Duties of Co-Joint Venturers End with Termination of Joint Venture
Wagamon v. Dolan, C.A. No. 5594-VCG (Del. Ch. Mar., 15, 2013).
This Court of Chancery letter ruling is worth mentioning in passing for its treatment of the fiduciary duties of co-joint venturers, and the principle that the fiduciary duty owed to each other ends with the termination of the joint venture, not unlike the end of the term of a director. See footnotes 17 and 18. In this case, the court found the one of the two abandoned the venture and at that point the remaining party was free to form a new entity and carry on the same business as the former joint venture. Liquidation rights are a separate issue. Of course, this is a short overview and the factual nuances in each situation are key.