Undo And Redo In Legal Alaska Joint Venture Agreements Forms For Free

You can form a legally binding joint venture agreement with an organization that can execute your project concept but does not have the resources or machinery to do it. This alliance will take both organizations to another level.

A Joint Venture Agreement (sometimes called a JV or co-venture agreement) is a contract between two or more parties that agree to combine their resources for a limited time in order to accomplish a project or reach a goal.

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.

Danger of Liability: Joint venture members can be sued individually and found liable for damages caused by a joint venture and it should be recalled that a joint venture is, above all, a partnership type entity with unlimited liability imposed upon its members.

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.

If the JV does fail, it is in neither party's interest for assets to be locked up while lengthy litigation ensues to determine financial severance. Mediation or commercial negotiation are often the speediest and most sensible ways of arriving at terms on which the JV can be divided up.