Are there any restrictions on the duration of an agreement between the parties of a joint venture?

Yes, there can be restrictions on the duration of an agreement between the parties of a joint venture in North Dakota. The duration of a joint venture is usually established at the outset of the venture and is set out in the agreement. Generally, the period of a joint venture agreement is limited to either a specific number of years or a particular event. This may be determined by the parties when entering into the agreement. In addition, North Dakota law requires that a joint venture cannot be established for a period of more than 10 years. This means that both parties would need to agree to extend the joint venture beyond the initial 10-year period in order for it to remain active. Furthermore, the parties may also choose to terminate the joint venture at any time with the consent of both parties. This would be done by agreeing to terminate the joint venture agreement. The termination may be done at any time and does not need to correspond with the initial duration set out in the agreement. In conclusion, the duration of a joint venture in North Dakota is limited both by the terms of the agreement and the North Dakota state law. The parties may decide to establish a specific time frame for the duration of the joint venture, or may choose to terminate the agreement at any time with the consent of both parties.

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Are there any restrictions on the duration of an agreement between the parties of a joint venture?

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