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Joint Venture Agreements Glossary

Consideration

In an agreement, each side must give some consideration to the other. Usually this is the price paid by one side and the goods supplied by the other. But it can be anything of value to the other party, and can be negative - e.g. someone promising not to exercise a right of access over somebody else's land in return for a payment would be a valid agreement, even if there was no intention of ever using the right anyway.
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