This Joint Venture Agreement (the “Agreement) is made as of by and between, a (the “First Party”), and, a (the “Second Party,” and collectively, the “Parties”). If you are considering a joint venture with another company, it is always a good idea to talk to a lawyer as part of your process. Sale option to satisfy deadlockIf a member cannot come to an agreement during the term of the contract and reach deadlock, a sales option is included in the contract. This agreement basically states that the other member can choose to buy the other's portion of the venture. If you employ people, you'll have responsibilities, such as employee payroll tax and PAYG (including reporting and paying tax on fringe benefits) and superannuation payments for any eligible employees. Protection from debts and liabilitiesThis part of the agreement states that each joint venturer is responsible for their own debt and obligations. If one member takes on debt or hires a service to fulfill their part of the agreement, and they don't pay their obligations, the other members cannot be held responsible for that debt. Joint Venture Agreements are a powerful business tool often used by large and small companies. These agreements help minimize risk and share costs, and they are usually designed to protect each party's proprietary information.