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This document can be used to legally form a joint venture between two or more parties who would like to undertake a new project, start a new service, or do some other type of specific work together in order to make a profit. It acts as a legally binding contract, to reflect the intention of all parties to form a joint venture on the terms set out within.
The document can be tailored to describe the nature of the joint venture, such as the business purpose of the new joint venture, responsibilities of each party involved, any investment into the joint venture by either party, the creation date of the joint venture, any termination clauses and dates where applicable, and any agreed governance procedures for the combined management of the venture.
It should be noted that further actions should be taken to create the entity that shall be the basis of the joint venture. For instance, if the joint venture is to take the form of a limited company, such a company will need to be incorporated and registered. If the joint venture is a partnership, the parties should enter into a Partnership Deed instead. If the joint venture is a limited liability partnership, the parties should enter into a Limited Liability Partnership Agreement instead.
How the document is to be used
Record the details of each Party and the business that they are interested in pursuing through the joint venture. If the Parties have specific responsibilities in relation to the Joint Venture, then the details of those responsibilities can be included as well. For example, if one Party is going to provide trained staff and the other is to provide monetary investment, then these responsibilities can be described in the document.
Once the Joint Venture Agreement has been completed, and if it is a binding document, it must be printed on non-judicial stamp paper or e-stamp paper and signed by all the parties to the Joint Venture Agreement and dated. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on such agreements. Information regarding the stamp duty payable can be found on the State government websites. For instance, the website of the state of Karnataka provides details of stamp duty payable on agreements as does the website of Delhi. Each Party signing party may have their signature witnessed by an independent adult and then keep a copy of the Joint Venture Agreement for their own reference.
Any applicable law
Joint Venture agreements in India are subject to the Contract Act, 1872 and general contract principles as well as laws protecting intellectual property rights such as Copyrights Act and Trademarks Act.
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