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The duration of a joint venture depends on the terms of the contract between the parties. The venture will continue until the time stipulated in a contract. But where an agreement lacked a definite term of duration, it may be terminated at will by either party[i].
A Joint Venture Agreement is a contract between two or more parties who want to do business together for a period of time, without creating a formal partnership or new legal entity. Usually, both parties have an equal stake in the venture, and will both reap the benefits.
Just as an original entity can be organized in one of several ways, a joint venture can be set up as a partnership, LLC, or corporation. Or, rather than form a separate entity, a joint venture can be created as a contractual relationship.
After a joint venture agreement has been signed, a change in events or in the parties' intentions can necessitate an amendment to the agreement. If all of the parties agree to the change and sign additional documents, any term in the existing agreement can be amended.
A Joint Venture (JV) Agreement is a contract between at least two business entities or individuals entering into a temporary business relationship. By joining forces, the parties hope to achieve a mutual goal.
Standard Documents and Clauses Alliance Agreement. Confidentiality Agreement: Joint Venture. Letter of Intent: 50/50 Joint Venture. Letter of Intent: Majority/Minority Joint Venture. Joint Venture Formation Agreement. LLC Agreement (Two Member, Managing Member-Managed) LLC Agreement (50/50 Joint Venture, Board-Managed)
Joint venture An agreement (written or oral) between the parties manifesting their intent to associate as joint venturers. Mutual contributions by the parties to the joint venture. Some degree of joint control over the single enterprise or project. A mechanism or provision for the sharing of profits or losses.