Many businesses and individuals enter into agreement with other companies to develop new services and products. In the technology sector these joint venture agreements are usually covered with a non-disclosure agreement.
These joint venture agreements, when signed by both parties, ensure that trade secrets are not revealed to the wider market while the companies work together. Non-disclosure joint venture agreements are common in software and video games development for instance.
Other types of joint venture agreements that are used can be letters of intent. Here, a document is created that gives the basic details of the agreement that each party is about to enter into. These types of agreement are used in the interim before formal joint venture agreements are drawn up and signed. Letters of intent are not usually legally binding joint venture agreements, but they can have legal components such as a non-disclosure clause.
As joint venture agreements will eventually be legally binding, it is vitally important that qualified solicitors create them. Solicitors with specialised technology contract experience can help you not only create agreements but also review any agreements you have been asked to enter into and give an opinion of their validity. Moreover, the solicitor can advise you whether the agreements are in you or your company’s best interest.
Joint venture agreements should not be entered into lightly, as they will eventually be legally binding. Always take advice at every stage of the process. If you are at all unsure about a clause in your agreement or how this relates to the wider sphere of IT law, always take the time to assess your position. In these cases a qualified solicitor can be an invaluable resource to have at your disposal.
If you would like to obtain legal advice about joint venture agreements, Caven can put you in touch with a local specialist contract / business solicitor free of charge. So, if you have any questions or would like our help in finding local contract / business solicitors please call us on 0800 1777 167 or complete the web-form above.