This American Life declares a historic joint venture between General Motors and Toyota, known as New United Motor Manufacturing Inc. or abbreviated as NUMMI. A joint venture agreement, also known as a joint venture agreement, is used when two or more business entities or individuals establish a temporary business relationship (joint venture) to achieve a common goal. If your business can benefit from sharing resources with another company, a joint venture can increase your chances of success for a limited time and a limited goal. Companies often enter into JV agreements in the following circumstances: the joint venture created by this agreement (the “joint venture”) will operate under the name [NAME OF JOINT VENTURE] and will have its registered address at [ADDRESS]. .