A Joint Venture (JV) agreement allows multiple parties to form new partnerships and work together to sell a product or service. It also enables them to benefit from the profits generated by the business. This type of agreement is especially useful when there are several entities or people involved in the success of the product, such as partners, copywriters, designers, customer service managers, virtual assistants, product developers, and others.
By using an Explodely JV contract, the collaboration between partners becomes more efficient and streamlined. The seller can easily distribute revenue to up to five other Explodely users who have contributed to the product's success, allowing everyone involved to reap the rewards of their hard work. This type of agreement via Explodely makes collaboration easier and more efficient.
Here are the steps to create a JV contract:
Step 1: Log into your Explodely seller account using the link: https://explodely.com/seller/signin
Step 2: Go to Accounts-> Contracts-> Create Contract.
Step 3: Fill in the details in the given fields and click Create Contract.
When you fill out the Contact form, you'll need to provide the following information:
Contract Name: This is the name of your contract.
Contract Type: Choose JV Contract from the options provided.
Partner Username: Enter the Explodely username of the person or entity you want to enter into the contract with.
Product: Select the product(s) you want to create the contract for. You have the option to choose All also.
Commission %: This is the percentage of revenue you will share with your partner in the contract.
Start Date: Specify the date when the contract will take effect.
End Date: Set the date when the contract will expire.
Max Earnings: This field is optional. If you enter a value here, the contract will expire when the set earnings amount is met.
Max Sales: This field is optional. If you enter a value here, the contract will expire when the set number of sales is met.
Comments: Use this field to add any additional comments you want to include. Note that only you will be able to see these comments.
Mutual Termination: Set this to Yes if you want to terminate the contract with a mutual agreement before the set end date, Max Earning, and sales requirements are met.
By providing this information, you can create a JV contract that clearly outlines the terms of your agreement and helps ensure that both parties benefit from the venture.
Step 4: Once the contract is created, the other party has to accept the contract for it to become active. When the contract is active, the revenue is divided among the partners in the set percentage.
Terminating Contract-
The contract will automatically terminate when it reaches the Max Sale or Earning threshold or has expired but if you have set it to be terminated at a mutual agreement, you can terminate the contract anytime by clicking Terminate Contract.
Just like creating a contract, the termination will also require approval from the other party.
Please contact us if you have any questions or concerns at [email protected].