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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.
KEY ELEMENTS OF A JOINT VENTURE -
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.
Why Legato?
Connect with a Legal Expert easily Legato is your one stop destination with everything related to legal. It empowers you with access to a network of verified lawyers providing their services at all costs. Moreover, our dedicated Case Follow-Up Manager will assist and update you with the progress.
Verified lawyer network Our network for 1000+ verified lawyers will not only assist you with your case but update you and advise you with things to do & not to do.
Quick results Once, the legal expert is finalized, you are ready for quick action related to your work. Majority of the lawyers will share a time estimate of what to expect moving forward.
You need to select one of the Lawyers considering your case category and profile of the Lawyers. Once you are sure with the Lawyer, you need to select call option given in the profile page of the Lawyer, in the website as well as in the mobile app. After selecting the call option,the time slot needs to be selected, and payment needs to be made for confirmation of the call consultation. At the selected time our system shall connect you and Lawyer We have half an hour time slots placed for every call consultation and after said time slot selected call shall automatically get disconnected.
Kindly make sure that you keep all information and documents about the matter handy before the time of call so that to avoid any delays.
In an event where you miss the call at the selected time, our system shall dial-in the call again after 5 minutes as a second attempt. In case of failure of the second attempt,the system shall try after another 5 minutes as a third attempt.
After the failure of the third attempt, you need to contact our support team (contact details shared on the website) so that they can talk to respective Lawyer, and reschedule the time of the call.
In such an event you can contact our support team (contact details shared on the website), and they shall be assisting you as quickly as possible in completing your call.
Yes, they are diligently verified. For your ease, we have mentioned their bar council number as well so that their identity can be checked from Indian Bar Council.
Definitely yes. We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption. Further, we are using Paytm as our payment gateway, which is highly secured as per legal standards.
We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption.
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