In India there is no specific law related to the Joint Venture. Only certain approvals and documentations are required in specific cases. There are different types of Joint Ventures. Joint Venture agreements play an important role in defining the rights and responsibilities of parties. Parties, join together to accomplish certain task or activity, read thoroughly Joint Venture Agreement to complete the undertaken activity in a fruitful way. Joint Venture Agreement which clearly defines the responsibilities and obligations of both the parties is consider as good business Joint Venture agreement. If individual/company is going for an International or foreign Joint Venture then they are required to go through International Joint Venture Agreements. There are many organizations that are looking for some foreign Joint Venture but the terms and conditions are actually not clear to them. They assume business Joint Venture agreements with domestic partners and foreign partners are same. There is a difference between both of them. Joint Venture agreement guidelines for domestic partner and foreign partners are different.
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International Joint Venture Agreements sketch the important points for both the parties involved in the activity. It must be signed after consulting proficient lawyers of international laws and multi-jurisdictional laws and procedures. For running global Joint Venture successful in the country, International Joint Venture Agreements are required. There are certain important things which need to be protected through International Joint Venture agreements such as auditing rights and dispute resolution process, legal compliance, security and confidentiality, fees and payment terms, and proprietary rights. Parties should discuss and negotiate together thoroughly to avoid any misunderstanding before concluding the Joint Venture agreement or business Joint Venture agreement or International Joint Venture agreement.
All the below mentioned should be properly considered before signing a Joint Venture Agreements. CEO/MD, Applicable law, Force Majeure, Board of Directors, Funding, Dividend Policy, Holding shares, Transfer of shares, Fees and payment terms, Proprietary rights, Auditing rights General meeting, Management Committee, Termination, Assignment, Security and confidentiality, Events of Defaults and Addressing, Appeal & Enforcement, Location of Arbitration, Number of Arbitrators, Interim measures/Provisional Remedies, Important decisions with consent of partners, Access, Privacy Agreement, Change of control, Rules Applicable, Dispute Resolution Mechanism, Survival terms after the termination of the Joint Venture agreement, Time limits, Legal compliance. All the approvals should be taken with in time and documents filing should be done properly. Joint Venture agreements should be modified as pertinent to different situations.