In the world of business whenever two persons & parties are agreeing to start business as partners they signed an agreement which is known as joint venture agreement. Typically the joint venture agreement is likely to explain as a partnership agreement because such agreement which always serve as a lawful document will secure the rights of both parties as well as assist them to work together & share profit & lose collectively without any refusal. As things go people can assume that joint venture is a business arrangement in which two or more parties always agreeing to pool and accumulation their overall resources for the purpose of accomplishing a particular task in a specific period of time. As I said a joint venture agreement is entirely similar to a partnership, seemingly it’s a partnership of two people or businesses those are coming together for a same cause. Almost certainly such cause could be a task, a new project or any other business activity. However, as we can say that there’s a major difference between a regular partnership as well as joint venture. Suppose you are working with someone as partner in that case your partnership will meant to last beyond the end of single project. Whereas on the other hand the joint venture agreement which has a legal worth will typically bound two companies & individual on same frame for one or more signed projects with a limited amount of time mentioned on aforesaid agreement.
As far as the joint venture agreement has several sub-types, just like; contractual joint venture agreement, corporate joint venture, and long term partnership agreement. Here one thing I like to clear during the preparation or creation of joint venture agreement all the entities will agree to allocate specific resources, for instance; use of collective money, strength of employees, use of equipment, combination of technology, share of profit, division of overall resources, exact time frame, etc. Usually companies start joint venture when they’re fighting with following happens, just like; lack of technology, negative popularity, low power/output, less resources, mismanagement, & even more, although when an individual or business join hands together with other companies in order to have more power in their hands they share their resources to establish a great impact in market. Moreover a joint venture always suggest as a strategic alliance between two or more parties that obviously will allows each other together build a business rather than working on separate businesses. As a matter of case the agreements of Joint ventures are commonly used by companies to become active player in a new territory and return higher profits by expanding the company’s network with the support of their strategic alliance with other business.
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