Step 1: Identify the Project: Parties interested in collaborating on a project must identify and define the project’s scope and objectives.

Step 2: Negotiate the Terms: The parties must negotiate the terms of the JDA, including each party’s contribution, the project timeline, and the sharing of costs and profits.

Step 3: Draft the Agreement: Once the parties have agreed on the terms, a written agreement must be drafted. The agreement should clearly outline each party’s roles and responsibilities, the project’s objectives, and the timeline for completion.

Step 4: Review and Approval: The drafted agreement should be reviewed by each party’s legal team to ensure that all terms are in line with their interests and needs. The agreement must then be approved and signed by all parties involved.

Step 5: Implementation: After the agreement has been signed, the parties can start implementing the project. They must regularly communicate and collaborate to ensure that the project is progressing as planned.

Step 6: Dispute Resolution: In case of any disputes, the parties must follow the dispute resolution mechanism outlined in the JDA. This may involve arbitration or mediation.

Step 7: Completion: Once the project is completed, the parties must finalize the financial aspects of the JDA, including the sharing of profits or losses. They should also assess the success of the collaboration and identify areas for improvement in future joint projects.