A joint-venture is a term used to describe a contractual arrangement between parties. A joint-venture is defined by the agreement of the parties rather than the law. An example of a joint-venture is an agreement between two persons to cooperate to deliver a product or service and share in the profits. It is usually used for a project intended to be of limited duration and can be very similar to a partnership. A joint venture can often create a partnership if not carefully written.
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