Prepared for:
[Client.FirstName][Client.LastName]
[Client.Company]
Created by:
[Sender.FirstName][Sender.LastName]
[Sender.Company]
A joint partnership agreement is a contract that defines the relationship between two or more parties that conduct certain activities together or have shared ownership of certain property. It is common in starting businesses, investing, and solving problems more effectively by pooling resources.
In a joint partnership, each party is responsible for a share of profits, duties, and obligations equal to their contributions to the common cause (e.g. business venture). The joint partnership is its own separate entity that has nothing to do with the parties’ other activities or companies.
A partnership is formed between individuals, e.g. people who decided to start a company together. A joint venture could include corporations, individuals, or other legal entities. They could also be treated differently from a legal standpoint; the specifics depend on the state where a partnership or venture is formed.
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This joint partnership agreement (the agreement) is entered into on this day of month, year, by and between party 1, on behalf of company, address, and party 2, on behalf of company, address.Hereafter, both of the above parties shall be referred to as either the parties or partners, interchangeably, for the purposes of the agreement.In accordance with the terms, conditions, and covenants of this agreement, the partners shall:
1. Form a joint partnership (the joint partnership) for the purpose of:
2. The effective date of the agreement shall be:
3. The duration (the term) of the joint partnership shall be:
4. The capital of the joint partnership shall total:
The first party shall contribute:
The second party shall contribute:
The capital funds are to be deposited in a special account at bank, of city, and are to be distributed immediately, upon the signatures of the representatives of the parties.
5. Upon the satisfaction of the term of the joint partnership, the profit/loss shall be evenly tendered by/to the parties through the special account, which shall also be used to pay all outstanding debts owed as a result of the joint partnership, immediately, at such a time.
6. Neither of the parties shall be held accountable for more any liabilities, other than those resulting from his/her capital investment, as permitted by law.
7. NAME shall act as partnership manager, and be charged with the management of the business. The partnership manager shall see to the day-to-day operation and function of the partnership, and shall report directly to the partners, collectively.
8. The Partnership manager shall be removed from liability in any act, rendered in good faith, in the course of executing his/her duties, except if such behaviour shall be determined to be grossly negligent or wilfully disruptive or damaging to the business of either of the Partners, their organizations, employees, customers, agents, or affiliates.
9. The partnership manager shall conduct regular reporting and meetings, in-person or otherwise, at the will of those signed herein, with the parties at regular intervals of duration.
10. The partnership manager shall see to the maintenance of records and books of all transactions relating to the agreement, to be stored at location.
11. The partners shall conduct semi-annual audits of all records and books relating to the partnership, at a time of their determination. The partnership manager shall be responsible for making available all records and books at the time of audit.
12. The Joint partners shall be bound only to those actions pertaining to the discharge of the business described in this agreement. The parties shall not be construed as general partners, agents, or employees of each other, respectively, beyond the terms of this agreement. Both parties reserve the right to examine, audit, or otherwise request documents pertaining to the joint partnership at will.
13. This joint partnership agreement shall not be amended, altered, or revised without the prior writer consent of the partners.
14. This agreement shall be governed in accordance with the laws of state.
15. In all cases, any correspondences, notices, or other documents pursuant to this agreement, for the duration of its term, shall be addressed to the respective addresses of record for both parties.
16. This agreement shall constitute the entire agreement between the parties. No preceding agreement may supersede this joint partnership agreement, and no subsequent agreement shall become binding unless both parties agree, in writing.
17. Unresolved disputes resulting from the joint partnership shall go to mediation before arbitration.
18. This agreement may be terminated upon the written agreement of the partners. Each partnership is obligated by this agreement to give the other partnership written notice of their desire to terminate the partnership, no fewer than number days from the proposed termination date.
19. In the event that either partner should become insolvent, incapacitated, barred from operation, found in breach of any laws, civil or criminal, or in any way unable to fulfil its obligations in the partnership, this agreement shall be rendered null and void.
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Create a legally binding joint partnership agreement in minutes with this free joint partnership agreement template. It includes a point-by-point set of terms, covering profit sharing, liabilities, relevant legalities, termination conditions, and so on, along with customizable fields to add personal details of the applicable parties.
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