Joint Venture/Partnership Agreements
Joint venture (JV) and partnership agreements are legal arrangements between two or more parties to collaborate on a specific business project. In a joint venture, entities combine resources for a limited time or purpose, sharing risks and rewards. Partnerships involve a more ongoing relationship where partners share profits, losses, and management responsibilities. Both agreements define the rights, obligations, and contributions of each party involved in the business venture.
The key differences between joint venture and partnership agreements lie in their nature and scope. In a joint venture, entities collaborate for a specific project or period, pooling resources for mutual benefit. Partnerships, on the other hand, imply a more long-term commitment, with shared profits, losses, and management responsibilities extending beyond a particular project. Joint ventures are often more focused on a single objective, while partnerships involve a broader and ongoing business relationship.
What should you be thinking when entering into a JV or partnership agreement?
For both agreements, considerations include:
Clear objectives - defining the purpose, goals, and scope of the collaboration to ensure both parties are aligned on the intended outcomes.
Contributions and responsibilities - outlining each party's contributions, responsibilities, and roles in the venture to avoid misunderstandings.
Financial arrangements - specifying how profits, losses, and expenses will be shared, including the financial contributions from each party.
Decision-making: - establish decision-making processes, voting rights, and management structures to prevent conflicts over control and direction.
Duration and termination - define the duration of the collaboration and conditions for termination, exit strategies, and dispute resolution mechanisms.
Clarify ownership and usage rights regarding any intellectual property created during the collaboration.
Address confidentiality concerns and non-compete clauses to protect sensitive information and prevent competitive conflicts.
Ensure that the agreement complies with relevant laws and regulations to avoid legal issues down the line.
Have an exit strategy and include provisions within the agreement for winding down the venture or partnership, specifying how assets, liabilities, and profits will be handled upon termination.
And finally, an essential skill for any relationship - establish regular communication and reporting mechanisms to keep both parties informed about the progress and challenges of the collaboration.
How can we help?
Thoroughly addressing considerations helps create a comprehensive and mutually beneficial agreement, minimising the potential for disputes and promoting a successful partnership or joint venture. We specialise in providing cost-effective legal solutions clearing your path to success, which means our bread and butter lies in crafting, reviewing, and dissecting commercial contracts. From T&Cs to aaS agreements and commercial negotiations, we support the likes of Onfido, Multiverse, and Office & Dragons - ensuring they can build, break, or bolster their commercial relationships.
In need of support from commercial contract lawyers in the UK? Get in touch with our team.
How to get started
Don't take our word for it
Real world legal advice from real people. No stuffy posh nonsense or complicated legal speak for the sake of it, just great value legal advice. Making the switch to Plume was easy and has saved us a lot of money compared to our previous subscription legal service.
Rachael is a diamond and very intelligent. She has a lovely style and an efficient, commercial & more collaborative approach to advising clients. It's also reassuring to know that Rachael is a former litigator so you know you are getting all-round excellent commercially sound advice. Highly recommended!
Having negotiated against Alice personally, we were confident of her legal skills and commercial acumen. They immediately submersed themselves into our business, acting as an extension of our legal team. They worked incredibly hard, are friendly, approachable and above all could always be counted on to retain a sense of humour.”
Rachael is commercially focussed, and her investment in taking the time to get to know our business means she takes a pragmatic, human-centric approach to negotiations. She proactively gets her head around the particular priorities and constraints on each engagement, meaning she hits the ground running adding value while being able to move at pace.
“Plume is anything but your traditional law firm. We found the lawyers to not only be experts in their fields, but dedicated to understanding our business, which is so important to finding innovative solutions to the problems that we bring to them. Every single person I’ve met at Plume has been a delight to work with, and that just makes all the difference. I really do feel in very good hands working with Plume.”
Our favourite thing about working with Plume is it doesn’t feel like we’re working with a law firm but rather an extension of our own team. The lawyers have become so embedded in our business, so commercially focussed and so tuned to our risk appetite and way of working
The best thing about working with the Employment team is the prompt guidance and support they have given with sensitive and complex issues. They offer professional and diligent advice as well as being incredibly genuine and encouraging. It is reassuring to know they are on hand to help at all times.
Everyone internally has been incredibly impressed with your work and I'm sure we will want to continue working together long-term.
Plume is quite clearly the best law firm in the history of the universe. With trademark protections bestowed upon us by your godly lawyers, we'll be able to focus on what we do best.... developing awesome medical technology for the blind community.
Quickly understood my requirements, carried out a thorough review of the facts and produced a user-friendly reference document tailored to my business which demonstrated a strong grasp of the commercials. Take on was pain-free and everyone was friendly and responsive. Would recommend.
Excellent firm. Professional and ideal for start-ups.
The team have supported us with day-to-day and strategic legal advice throughout the year. We're grateful to them for stepping up to support us through this important milestone in MyTutor’s development and for their commitment in getting the deal over the line.
We currently use Plume for our small business and have had a great experience! They are knowledgeable, professional and answer in a timely fashion. Would recommend!
Great working with the folks at Plume. The quality of their work was top notch, their communication was effective and overall happy with the services provided.
You are without a doubt the COOLEST law firm ever, and we love working with you! <3
They're doing amazing stuff on social media and standing out from the crowd. This is a gold standard in disruption.
You are continuing to shape the legal industry to be more creative, compassionate, and (most significantly) human. Keep breaking down barriers - your reach is further than you may realize 🦩
The team have come on board to support MyTutor, a fast growing EdTech business which previously had no in-house legal resource. The team have made a hugely positive difference in a short space of time and we feel incredibly supported by the team, who offer a commercial, low fuss and highly responsive service
Plume are a wonderful, professional and caring law firm. The communication and attention to detail we received by them in dealing with our case was brilliant. I will definitely be using them again for future needs.
The team provided excellent leadership and support throughout our funding process. In particular, they provided comprehensive ownership and management of the close process for AccelerComm, providing excellent, professional guidance from start to finish and enabling AccelerComm to focus on growing core business growth
