What are the duties of the parties to a joint venture?

In Indiana, the parties to a joint venture must negotiate and agree upon the terms of the venture. It is important that the parties understand their rights and obligations, such as the scope of the venture, who will contribute what resources, and how profits will be shared. The parties must negotiate and agree upon the means of operating the venture, who will manage it, and how decisions will be made. It is important that the parties agree upon a plan to protect confidential information and to resolve disputes. The parties must make all decisions related to the venture in good faith. This means they must act in a manner intended to secure the best possible outcome for the venture. Each party must comply with all applicable laws and regulations, and is expected to perform its obligations under the venture agreement. They must also use all reasonable efforts to protect the venture’s assets and ensure that all activities are properly authorized. Finally, the parties must act in a manner that does not conflict with their fiduciary duty to the other party. This means they must always act in the best interests of the venture and not engage in any activity that may be detrimental to the venture’s success.

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What are the duties of the parties to a joint venture?

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