A partnership or joint venture can exist without a written agreement. However, a written agreement is recommended to define the terms of the arrangement and reduce the risk of disputes.

A properly prepared agreement should address matters such as:

• Roles and responsibilities: Defining the obligations and contributions of each party
• Capital contributions: Setting out the financial contributions required from each party
• Financial management: Establishing how the venture will be managed financially
• Decision-making: Defining how decisions are made and how disputes or deadlocks are resolved
• Restraints: Limiting the parties’ ability to compete with the venture
• Termination: Addressing how the arrangement may be brought to an end
• Default: Setting out what occurs if a party fails to meet its obligations

Dispute prevention and resolution

Disputes can arise where expectations are not clearly defined or where arrangements are not properly documented. Early documentation of agreements assists in reducing the risk of disputes.

QBM Lawyers advise on the structuring, documentation and management of partnerships and joint ventures, including strategies to address issues as they arise.

Dispute prevention and resolution

Disputes often arise where arrangements are not clearly documented or expectations differ over time. Preparing clear agreements at the outset assists in reducing the risk of disputes. QBM Lawyers advise on the rights and obligations of parties in partnership and joint venture arrangements and provide practical strategies to manage and resolve issues as they arise.

Contact our business lawyers