joint venture building agreement
The phrase 'joint venture' is usually understood to be something closely akin to a partnership created by two or more entities to carry on a single project. This Agreement shall be construed and enforced under the laws of the State of ______________.
The Joint Venture shall be dissolved upon the happening of any of the following events: (a) The adjudication of bankruptcy, filing of a petition pursuant to a Chapter of the Federal Bankruptcy Act, withdrawal, removal or insolvency of either of the parties. ___________________ shall manage and control the affairs of the Joint Venture to the best of its ability and shall use its best efforts to carry out the business of the Joint Venture.
b. This Joint Venture Agreement (herein after referred to as the “Agreement” ) is entered into this _____ day of _______________, 20 _______, by and among ____________________, a ___________________ corporation, and ___________________, a corporation, (hereinafter collectively referred to as the “Joint Venturers”) for the purpose of performing: _______________________.
___________________ shall be the Administrative Managing Partner responsible for all bookkeeping and payroll of the Joint Venture. Upon execution of this Agreement, the Venturers shall each own the following interests in the Venture: (a) _______________________________________, (b) _______________________________________. The Name and style under which the Venture shall be conducted is: The Venture shall maintain its principal place of business at: _________________________. Said accounts shall be kept separate and apart from any other accounts of the Venturers. In the event that any provision of this Agreement shall beheld to be invalid, the same shall not affect in any respect whatsoever the validity of the remainder of this Agreement.
This Joint Venture shall … Both parties shall mutually agree to any decisions, undertakings, or commitments related to the joint venture.In the event that both parties can not come to a mutual agreement at any time, a mutually acceptable 3rd party shall act as arbitrator to resolve such disagreements and reach a mutually agreeable conclusion.
(b) Except as otherwise required by law or this Agreement, the Venturers shall not be required to make any further capital contributions to the Venture. 6.2 Except as provided in sections 6.0 and 9.0, each Party shall have a voice in the Policy Committee equal to its Percentage of Participation. Typical structures for joint ventures are: Limited liability company: creates an entirely separate legal identity from shareholders.
6.02 Other Business of the Parties to this Agreement.
The parties to this Agreement shall have no liability to the other for any loss suffered which arises out of any action or inaction if, in good faith, it is determined that such course of conduct was in the best interests of the Joint Venture and such course of conduct did not constitute negligence or misconduct. 6.3 The Policy Committee shall determine the policy for the management of the joint venturer by majority vote and, as used in this Agreement, a “majority vote” is defined to be any figure greater than one-half of the authorized votes.
Any income or loss of the Partnership for federal income tax purposes determined by the Partnership’s fiscal year, including, without limitation, each item of Partnership income, gain, loss or deduction.
All expenses of the Joint Venture shall be paid by ___________________ and shall be reimbursed by the Joint Venture.
10.07 Other Instruments. (2) Thereafter, to the Venturers, pro-rata, based on their respective Venture interests as set forth in Section 5.2 hereof.
The parties hereto covenant and agree that they will execute each such other and further instruments and documents as are or may become reasonably necessary or convenient to effectuate and carry out the purposes of this Agreement. 7.1 The Venturers agree to a split of authority betweens themselves as follows: a. Both parties and their authorized representatives shall meet with one another to conduct business related to [JointVenture.Name]. These adjustments shall include the qualified income offset as set forth in this Agreement. Work performed by the Administrative Managing Partner’s in-house counsel or executive secretary on behalf of the Joint Venture shall be charged separately to the Joint Venture’s account at a rate agreed upon by the Venturers. 1.01 Business Purpose. The Venture may re-locate its office from time to time or have additional offices as the Venturers may determine.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of theday and year first above written. 9. 1.2 “Venturers” shall refer to _____________ Inc., and _______________, and any successor(s) as may be designated and admitted to the Venture. Learn More! (c) To determine and act upon any other matters of joint interest to, or requiring prompt action by the Joint Venture. A joint venture, or JV, is a type of business arrangement where two or more parties make an agreement to pool all of their resources to achieve a specific goal.
Each Venturer’s representative or alternative representative on the Policy Committee is hereby granted and shall hereafter possess authority to act for such Venturer on all matters of interest to it with respect to its participation in the joint venture. Convenient, Affordable Legal Help - Because We Care!
The Joint Venture shall keep adequate books and records at its place of business, setting forth a true and accurate account of all business transactions arising out of and in connection with the conduct of the Joint Venture. USLegal has the lenders!--Apply Now--. 7.3 Authority to act for and bind the Venturers in connection with any and all of the performance of the Project may be delegated in writing by unanimous vote of the Venturers to any designated individual(s). Provided that the provisions of this subsection shall be limited to losses that are directly connected with or arise out of the performance of the Project and/or the execution of any bonds or indemnity agreements in connection therewith and shall not be relate to or include any incidental, indirect or consequential losses that may be sustained or suffered by a Party. Establish the objectives of your joint venture, which would be beneficial to both parties. AGREEMENTS WITH THIRD PARTIES AND WITH AFFILIATES OF THE JOINT VENTURERS. The Laws of shall apply to this Agreement. The headings, titles and subtitles used in this Agreement are for ease of reference only and shall not control or affect the meaning or construction of any provision hereof. includes your Will, Power of Attorney, Living Will and more. 9.5 The Administrative Managing Partner shall receive additional compensation in the amount of 3% of the total Project amount for the use of its data processing system and accounting, payroll and tabulating work. (c) The Venture shall not pay interest on capital contributions of any Venturer.
Distributable Cash of the Venture shall be distributed to the Venturers, pro rata, based on their respective Venture interests as set forth herein.
The validity of any transaction, agreement or payment involving the Joint Venture and any Affiliates of the parties to this Agreement otherwise permitted by the terms of this Agreement shall not be affected by reason of the relationship between them and such Affiliates or the approval of said transactions, agreement or payment. Joint ventures, while not a true project delivery system, are nevertheless vehicles that can be used to deliver the system itself.
(a) No Venturer shall have the right to withdraw his capital contributions or demand or receive the return of his capital contributions or any part thereof, except as otherwise provided in this Agreement. The business of the Joint Venture shall be as follows: [Describe Business Purpose]. _____________________ is responsible for all operations and decisions of the Joint Venture and will be compensated for providing various services. 5.3 If for any reason, a Venturer sustains any liabilities or is required to pay any losses arising out of or directly connected with the construction of the Project, or the execution of any surety bonds or indemnity agreements in connection therewith, which are in excess of its Percentage of Participation, in the Joint Venture…
8.2 Withdrawal of funds from the Joint Venture’s Joint Checking Account may be made in such amount and by such persons as authorized by the Policy Committee. 1.6 “Project” shall refer to that certain City of ___________________, _______________ (State) construction project known as _____________. (C) Mutual agreement of the parties.
An Affiliate of an entity is a person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control of such entity.
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