![]() The author will not be responsible for any claim arising out of the use of the following document. Any document that you enter into, should be in consultation with an Advocate or a Solicitor. The venture can be for one specific project only or a continuing business relationship.ĭisclaimer – this legal form and document are for reference only. The parties agree to create a new entity by contributing equity and share the revenues, expenses and control of the enterprise in the proportion of their capital contribution. Right of mutual control or management of the enterprise.Ī Joint Venture Agreement is a legal document where two or more entities combine to do business or undertake an economic activity together. A joint property interest in the subject matter of the venture.ģ. Contribution by partners of money, property, effort, knowledge, skill or other assets to the common undertaking.Ģ. Joint Venture generally has the following characteristics –ġ. Joint ventures can exist in the form of companies, partnerships or joint working agreements. A joint venture agreement primarily provides for how the shareholders of the joint venture company may transfer or dispose of their shares. Indian joint ventures usually comprise two or more individuals/companies, one of whom may be non-resident, who come together to form an Indian private/public limited company, holding agreed portions of its share capital. It is recommended that you save the document to a location of your choice prior to viewing.A joint venture is generally understood as technical and financial collaboration either in the form of projects, take-overs or alliances with existing companies. You will be asked what you want to do with the file. Once you have purchased access to the Corporate Document Folder click on the “Download Document” button below. Unused options should be removed from the document. These should be read carefully and selected so as to be compatible with one another. Optional phrases are enclosed in square brackets. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes. Details of the parties financial contributions will be set out in Schedule 3. The parties' roles and the resources to be employed will be set out in Schedule 2. The Business Plan will also be set out in Schedule 1, and it can be updated by agreement between the parties. The Project itself will be defined and described in Schedule 1. It simply provides for the appointment of a Management Committee, with one or more representatives from each of the two parties, to manage the Project and then for the appointment of a Project Manager to run the Project on a day to day basis. The degree of integration between the joint venture parties is minimal compared to other legal forms of joint venture.īecause a contractual joint venture structure could be used in many different industries and situations, the Contractual Joint Venture Agreement is fairly general, and does not go into detail about how the Project will be run. The contractual joint venture (or ‘Project’ as it is referred to in the Agreement) does not involve any legal pooling of the two parties’ assets, and no separate and distinct legal entity will be set up. The pros and cons of each of the four structures is discussed in the ‘Joint Ventures: Legal Vehicle Comparison Table’. Other possible routes for a joint venture include a general partnership and a limited liability partnership (please see Partnership and LLP agreements, also in the Corporate folder). The data protection provisions in this document have been updated with reference to the UK GDPR.įor a Corporate Joint Venture Agreement, please see the link on the right hand side. ![]() It is useful where the proposed project is finite in duration, for example, a joint marketing campaign, the redevelopment of a property, or product development. This Contractual Joint Venture Agreement is for use by two parties wishing to carry out a joint enterprise, where the parties do not want to go to the expense and formality of setting up a joint venture company.
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