Draft Your Joint Venture Agreement by Top Lawyers in India

In most jurisdictions a Joint Venture Agreement is legally binding. It can be used in court for seeking damages if either party consents on the terms of the contract.

Yes, Joint Venture is a contract and falls under the definition of a contract. It is a contract between two or more business entities for a fixed period of time. This contract binds a legal obligation to the members who entered in the contract in true and fair conscience.

Some of the following guidelines should be considered for inclusion while drafting a Joint Venture agreement.

• The date in which the agreement is established
• The members involved in the Venture
• Business name of the Joint Venture
• Description of the projects for which it was purposed for
• Accounting and financing details.

A joint venture agreement can be terminated in the following ways:-

• By way of will
• By way of conduct
• By way of words
• By death of a party

If there is a mutual consent then the joint venture agreement can be terminated.

A prominent book of account can help a joint venture by representing the true and fair view of its finances. It would also enable the parties to take better financial decisions. Prominent book-keeping would also help in maintain abnormal cash outflows and other mishaps.