The joint venture partners (JV partners) share the revenues, expenses, and profit. Very often, a strategic alliance involves no equity stake by the participants, and is a much less rigid arrangement, making it more suitable for small businesses. However, where joint finances are involved, a proper legal arrangement needs to be considered.

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    Joint venture agreements and other contracts of collaboration are needed to cover such things as the details of the joint venture, the responsibilities of the partners, who will contribute what, how will profits be divided and when, bidding for work with another company or entering into a long-term arrangements with companies not part of the joint venture.

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    Arrangements for the manufacture and sale of products must be detailed, and there is the matter of confidentiality and non-disclosure, and relations with agents, representatives and distributors.

    Contracts that may also be needed include partnership and shareholder agreements and other terms relating to pre-existing contracts and licences.

Why should we incorporate our joint venture?

    A good Joint Venture agreement is one which provides a comprehensive road map of the duties and obligations of all the partners. It minimizes complications when a dispute arises. However, many times people neglect to pay attention while drafting a Joint Venture Agreement. None of this should be attempted without proper legal counsel.

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Recommended book - Model Joint Venture Agreement with Commentary . This comprehensive resource provides a complete draft of a Model Joint Venture Agreement based on a hypothetical fact pattern. Includes incisive commentary explaining the meaning and function of each provision. A checklist addresses the issues surrounding the formation of the Joint Venture and the ongoing legal rights and obligations between the parties. The Agreement plus other related documents are replicated on a companion CD-ROM and ready for tailoring to your transaction.