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A foreign venture agreement is a legal contract that connects two entities, whether individuals or companies, to achieve a shared goal. The video tutorial from e-forms explains essential aspects of joint ventures, including their definition, the differences between joint ventures and partnerships, and common applications. Joint ventures are typically formed when parties lack the necessary resources or capacity to achieve their objectives independently. Typical uses include real estate development, capital investments, and construction projects. The video also offers guidance on creating a customized joint venture agreement. Viewers are encouraged to click a link at the end for assistance with tailoring their agreement to fit specific needs.