Joint venture agreements have few clear and fast regulations, giving the parties a lot of leeway when it comes to negotiating terms. When establishing a joint venture agreement, there are various variables to consider. The joint venture's goal, management arrangements, methods for raising capital and penalties for failure to fund, distribution of available funds (which may include a promoted interest), transfer rights, exit options, and dispute resolution are all examples of these. Given the inherent flexibility and plethora of things to consider when establishing a joint venture agreement, the most important thing to remember is to memorialize an arrangement that suits your client's goals and desires. Joint venture agreements do not have a standard set of terms. Instead, the arrangements are negotiated on a "deal by deal" basis, with a variety of options that allow counsel to tailor the joint venture's structure to match a client's objectives.