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Always put a contract amendment in writing and make sure both parties sign and date it. Reference the title of the contract, if applicable; its original parties; and original signing date, so that it is clear what document you are amending. Attach the amendment to the original contract.

The joint venture must be registered with the appropriate government bodies, such as the Registrar of Companies or the Ministry of Commerce, to become legally binding.

After a joint venture agreement has been signed, a change in events or in the parties' intentions can necessitate an amendment to the agreement. If all of the parties agree to the change and sign additional documents, any term in the existing agreement can be amended.

A written notice of intent of termination of the contract must be served to all members in due time using the method specified in the contract. The terminating party should make an exit plan or strategy to terminate the joint venture. A standard exit plan may have the following steps: Sale of the assets.

Ensure partners share a common culture, vision and values and an ongoing commitment to strengthening the culture. Perform thorough due diligence on each partner. Adopt a win-win attitude. Define ?gives and gets? in advance and identify issues that will be nonnegotiable for each partner.

A joint venture agreement should include the names and contact information of all parties involved, the purpose of the venture, the roles and responsibilities of each party, the duration of the agreement, and the terms of the agreement.