Deed of Adherence for Unequal Joint Venture Agreements
Publisher one
ƵSource file
Jurisdiction
England and WalesRelevant sectors
Type of legal document
💴 Joint venture agreementBusiness activity
Adhere to joint ventureA joint venture agreement is a legally binding contract between two or more parties that outlines the terms and conditions of their business relationship. The agreement should include the roles and responsibilities of each party, the ownership percentage of the business, and how profits and losses will be shared.
In a joint venture, two or more parties come together to establish a business venture, sharing risks, resources, and profits. However, in some cases, partners may contribute different levels of capital, expertise, or have varying expectations regarding decision-making powers or profit distribution.
This Deed of Adherence allows a new party to join an existing joint venture while recognizing and documenting the inequality of rights or ownership between the original and new parties. This document outlines the terms and conditions that govern the new party's entry into the joint venture, including any adjustments to ownership percentages, voting rights, profit sharing, or decision-making authority.
By using this template, the existing joint venture parties ensure that the rights and responsibilities of all parties are clearly defined and documented according to UK law. It provides a legal framework for addressing issues such as financial contributions, intellectual property rights, liabilities, dispute resolution mechanisms, and potential exit strategies.
Overall, this legal document acts as an amendment or supplementary agreement to an existing joint venture, providing a transparent and legally binding solution to incorporate a new party into the venture, while acknowledging the inequality among joint venture partners.
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