Any other specific terms, like non-disclosure or non-compete. A joint venture agreement helps create strategic alliances in order to gain access to wider markets.Profits distribution model: either by the parties’ contribution share or a specific calculation method.Assignment of a party or an individual responsible for day-to-day operations on the project.Termination clauses and respective consequences.An effective date and duration of the partnership. A written joint venture agreement should clearly lay out factors such as each partys stake of the business, roles, responsibilities, the management and.Definition of the processes that ensure updating of the parties on the project’s progress A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.Roles and liabilities of each party in the project. ![]() A sufficient description of the agreed contributions by both parties, like cash, assets, and an assessed value of those contributions. JOINT VENTURE AGREEMENT This Joint Venture Agreement (this Agreement ) is entered into as of the 8 th day of March, 2021 (the Effective Date ) by and between MONAKER located at 1560 Sawgrass Corporate Parkway, 130, Sunrise Florida 33323 and SOMA INNOVATION LAB located at 11000 SW Riverwood Road, Portland OR 97219.The name of the joint venture will be The 4xtra Project, and may sometimes be referred to as 4xtra or the Joint Venture in this Agreement. Whereby, the Parties agree as follows: 2.Definitions 1. Some of the crucial articles that should be unpacked in the agreement are: joint venture, for the purpose of engaging generally in the business provided for by terms and provisions of this Agreement. At the same time, such contracts usually make notes about the non-competing behavior of the engaged members, confidential agreements, and further actions after the contract validity term expires. The basics of a joint venture agreement are pretty close to a standard contract format, including the details about its members, their contributions, profits, and particular management conditions. NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants and commitments set forth herein, the parties hereto agree as follows: A joint venture is a commercial arrangement between two or more participants who agree to co-operate to achieve a particular objective. ![]() WHEREAS, the Parties desire to establish a joint venture between them in order to collaborate in (add a corresponding joint venture description), A joint venture agreement is a business arrangement in which two or more companies come together to undertake a specific project or business activity. WHEREAS, “ ” is in the business of (add a corresponding business description), and THIS JOINT VENTURE AGREEMENT (the “Agreement” or this “Joint Venture Agreement”), is made and entered into as of, by and between, a state corporation, with a registered office located at, and, a state corporation, with a registered office located at (hereinafter sometimes referred to together as the "Parties" and individually as a "Party").
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