Who can use this Joint Venture Agreement Template?
it is intended primarily for use by limited companies that plan to work together through an unincorporated joint venture agreement.
What is this Joint Venture Agreement Template for?
A joint venture agreement is similar to a partnership: two organisations join forces to work together on a project or series of projects. Our agreement is is well-suited for the construction/engineering industry. And it can be used for other industries.
The joint venture agreement (JVA) sets out the basis on which the parties will cooperate, their relevant duties and scope of work, decision-making processes and financial arrangements.
What are the main issues?
Formation and scope. The parties will cooperate to find projects/contracts where they can work together.
Management. There will be a management board with one or two representatives from each party who will evaluate projects, decide on tenders and contracts as well as meeting regularly to review progress and deal with issues. There will usually be equal voting rights for all participants at management meetings. The chairman may or may not have a casting vote.
Duration. The JV could continue for a number of projects or it might be abandoned on completion of one or if no project is found within an agreed period.
Tenders and contracts. There will be a procedure for bringing tenders to the board and for contract awards and then the running of those contracts. The parties will probably be required to commit certain resources to a contract and there may be a project director appointed to manage each project.
Financial. The need for working capital and the way in which payments from clients will be handled and distributed will be laid down. Regular management accounts will be prepared.
Problems. If a party defaults either in its observance of the JVA or on a contract with a client, there is a mechanism for dealing with this.
For more details see the explanatory notes
What detailed terms does the contract contain?
This twenty-one page document contains 24 clauses covering;
For more information on each of these sections, see our Explanatory Notes which you will receive when you download the document from our website.
If you want to see these Notes before you buy, please let us know by using our contact form
For information on signing documents see our Contract Signing page
When I download the document, can I change it and/or use it more than once?
Yes, all ContractStore’s templates are in MS Word and you can use the contract on more than one project. For more information, watch the video on this page of our website or see our FAQs
ContractStore supplies templates and is not a law firm. But all our templates are written by experienced lawyers so we can arrange legal assistance for customers who need special terms in one of our documents or a bespoke template. This agreement was written by a construction solicitor familiar with a wide range of joint ventures in the UK and overseas. For more information see our Legal Services page.
And if you want to contact us see our Contacts page.
If you have any questions about a contract and/or want to see the Explanatory Notes before you buy, please let us know by using our contact form
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