Drafting The Joint Venture Partnership Agreement What to include in a Joint Venture Partnership Agreement

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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