2.1. Members create a joint venture as a registered association and legally register it in the client`s country: in attempting to address the subject of the legal analysis of the joint venture, the researcher concluded that joint venture agreements are a current phenomenon in the Indian context and that they will crystallize for some time in the Indian legal and judicial sector. To date, there is no specific legislation governing joint enterprise agreements. Joint enterprise agreements are governed by the basic contractual principles and legal provisions that have been agreed by the parties themselves. The court is also chosen by the parties and, in the event of a dispute, the case is referred to that particular court and the preferred method of settlement is arbitration. 13.1. The members collectively found that the contract takes effect until all the activities mentioned in the contract with the client are completed and a possible renewal of that period, subsequently agreed between the customer and the joint venture, immediately terminates this agreement; After the analysis of the joint venture type agreement, it can therefore be said that clauses are the soul of an agreement and that a joint venture is not an exception. At the meeting by Bunga Daniel Babu vs. Sri Vasudeva Constructions and Ors CIVIL APPEAL NO.
944 OF 2016, the Tribunal confirmed that the agreement on the construction of a house on the land is not a joint enterprise agreement, as there is no control exercised by the landowner over the construction of the building. In Crompton Greaves Limited v. Hyundai Electronics Industries 1 (1999) CLT 25, the Tribunal found that if the authorization could not be obtained by the government during the aforementioned period, the agreement is identifiable in nature. Since the agreement provided for the termination clause which shows the clear intention of the parties to denounce the agreement if, within the aforementioned time frame, the government`s authorization could not be obtained. However, a notification should be sent to the party informing about the reasons for the termination. In the choice of law and jurisdiction, it is up to the parties to agree on the law and jurisdiction they choose for their contract. However, some fundamental principles of contract law continue to apply to joint enterprise agreements. Other corporate law, FEMA and tax laws apply to joint venture agreements in India. In Asia Foundations and Constructions Limited vs. State of Gujarat AIR 1986 Guj 185, the Tribunal decided that there should be a clause that makes the joint venture jointly liable for all transactions, since the third party believes that it is acting with a single entity. The emergence of joint ventures in professional associations has created an endless perplexity in the legal arena. The evolution of the industrial world has surprisingly influenced the law and the legal system.
The fundamental purpose of contract law is to serve and guarantee the rights and obligations of a business relationship, and to ensure that no one is used by others without scruples. The document can be adapted to the nature of the joint venture, for example. B the purpose of the new joint venture, the responsibilities of each party concerned, any investment in the joint venture by one of the parties, the date of the creation of the joint venture, any clauses and termination dates, if any, and all agreed governance procedures for the combined management of the company.