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Since the joint venture is not a legal entity, it does not enter into contracts, hire employees, or have its own tax liabilities. These activities and obligations are handled through the co-venturers directly and are governed by contract law.

Updated August 21, 2023. A joint venture agreement is a legal contract that unites two or more parties, whether individuals or companies, in the pursuit of a common goal. The contract stipulates that the parties will combine their resources in order to achieve mutually beneficial ends.

Elements of a Joint Venture Agreement Parties or Co-ventures: A joint venture agreement must identify the parties who have agreed to run a business together. Contribution of each party: A joint venture agreement shall identify how much money, time and such other essentials each party will invest.

Advantages of joint venture agreements In sharing resources, the companies can: Access greater resources ? the parties may be able to benefit from having access to better resources such as specialised staff, technology and finance at a lower cost than if they had to acquire those resources for themselves.

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 Joint Venture (JV) Agreement is a contract between at least two business entities or individuals entering into a temporary business relationship. By joining forces, the parties hope to achieve a mutual goal.