also one of the most prevalent reasons for failed joint ventures.
Too often, a joint venture “plan” consists of nothing more than a
statement of each party’s intended contributions to the project and
their respective share of the profits. This seldom works.
parties wish their joint venture to
succeed, they should agree to a
comprehensive written plan upfront. The plan should include
provisions for future contributions, logistical issues, governance
of the joint venture, dispute resolution, ownership of
jointly-developed assets, including
intellectual property; The term
and termination of the joint venture, including provisions for
winding up its business.