There is perhaps a presumption that joint venture arrangements are constrictive in nature in the same way perhaps that Farm Business Tenancies are viewed as being the more formal agreement arrangements.
Ultimately, the attraction of a joint venture should be the flexibility to design the arrangement to best suit the needs of the parties involved; they should be bespoke agreements which reflect the circumstances of the contracting parties and clearly set out their respective rights and responsibilities. For all concerned it should be a win: win scenario and yet still flexible enough to allow adaptations to change in circumstance arising from either internal or external influence.
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