A Joint Venture Agreement is a contract between two or more individuals or businesses who would like to undertake a new discrete project, start a new service, or do some other type of specific work together in order to make a profit. A Joint Venture Agreement is more limited than a Partnership Agreement, in that the parties are only working together for one specific activity. The best Joint Ventures benefit every business entity involved. The benefit may be revenue, brand exposure, access to resources, strategic expertise, manufacturing experience, and more. Protection of proprietary informationWhile working together, you'll be privy to each other's proprietary business information including intellectual property, technology, and technology improvements. For this reason, the Joint Venture document includes a confidentiality agreement to protect business information. 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. The issue of the appropriate valuation of in kind contribution can often be a major stumbling block in joint venture negotiations.