It is important to document the terms of the relationship as, with any business relationship, there are many interests involved and to ensure that there is clarity about what each party is providing to the joint venture and what they are to receive. Having the arrangements clearly documented at the beginning of the relationship can give you a tool to navigate the operation of the joint venture and can avoid disputes arising.
There are many different structures that can be used for a business. A common way for parties to do business together is by forming a joint venture. A joint venture is an arrangement where 2 or more parties (individuals or companies) collaborate towards the same goal, whilst maintaining their own separate businesses.
What topics may be included in a joint venture agreement?
- The parties involved;
- What each party is going to contribute to the relationship (whether monetary or skill based);
- How marketing matters are dealt with and who owns intellectual property;
- Ownership of IP; and
- How termination will occur.
The Gladwin Legal team can assist with:
- preparing a heads of agreement prior to entering into your joint venture agreement;
- drafting a new joint venture agreement;
- negotiating a joint venture agreement;
- reviewing and amending an existing joint venture agreement; and
- advising on conflicts that arise between parties.