Technical Collaboration

Technical collaboration is a contract whereby the developed country agrees to provide technical know-how, sophisticated machinery and any kind of technical assistance to the developing country.

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A contract between two parties to accomplish the same goal is known as joint venture agreement. It can be the ideal arrangement for the business entity if the party needs to accomplish a project of short term.

It is similar to the partnership firm; it has no legal standing. The partnership firms, corporations and the business of other types can together form a joint venture. Their arrangements are generally used for the research purpose. To combine the small and large-scale companies or to work on more significant projects that can be easy to handle jointly, a joint venture can be formed.


The parties involved in the venture:

It is vital to know the distribution of work within the parties involved and what can be expected from the parties to the contract. Mentioning the same in joint venture agreement will ensure the expectation from the parties to the contract.

Finance of Joint Venture:

This clause should mention the finance required for the joint venture and also the distribution of the revenue generated from the business of Joint venture.

Responsibilities of operation of the Venture:

The responsibilities of the parties for operating the joint venture that is the day-to-day stuff like handling customer service, managing the mailing list, looking for the affiliate payments and keeping track of the overall finances. These responsibilities may pile up if the partners to the contract are unaware of the work.

Resolving the disputes between the ventures:

This is the most important clause to be mentioned in a contract. If any dispute arises between the parties, then the dispute resolution should be mentioned in an agreement.

Rights and Obligation:

It mentions the rights and obligations of the parties to the contract.

Miscellaneous Clauses:

The clauses such as termination method, the contribution of the parties, the structure of joint venture, ownership of the project, etc. also shall be mentioned in the Joint venture Agreement.

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