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A joint venture agreement is a legal contract uniting two entities, either individuals or companies, to achieve a common goal. In this video, the tutorial explains the concept of a joint venture, differentiates it from partnerships, and outlines common applications, such as real estate developments, capital investments, and construction projects. It emphasizes that joint ventures are formed when the parties lack the individual capacity or resources to accomplish their objectives. Additionally, viewers are directed to a link at the video's end to create a customized joint venture agreement tailored to their specific needs.