It may not seem logical to discuss the termination of a joint venture (JV) at the beginning of the conversation with a potential JV partner, but when and how the JV terminates may be as important to the parties as when and how it begins. For example, the JV partners may have different views as to the lifetime of the JV - will the JV have an indefinite life, or should it have a specific, definite term during which one or more projects are to be completed? Agreeing on the term (or lack thereof) will guide the parties' decisions and incentives with respect to the capitalization, launch and operation of the JV.
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