A Joint Undertaking Agreement shall define the conditions and obligations of the Members and of the Joint Undertaking. Before you start creating your own joint venture contract template, let`s first discuss how you would plan your joint venture agreement. Planning would be the first step in setting up a joint venture agreement. You need to take steps to be able to plan your joint venture successfully. A joint venture agreement is legally binding in most jurisdictions and can be used in court to claim damages if one of the parties fails to comply with the terms of the contract. If your business can benefit from sharing resources with another company, a joint venture can increase your chances of success for a limited time and a limited goal. Companies often enter into JV agreements in the following circumstances: U.S. Now you have planned your joint venture and are ready to make a deal with a second party. In order for you to create a good example of a joint venture agreement, you might need a few useful steps and tips to guide you. Sign a joint venture agreement if you intend to pool resources with another company in order to pursue a common goal, in particular if sensitive information or profit-sharing agreements are involved. As a general rule, two parties engage in a joint venture in order to obtain their own individual advantage, which usually results from the main objectives of the business project they envisage. Whatever your purpose for concluding a joint venture contract, the most important document you should have is a joint venture contract….