Joint Venture contracts are those contracts which are made between two or more parties which are involved in a business deal on joint basis. Such contracts establish relationship between the involved parties in the agreement. The importance of such contracts lies in the fact that if in the future, anything goes wrong, then there is a signed legally document to back the parties.
Joint venture contract acts as a formal and legally binding document which should be written in a professional manner. There can be various kinds of joint venture contracts. The following are a few examples:
- Business joint venture contract
- Franchise joint venture contract
The following are a few points which should be considered while drafting a joint venture contract:
- The first section must be reserved for writing down the personal details of the involved parties.
- The second section of the contract gives the details of the responsibilities and duties of the parties involved.
- The date and the duration of the contract form an important part of the contract.
- The terms and conditions of the joint venture contract should be written down in points or bulleted form.
- The last line must be used for the signatures of involved parties and the witnesses.