Breach of Joint Venture Agreement
In certain circumstances, informal business partners may choose not to enter into formal contracts or form a business entity prior to working together on a joint venture. Instead, they informally agree to a joint venture to do something together in business. Where the parties have established an agreement, joint interest and control over certain property, as well as rights and duties to share in the profits and losses of such joint venture, there may be a cause of action by one party against the other for failure to perform under the agreement. Additionally, a joint venture agreement often creates fiduciary relationships between the parties that may also establish a duty to perform each party’s obligations in good faith and to deal fairly with each other.
If you have entered into a joint venture agreement and the other party has not performed as agreed or if your joint venture partner has accused you of breaching a joint venture agreement, call Brick Business Law for a free initial consultation.