Joint Venture Marketing: Creating a Mutually Beneficial Contract

joint venture marketing

When embarking on a new joint venture marketing partnership, there are a variety of forms your partnership can take. Some small businesses that are newer or just starting out often prefer a more informal agreement – something along the lines of mutual and equal advertising space on one another’s websites.

However, even an informal agreement will require a contract of some sort to protect both parties and to be certain that all participating achieve their goals, and that everyone is held to equal standards. Putting a contract in place is also important so that each party knows what to expect.

For a simple contract, the involvement of an attorney is quite minimal, if necessary at all. There are a variety of websites that inform how to write your own legally binding contracts, and plenty that offer downloadable generic contracts that are flexible and applicable to a variety of cases, as well as being legally binding.

A More Formal Contract

If you are a large and established business and want the confidence of a formal contract, there are several steps you will want to take in order to obtain and establish the contract that will best represent the needs of your company.  A contract may also be a good idea if you embark on a joint venture marketing partnership with more than one partner. The more parties that are involved, the more contract details and potential difficulties may arise. To ensure good business practices and insurance for all involved, a formal contract is a good idea.

Identifying the appropriate attorney to draw up the contract for your business and your joint venture marketing partnership can prove to be a daunting task, especially if you have not managed legal issues in the past.  An excellent first step to help you navigate this process is to consult with resource agencies that can provide background information on what you’ll need to look for in an attorney, what data to present, what questions to ask, as well as potentially making suggestions for specific attorneys they recommend.

Resources and Government Agencies

Government agencies and even local agencies like your Better Business Bureau offer a wealth of basic information to help guide you through the process of learning about a joint venture partnership, as well as the basic business practices and legal ramifications of such a venture. These agencies provide a wealth of resources to help you coordinate the steps that your specific business needs to take when beginning to navigate this process, as well as inform you how to interact with your now potential partners and how to guide the process to get the best out of your new partnership.

Government and local resource agencies will also be able to help you find the right attorney for your business. They will have lists of attorneys and often lists of other clients they have directed to each attorney. In some cases, you will even be able to make contact with other businesses, which have used the suggested attorney, allowing you to get feedback on the performance of your new attorney from a business that has had direct experience with him or her.

A formal, legal binding contract that has been drawn up by a practicing attorney may be exactly what your business and new joint venture marketing partnership needs to impart a sense of security to all members. It can be a daunting process, but there are many resources available to help you get started so the prospect of selecting an attorney need not be such an overwhelming task.

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