Insufficient
planning is
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.
If the
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.