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The duration of a joint venture depends on the terms of the contract between the parties. The venture will continue until the time stipulated in a contract. But where an agreement lacked a definite term of duration, it may be terminated at will by either party[i].

JVs join two or more different entities into a new one, which may or may not be a partnership. The term ?consortium? is sometimes used to describe a JV, and there are similarities.

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.

Joint venture An agreement (written or oral) between the parties manifesting their intent to associate as joint venturers. Mutual contributions by the parties to the joint venture. Some degree of joint control over the single enterprise or project. A mechanism or provision for the sharing of profits or losses.

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.

There are no specific laws in India for joint ventures when it comes to rules to register joint venture agreements. Nonetheless, the regulations governing FDI and FEMA and other basic contractual principles are applied in India, together with the parties' agreement on the choice of law and dispute resolution system.