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British Law >> Organisation Area >> Joint Venture

Joint Venture Agreement (form of Partnership)

An agreement on joint venture is used when two or more businesses wish to combine resources for a shared profitable venture, but do not wish to establish any long-term commitment. Such an agreement is suitable wherever the scope of trading or duration of the venture is to be limited and so the cooperation is limited to the specific contract.

Such an agreement usually sets out the contributions, responsibilities, tasks, territories, jurisdiction, accounting, roles, management, promotion, marketing, intellectual property, confidentiality, profit share, termination, assignment, and liabilities of all parties.

A joint venture agreement can be drafted for you by a lawyer, or you can use and adapt a standard agreement form such as supplied by a legal document supplier addressing partnerships of different kinds.