A joint venture contract is a formal arrangement between two or more than two parties who have agreed to carry out a business or an association on a joint basis. These contracts are used to lay down the various details of the joint venture or business and the details of the duties and responsibilities of each of the parties in the venture. A joint venture contract is a legally binding document which consists of the terms and conditions which bind the parties together. These contracts must be framed carefully and in a formal manner. Given below are a few suggestions and tips which should be helpful for any person who wishes to frame a perfect joint venture contract.
- A joint venture contract must be drafted by using a formal tone or a set pattern. These documents must make use of legal words and terminology as they are legally binding in nature.
- At the beginning of a joint venture contract, the commencement date as well as the termination date of the contract must be mentioned.
- This must be followed by giving the various details of the parties which are forming the joint venture. These details must include their names, respective titles, addresses, mobile numbers, fax details, email addresses etc.
- The next part of the joint venture contract must have the details of the business venture which the parties have agreed to run jointly. This part must focus on the responsibilities or duties which each of the parties have to handle.
- The next section must have the various terms and conditions on the basis of which the contract is formed. The terms and conditions must be jotted down point wise and in a well detailed manner.
- Before the end of the contract, space must be left for the signatures of the involved parties and the witnesses.