If you are entering into a joint venture agreement with other parties, a legal service provider is well placed to draft contracts, mediate and provide advice. Here is some basic guidance to inform your choice of legal expert.
A joint venture agreement is a contract between equal partners who form the basis of a new company. Under a joint venture agreement, each party agrees to develop the business by contributing equity in exchange for a fair share of revenues and profit.
A joint venture agreement should form a comprehensive view of each partner's role as well as their responsibilities and obligations to the business and each other. It should also determine company policies, define financial contributions, and outline a partner exit strategy.
There is no mandatory limitation on a joint venture agreement, although they are typically a temporary arrangement.
It is worth considering a number of factors when choosing a legal expert to handle a joint venture agreement. You may wish to consider the location, reputation and cost of a firm before making your decision.
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Legal service providers may charge for straightforward joint venture agreements on a fixed fee basis. In more complex circumstances, fees may be charged on an hourly rate basis.
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Joint Venture Agreements