Main idea: When the parties incorporate their alliance or cooperation into a legal entity (other than a general partnership), it is common to talk in terms of ‘joint venture’ and refer to the legal entity as the ‘joint venture’ (or ‘JVC’). The ITC Model Contract for an international corporate joint venture provides a general framework for a joint venture that is to be jointly owned by two parties.
In this section:
(i) Establishment of the JVC
(ii) Party contributions and management of the JVC
(iii) Termination of the JVC