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What is a simple joint venture agreement?

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A simple joint venture agreement is an agreement between two parties agreeing to work together for a common objective, according to Rocket Lawyer. The agreement outlines the terms of the new undertaking for both parties, allowing them to work harmoniously.

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The details of the joint venture agreement include business objectives, the initial investment for each party, roles and responsibilities for each party, and profit- and loss-sharing terms, notes Rocket Lawyer. The agreement should also highlight the terms of termination in case of a conflict. A joint venture agreement serves the same purpose as a partnership deed but focuses on short-term projects. Having a joint venture agreement helps to increase profit and improve work efficiency.

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