A joint venture agreement is a legally binding contract between two or more parties who agree to collaborate on a specific business project or venture for a defined period of time. Joint ventures are formed when two or more entities, often with complementary skills or resources, come together to pursue a common goal while retaining their separate identities and legal structures. Joint venture agreements can vary in complexity and specificity depending on the nature of the joint venture, the industry, and the preferences of the parties involved. It's essential for all parties to carefully review and negotiate the terms of the agreement to ensure that their interests are protected and that the joint venture proceeds smoothly. Joint venture agreements are typically drafted with the assistance of legal counsel or experienced professionals to ensure compliance with relevant laws and regulations.