Joint venture (JV) is a business relationship between two or more parties where each party contributes capital, skills, technology, management expertise, marketing resources, or other assets to achieve a common goal. Joint ventures are used extensively in the oil and gas industry, but they can be used in any industry or sector.
There are many types of joint ventures, but most require that the parties involved meet certain requirements under the law. These include having a written contract, having a board of directors, having a defined purpose, having clearly stated goals, having a set time frame, having clearly defined roles and responsibilities, having a clear division of profits, having a clear division on losses, having clearly defined start and end dates, and having a clear exit strategy.
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