Understanding the Joint Venture Agreement
A well-drafted Joint Venture Agreement is key to successful multi-party projects. It is essential that all participants understand their rights and obligations and the rights, obligations and expectations of all other participants.
When tension and stress levels rise, even well-intentioned participants often forget (sometimes innocently), what they promised at the beginning of the project. Joint Venture agreements substantially reduce the risk of "forgetfulness" and/or provide a clear, written reminder of important commitments. A well-drafted Joint Venture Agreement will likely include all of the issues set forth in the Joint Venture Agreement checklist and more.
A Joint Venture Agreement Checklist is a useful, easy to use tool to help facilitate important discussions, that are essential to the success of multi-party projects. It will guide you through the important issues that will ultimately assist in creating your Joint Venture Agreement.
Issues include:
- purpose
- type of entity
- control
- duties and responsibilities
- level of commitment
- exit strategies
- contingency plan in event of non-compliance, non-participation
- and other important issues
CLICK HERE FOR A JOINT VENTURE AGREEMENT CHECKLIST.
Michelle L. DelMar, Esq., is a Small Business Lawyer working with Joint Ventures.
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