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

The parties to a joint venture in Oklahoma are legally obligated to fulfill certain duties. These duties are based on the agreement that is made between the parties, which can vary depending on the terms of the contract. Generally speaking, the parties must act in good faith when making decisions as part of the joint venture. This means that each party must have the best interest of the venture in mind when making decisions, and must not do anything that would harm or benefit one party over the other. The parties are also responsible for fulfilling any duties outlined in the agreement. For example, if one party is responsible for providing capital, they are responsible for providing the necessary funds to make the joint venture a success. Conversely, if one party is responsible for providing labor, they are responsible for doing their part in completing the venture. The parties are also responsible for any disputes that may arise during the joint venture. They are responsible for working together to resolve any issues that arise, and must act in good faith when discussing any potential solutions. Finally, the parties must keep accurate records of their dealings as part of the joint venture. This includes keeping track of any profits or losses made, as well as any other information that may be pertinent to the success or failure of the venture. This ensures that each party has access to the necessary information to make informed decisions, and protects both parties should any disputes arise.

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

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