If you are considering a joint venture with another company, make sure you have a signed agreement in place that spells out the product, service or other outcomes desired and how the joint venture will be managed.
Your agreement will need to outline the following, at minimum:
- FORMATION OF JOINT VENTURE
1.1 Formation. Company 1 and Company 2 (the “Venturers”) agree to form a joint venture (the “Joint Venture”) on the terms and conditions set forth in this agreement.
1.2 Name. The name of the Joint Venture will be NAME.
1.3 Principal Office. The principal office of the Joint Venture will be at ADDRESS.
1.4 Term. The term of the Joint Venture will commence on the date of this agreement and will terminate on xx/xx/xxxx unless terminated earlier under the provisions of this agreement.
1.5 Purpose. The purpose of the Joint Venture is to (STATE PURPOSE.)
1.6 Assets. Title to assets of the Joint Venture will be held in the name of the Joint Venture and, except as otherwise provided in this agreement, no Venturer has any right to those assets or any ownership interest in them except indirectly as a result of the Venturer’s ownership of an interest in the Joint Venture. Assets of the Joint Venture may not be commingled with those of a Venturer or any other person. Assets belonging to a Venturer that have not been transferred to the Joint Venture will remain the assets of the Venturer and will not be considered assets of the Joint Venture despite the fact the Venturer uses the assets in performing its obligations under this agreement.
- CAPITAL CONTRIBUTIONS
- REMEDIES OF DAMAGES
- RELATIONSHIP OF VENTURERS
- MISCELLANEOUS PROVISIONS
Get the entire 7 page joint venture agreement emailed to you in Word format.