Description and usage
Joint Venture Agreement for Construction This Joint Venture Agreement is suitable for a joint venture between two firms in the construction industry who want to bid for a series of contracts together. It is assumed that both parties are limited companies. The agreement is comprehensive and contains 24 clauses covering - definitions and interpretation
- formation of joint venture
- duration
- duties and responsibilities
- management
- project director
- tender – preparation and submission
- contract
- distribution of profits
- bank accounts
- working capital
- accounts
- default
- personnel & plant
- services of parties
- insurance
- bonds and guarantees
- confidentiality
- intellectual property
- force majeure
- taxes & vat
- notices
- resolution of disputes and governing law
- a general clause detailing the scope of the agreement, severability, amendment, warranties, waiver, assignment, relationship between the parties, the competition act and third party rights.
Provision is made for schedules detailing the authority of the project director, contributions in kind to the joint venture made by the parties and initial working capital requirements. You need this document if you represent a limited company wanting to enter into a joint venture with another company in order to bid for projects jointly. What's in it? - See detailed Explanatory Notes below
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