During the drafting of the agreement, the following aspects should at least be included:

• Definitions ( like technical terms specific to the industry)
• Identity of the partners
• Purpose of the joint venture
• Scope of the joint venture
• Activities of the joint venture
• Validity period of the agreement including time span of joint venture
• Contribution of each partner
• Responsibilities and obligations of each partner
• Equity share of the partners
• Capital structure of the joint venture
• Quality commitment from both partners
• Scope of technology transfer
• Terms of technology transfer
• Training of employees
• Management: structure including number of directors representing each party, systems, process and procedures
• Authority limit to purchase capital expenditure, etc
• Authority limits of cheque signatories
• Ancillary and supplementary agreements covering suppliers and distributors
• Preparation and submission of financial statement to the joint venture partners
• Business policies
• Profit sharing terms
• Implementation schedule
• Avenues for settlement of disputes and resolution of conflicts
• Legal details for example compliance with any specific laws of the country
• Event of breach and possible remedies
• Events which lead to termination of joint venture partnership
• Any other special clauses

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