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<i>Clause & Effect</i><b>Interpreting 'Preliminary' Joint Venture Agreements</b>

By Stan Soocher
October 01, 2003

Celebrities and entertainment entities may enter into joint venture agreements for projects with other parties to obtain funding and/or administrative support. The joint venture may begin with an initial letter agreement between the parties, though there are specific elements that must be included to make the letter agreement binding.

The North Carolina-based poet Maya Angelou signed a joint-venture letter agreement with the New York-based B. Lewis Productions (BLP) to create poetry for use on greeting cards and in other products. BLP negotiated a license agreement for Angelou's works with Hallmark Cards, but Angelou later refused to sign a more formal joint venture contract with BLP. She also clamed that she had notified BLP that she was terminating the letter agreement. In addition, Angelou also entered into her own license deal with Hallmark. BLP then sued Angelou in Manhattan federal court for breach of fiduciary duty and breach of contract. BLP also sued Hallmark. Angelou counterclaimed against BLP for fraud and unilateral mistake.

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