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Joint Venture Collaborations
You might be considering entering your business into a joint venture collaboration for any of a range of reasons. For example, you might do so to assist with expanding your company into a new market, or simply to give your business a competitive advantage.
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As a long-established and well-respected legal firm in central London, Cranbrook Legal is excellently placed to help your business put together the right joint venture agreement.
We can help to ensure your joint venture agreement:
A “joint venture” is a type of collaboration whereby multiple businesses pool their resources, expertise, and technology, in order to achieve a specific goal.
Joint ventures can greatly vary in terms of the exact levels of integration involved, as well as their duration. However, many people associate the term “joint venture” with the process of creating a shared business, in which all partners share the profits, as well as the risks.
In order to form a joint venture legally, you will need to create a joint venture agreement that sets out the terms of the collaboration.
The legally binding nature of a joint venture agreement underscores the importance of seeking specialist legal advice from a trusted professional, such as Cranbrook Legal’s in-house commercial lawyer, before you sign such a contract.
This will enable you to make sure the contract terms serve your best interests.
Joint venture agreements are liable to vary in terms of exactly what they include. This is one more reason why we would urge you to arrange for a legal professional to advise on and help you with the process of structuring this type of contract.
Nonetheless, the following are some of the key components that tend to make up the structure of a joint venture agreement:
You can take various steps to ensure your organisation’s intellectual property rights remain protected throughout the duration of the joint venture collaboration.
The contract should clearly define the ownership situation that will apply to both existing and newly developed intellectual property, encompassing patents, trademarks, copyrights, and trade secrets.
To achieve this clarity, your agreement will need to specify which party owns what, and how ownership will be shared for any jointly developed IP.
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There isn’t a single answer to this question, as the decision that you make on how to divide profit in your joint venture collaboration will depend on various factors.
However, from the point of view of the formal joint venture agreement, you will need to set out a predetermined ratio for how profits will be divided between the partners.
The decision that partners make on a ratio will typically take into account the individual contributions of each party, encompassing capital investment, time commitment, expertise, and responsibilities.
In some circumstances – such as if there are two partners that contribute equally – the decision might be made to simply agree to a 50/50 split in profits.
Your joint venture agreement should include provisions that enable one or multiple partners to exit the venture smoothly and fairly if they need to do so. Such terms should allow for any exiting parties to protect their interests, at the same time as minimising disruption to business operations.
With all this in mind, the joint venture agreement should include such elements as:
Why Choose Us For Your Joint Venture Collaborations?
Although a well-structured joint venture agreement between likeminded parties can be highly advantageous, there can also be certain risks with this type of collaboration.
Below are just some of the risks that can arise:
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A fundamental difference between a joint venture agreement and other forms of business partnership, is that a joint venture agreement tends to be formed for a specific project or objective with a defined timeframe.
A joint venture agreement, then, is usually temporary. This is as opposed to the longer-term nature of standard business partnerships that may involve shared ownership of the entire business entity.
There are various terms that partners creating a joint venture agreement are generally advised to include. The names and contact information of all entities participating in the joint venture will need to be shown, along with a clear description of the project or business objective the joint venture seeks to achieve, and information on each participating party’s contribution.
Such aspects as profit and loss sharing, the management structure, the decision-making process, and dispute resolution arrangements will also need to be addressed in the contract terms.
There are various tax issues and risks that joint venture collaborations can present. Careful consideration will need to be given to how a given joint venture is structured in order to maximise tax efficiency.
Shareholders may also need to think carefully about how they will be able to extract profits from the joint venture, and how any such receipts will be treated for tax purposes.
If another party in your joint venture agreement wishes to leave, an important first course of action will be to carefully review the terms of the existing agreement.
This will enable you to make sure you fully understand the exit clauses, encompassing such aspects as any required notice periods, reasons for termination, and procedures for the valuation and distribution of assets upon exit.
The next stage will typically be to commence a dialogue with the other party in order to understand their reasons for leaving. From here, you will be able to explore potential solutions, such as the negotiation of a mutually agreeable exit strategy.
Here at Cranbrook Legal, we can help you put together a joint venture agreement with the provisions that will best ensure compliance with relevant industry regulations.
We can help to ensure, for example, that the agreement clearly defines the responsibilities of each party as far as regulatory adherence is concerned. We can also ensure specific clauses are included that outline compliance procedures.
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