Can a joint venture be formed by contract?

Yes — freedom of contract allows the parties any construction not contrary to law.

How are joint assets formed?

Through common ownership — joint or shared; the pre-emptive right to a share is defined by agreement of the parties.

Which terms must be agreed?

Essential terms — set by a party's request or by law; without them the contract is not concluded.

How does an exit option work?

Through the conditional-transaction mechanism — performance depends on a future unknown event: postponed until it occurs or terminating upon it.

JV Agreements in Georgia

JV Agreements in Georgian Law

A contractual joint venture — where several parties run a common project by contract rather than by creating a new legal person — is written in Georgian law through the Civil Code. Freedom of contract gives the parties the architecture of the agreement, common ownership builds the property layer, agreement on essential terms sets the mandatory barrier, the conditional transaction carries options and milestone triggers, and the assumption of debt resolves the allocation of liabilities. At the same time, an equity joint venture — as an LLC or a JSC — is formed under the current Law on Entrepreneurs: the founders' agreement and the charter live there. The Civil Code carries the contractual JV and its option-exit architecture.