of partnership in which two or more parties enter in a legal sense where they work together to achieve a common goal. Moreover, Joint ventures can combine large and small companies to compete with one or several big or small deals.

Why should one opt for Joint Ventures?

Joint ventures must have opted if the needs so relate with the points listed below:

  1. Joint ventures help in combining resources of both the parties in a way that the inefficiency of corresponding parties is cover by the efficiency of the other party.
  2. Joint Ventures help in cost savings as both companies in the JOINT VENTURE can leverage their production at a lower per-unit cost than they would separately.
  3. Joint Ventures lead to combined expertise in a way that each company can benefit from each other skills and talent within their company.

Benefits of Having a Joint Ventures

Advantages are listed below:

  1. access to new markets and distribution networks
  2. increased capacity
  3. sharing of risks and costs with a partner
  4. access to new knowledge and expertise, including specialized staff
  5. Access to skill resources, for example, technology and finance

Disadvantages of having a Joint Venture

The following are the disadvantages of having a Joint Venture:

  1. the objectives of the venture are unclear
  2. the communication between partners is not great
  3. the partners expect different things from the joint venture
  4. the level of expertise and investment does not balance equally.
  5. the work and resources do not distribute equally
  6. the different cultures and management styles pose barriers to co-operation
  7. the leadership and support is not there in the early stages
  8. the venture contractual limitations pose a risk to a stakeholder core business operations

How to apply

Clauses that included in a Joint Venture Agreement

  1. Business location
  2. The type of joint venture
  3. Venture details, such as its name, address, purpose, etc.
  4. Start and end date of the joint venture
  5. Venture members and their capital contributions
  6. Member Duties and obligations
  7. Meeting and voting details
  8. Management, dissolution, and assignment of interest details
  9. Non-compete, confidentiality, and dispute resolution clauses

Joint Venture Agreements have few positive as well as negative points, but it depends upon the execution of such agreements. If you need any professional or legal assistance, contact us here to see how we can help you.

Key Requirements

The key element for a joint venture may include 

  1. The number of parties involved
  2. The scope in which the joint venture will operate (geography, product, technology)
  3. What and how much each party will contribute to the joint venture
  4. The structure of the joint venture itself
  5. Initial contributions and ownership split of each party
  6. The kind of arrangements to be made once the deal is complete
  7. How the joint venture is controlled and managed
  8. How the joint venture will be staff.

How can Legalo help you?

Our partners & associates bring years of experience to the table to help you navigate and deliver these works. Our company can customize a program to meet your specific needs and budget. If you need any legal or professional assistance in searching the right trademark for your business, contact us here.