Lawyers for Joint Venture Agreements
When industry leaders come together to undertake a collaborative business venture, they share the benefits and potential losses. But it’s not uncommon for the terms of these endeavours to become unclear as the effort unfolds. That’s why it’s critical to enter a joint venture with eyes wide open and the terms articulated in an agreement signed by all parties.
At George, Murray, Shipley, Bell, LLP, our Sarnia business lawyers have the experience to deliver valuable, cost-effective due diligence. As lawyers for joint venture agreements, we work with business visionaries to craft highly specialized contracts that improve your chance of success and communication.
Why You Need A Joint Venture Agreement
When two or more people or entities come together to achieve profit-driving or other goals, a joint venture agreement stands as the baseline for each party’s duties, obligations, and potential benefit. These contracts clarify what each party brings to the table and how their talents, assets, finances, or other resources will be brought to bear. These ran among the critical elements in a legally binding joint venture agreement:
- How business profits or losses will be assigned to the parties
- Detailed account of each party’s obligations
- Management of business expenses, payments, billing, and authorized signatories
- Decisions about employee and partnership statuses
- Supervisory roles and individual authorities
- Capital investment and insurance considerations
- Confidentiality agreements during and after the venture has been terminated
- Exit strategies and post-venture liability
In the event one or more parties become disenchanted with the terms set in the agreement, it’s imperative to include articles that pre-determine methods for dispute resolution. This may include negotiation, non-binding arbitration, binding arbitration, or civil litigation. Not every businessperson will act reasonably or responsibly. Mutually agreed-upon methods to resolve issues can avoid protracted and costly court battles.
Contact Our Sarnia Business Lawyers for Joint Venture Agreements
Having the clarity of a well-crafted business contract helps facilitate goal achievement, communication, and profitability. The opposite also holds true. If you are considering entering a joint venture or have an existing agreement that requires updating, our Sarnia business law professionals and experienced team of business lawyers shave established a reputation for excellence through legal acumen and cost-effective service. That’s why industry leaders rely on George, Murray, Shipley, Bell, LLP, for joint venture agreements.