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A Joint Venture Agreement is a contract between two or more individuals or businesses who would like to undertake a new discrete project, start a new service, or do some other type of specific work together in order to make a profit.
Importantly, there are several different structures that Joint Ventures may take. One of the most common structures is for parties to simply enter a contract together, agreeing to do certain things together. However, in some other cases, parties choose to create a company or some other legal entity together for the sole purpose of undertaking the Joint Venture.
This Joint Venture Agreement does not create a company or any other legal structure. It is simply a contract between the various parties. It says what the parties will do together, and what their various rights and obligations will be.
A Joint Venture Agreement is more limited than a Partnership Agreement. In a Joint Venture, the parties are only working together for one specific activity (for example, to develop and sell one piece of real estate). By contrast, in a Partnership, the parties may work together on an ongoing basis (for example, by continually buying, developing, and selling different pieces of real estate).
In a Joint Venture Agreement, the parties come together to define the scope of the joint venture and their respective obligations so that everyone is on the same page before the new project, service, or other venture can begin.
The Joint Venture Agreement describes the purpose of the joint venture and sets up everything the parties need in order to start their business together. Ownership allocations, including profit and loss, are one of the critical points of a Joint Venture Agreement, as is the termination clause.
The document is a valuable foundation document for starting a Joint Venture with another individual or business and will help the parties outline clear communication for their venture together.
How to use this document
This document may be used when two or more parties, whether those parties are individuals or businesses, are looking to enter into a Joint Venture together. The Joint Venture can be for any legitimate, lawful purpose.
This Joint Venture Agreement will allow the parties to enter the following information:
This Joint Venture Agreement will cover all the ground needed for two or more parties or entities to begin a successful new project.
When this document is completely filled out, it may be signed by all parties and each party can keep a copy for their records. If possible, the original may be kept with the assets of the Joint Venture itself.
Common law principles of contract law may apply.
In addition, many forms of Joint Venture are also affected by specific legislation in Australia. For example, property developers, companies, and businesses may all be affected by industry specific legislation at the state or commonwealth level.
In addition, in some cases the Australian Consumer Law which is set out in the Competition and Consumer Act 2010 (Commonwealth), may also apply.
If in doubt, seek legal advice.
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