Summary: Joint ventures begin with commercial optimism, but exit terms are frequently overlooked, leaving parties with ambiguous and incomplete termination clauses. This problem is most acute in 50:50 JVs, where equal ownership creates structural deadlock risks with no natural majority to force resolution. A well-structured termination clause must precisely define triggering events and specify exit mechanisms such as Russian Roulette, Texas Shoot-Out, or put/call options. In India, FEMA pricing guidelines and RBI valuation requirements add a further regulatory dimension. Deadlock provisions, including a multi-tier escalation waterfall, are essential. Ultimately, the best time to draft your exit is before you enter.