Common use of PURPOSE AND SCOPE OF BUSINESS Clause in Contracts

PURPOSE AND SCOPE OF BUSINESS. The purpose of the Venture is to [describe the primary business activities, such as “develop, market, and distribute products/services in the [specific industry]”]. The Parties agree that the Venture’s activities shall be limited to those described herein unless otherwise agreed in writing. The Venture shall engage in all activities necessary, desirable, or incidental to the business purpose, including, but not limited to, research and development, production, marketing, sales, distribution, and customer support. The initial term of the Venture shall be [NUMBER] years from the Effective Date, unless terminated earlier pursuant to Section 11. The Agreement may be renewed by mutual written consent of the Parties.