Free Joint Venture Agreement
Joint Venture Agreements are used by businesses who desire to form partnerships for a sole purpose. This agreement allows the companies to share their areas of expertise in order to develop a new product or enter new markets. This agreement sets out the specific terms of the arrangement and is of mutual benefit to both companies.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
JOINT VENTURE AGREEMENT
THIS JOINT VENTURE AGREEMENT (the "Agreement"), made and entered into as of this___ day of ______________ 20__, by and between ______________ (hereinafter referred to "____________") and ___________ (hereinafter referred to “____________”).
1.01 Business Purpose. The business of the Joint Venture shall be as follows:
(Describe Business Purpose)
1.02 Term of the Agreement. This Joint Venture shall commence on the date first above written and shall continue in existence until terminated, liquidated, or dissolved by law or as hereinafter provided.
OBLIGATIONS OF THE JOINT VENTURERS
______________ is responsible for all operations and decisions of the Joint Venture and will be compensated for providing various services.
3.01 Profits and Losses. Commencing on the date hereof and ending on the termination of the business of the Joint Venture, all profits, losses and other allocations to the Joint Venture shall be allocated as follows at the conclusion of each fiscal year:
RIGHTS AND DUTIES OF THE JOINT VENTURERS
4.01 Business of the Joint Venture. _____________ shall have full, exclusive and complete authority and discretion in the management and control of the business of the Joint Venture for the purposes herein stated and shall make all decisions affecting the business of the Joint Venture. At such, any action taken shall constitute the act of, and serve to bind, the Joint Venture. ______________________shall manage and control the affairs of the Joint Venture to the best of its ability and shall use its best efforts to carry out the business of the Joint Venture. _________________ shall not participate in or have any control over the Joint Venture business nor shall it have any authority or right to act for or bind the Joint Venture.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dayand year first above written. Signed, sealed and delivered in the presence of: