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A joint venture agreement is a legal contract between two entities, aimed at achieving a common goal when individual resources are insufficient. In this video, the focus is on defining joint ventures, differentiating them from partnerships, and exploring their common applications, such as real estate development, capital investments, and construction projects. Additionally, viewers will learn how to create an effective joint venture agreement tailored to their needs. To assist further, a link is provided at the end of the video to start filling out a suitable agreement.