The ad-lib “Talent wins games, but teamwork and intelligence win championships, “comes to life in the business community. More often than not, the largest corporations succeed by implementing group strategies that help drive sales, and they are generally instructed or represented by an arbitration lawyer in Singapore. This is typically based on the unique offering and influence each partner has on the market. For instance, a supplier may have competitive products but to reach targeted consumers, he needs a distributor who has the connections and logistics to push the items. The same is the story for services and any other transaction with a margin. Of all partnerships, joint ventures have been found to stand out based on the level of profitability attainable in bundled products from the partners. A perfect arrangement would be when two products are mutually needed by the final consumer but are manufactured by different companies. By combining these two items into one package, customers get the advantage of added utility while the partners benefit from increased revenue.

In the world of software, this scenario is possible and common. Joint ventures can collaborate in building, managing and maintaining a program. As the intricacies of such projects are finer than meets the eye, a lawyer is often needed to streamline the terms of engagement. From this point, the contributions and remunerations for each party are well defined and legal. The entirety of these processes is challenging and complicated, to say the least. Aside from creating order, such legalities are also geared towards protecting the final consumer should any complications arise. To that end, such software must be rigorously tested to mitigate the chances of failure. Such proofing procedures usually involve third party beta testers before premiering the alpha version to the general public. The possibilities of losses and failure from joint ventures are little compared to the potential returns on such investments.

Common business strategy 

When well implemented, business mergers can either result in one larger, stronger company or become a colossal failure. The latter is often the case. As such, mergers are less common. Here’s why, mergers directly affect several employees, require extensive documentation, audits and require multiple legal processes to complete. A lot could go south during such transitions. 

Therefore, joint ventures are more preferable as they are a much better way of participating companies to hit their turnover goals. This is not to say that the process is not intensive. As a minimum, a joint venture must have two or more organizations draft a legally binding contract outlining the terms of the partnership. Upon mutual consent, signing is done to mark the beginning of the project. The specific duration within which the project must be completed also comes standard in the contract. A clear breakdown of inputs in terms of talent, labor, time and financial resources is outlined. Based on the shares of each party, resources are pulled together proportionally. The same ratio applies and is outlined in the profit-sharing section of the contracted drafted by a lawyer. This must happen prior to the commencement of the joint venture. In this way, harmony is created as the expectations from each side are clear. Upon the successful completion of the said project, expenses are taken out and profits shared. 

Resources, Obligations, and Responsibilities 

Part of the infant stages of a joint venture involves the assessment of the profitability potential of the project in question. This boils down to two simple pointers; investment and returns. Investments may come in various forms including finances, labour, time, space, etc. Once the inputs are clear, then the anticipated revenue from the sale/distribution of the final product is estimated. It’s at this point that valid ventures proceed. This leads to a specific outline of who will bring what and how much. This is the very essence of a lawyer. This ensures both parties have their preferences well-documented upfront as a means of avoiding conflict. In the case of software, the most common capital forms include buildings, money, programming platforms, electronics, and talent. These inputs are synergized from the department level of each organization. If any deficits are noted after the documentations are received, necessary adjustments and supplementations are made by both parties.

Participating companies and the business lawyer 

The potential upsides of a joint venture is unquestionable. However, since two independent organizations are coming together as one on a certain timed mission, it’s of the essence that their interests and integrity are maintained. Lawyers come in to help set the lines of action, profit sharing and to ensure that the confidentiality of the project is maintained. In this way, willing organizations can efficiently create products that the public has never seen before!