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Joint Venture Agreement Information The duties and obligations of each party. Financial contributions, services, and other dedicated resources. The purpose of the venture. Business management and operations. The process for dissolution.

A valid joint venture agreement is a piece of document that is legally binding on its signatories, and that is legally enforceable in a court of law. In the absence of a valid agreement, suing third parties or co-owners of the joint venture becomes almost impossible, in case any dispute arises between them.

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.

The JV is a legal relationship to which the law of contract applies. It can be created by conduct, orally or in writing. The key terms and conditions of the JV relationship should be set out in a written agreement.

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.

It is highly recommended, however, that a complete written agreement is created to avoid confusion and dispute at a later time. See our article on Oral or Written Contracts. The agreement entered into between the parties must evidence the intent of the parties to enter into a joint venture.