Joint Venture Agreement Checklist
(Partnership Agreement Checklist)
Joint Venture Agreement is essential for MULTI-PARTY business success.
BEFORE COMMITTING your TIME, EFFORT and MONEY, it is VERY IMPORTANT to AGREE with on the following (preferably at the beginning of the project, when everyone is still enthusiastic, "HAPPY," and AGREEABLE. GET IT IN WRITING. A well drafted Agreement can save businesses from downfall, as well as, save friendships and family relationships. Failure to get it in writing, will not only cost you, your valuable money, time and effort, it could also destroy your relationships and burn bridges that otherwise would support success.EXPECTATIONS: Will it be o.k. if your prospective partner decides not to contribute time, effort or money in the future?
- What are your expectations as to money, time and effort for yourself and other participants?
- What are other participant's expectations as to money, time and effort from your?
- What are other participant's expectations as to money, time and effort from themselves?
- What happens if participants can no longer do what they promised? Control, Profits, Shares?
- Do participant's heirs have right to take over participant's shares and control?
- Do participants have the right to sell or transfer their ownership to someone else?
- These and other important issues should be set out in a clear, concise Joint Venture Agreement or Partnership Agreement.
GET CLEAR AND GET IT IN WRITING, BEFORE MAKING THE COMMITMENT OF TIME, MONEY AND EFFORT.
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A well-drafted Joint Venture Agreement or Partnership Agreement is essential to successful partnership.
Each participant should understand their rights, obligations and the expectations of all participants.
When tension and stress levels rise, participants often forget what they promised at the beginning.
Joint Venture agreements substantially reduce the risk disputes that can bring down a business.
A Joint Venture Agreement Checklist will guide you through the important issues including:
- Purpose - getting clear your purpose and make sure its a common purpose for all participants and that purposes of participants do not conflict.
- Control - who has right to control, and do heirs have control if something happens to participant?
duties and responsibilities and expectations, as TIME (CLOCK AND CALENDAR), MONEY, EFFORT, ETC.
- Right to compete? To work elsewhere?
- Exit plans and strategies.
- What happens if participant can no longer work for business? Profits? Losses? Shares?
- And other important issues
Click here to schedule a consultation to discuss your Joint Venture Agreement or Partnership Agreement with Business Lawyer, Michelle DelMar, Esq.
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