A mechanism that can be used to terminate a joint venture. Typically, it provides that a shareholder (A) of the joint venture company may serve notice on the other shareholder (B) offering to transfer all A’s shares in the company to B at a price specified by A. B must accept A’s offer and buy A’s shares at the stated price or must sell all its shares to A at the same price per share.

See Standard clause, Russian roulette: joint venture agreement.