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This Joint Venture Agreement is used when two or more individuals or business entities combine or collaborate on a particular project or undertaking. It specifies that each party has an equal interest in the joint venture and sets forth each party's rights and responsibilities. Details relating to administration and operation, termination and an dispute resolution are also included in the agreement. This document in its draft form contains many of the standard provisions commonly found in a joint venture agreement and may be customized to fit the needs of the contracting parties. This agreement should be used when individuals or companies collaborate to form a joint venture.
This Joint Venture Agreement is used when two or more individuals or business entities combine or collaborate on a particular project or undertaking. It specifies that each party has an equal interest in the joint venture and sets forth each party's rights and responsibilities. Details relating to administration and operation, termination and an dispute resolution are also included in the agreement. This document in its draft form contains many of the standard provisions commonly found in a joint venture agreement and may be customized to fit the needs of the contracting parties. This agreement should be used when individuals or companies collaborate to form a joint venture. JOINT VENTURE AGREEMENT JOINT VENTURE AGREEMENT made this _______ day of __________, 20___, between ______________________ (“Venturer A”) and _____________________ (“Venturer B”); 1. RECITALS 1.1 Venturer A and Venturer B (sometimes collectively referred to as the “Joint Venturers” and singularly as “Joint Venturer”) wish to enter into an exclusive joint venture agreement (the “Joint Venture”) for the purposes of _________________________; and 1.2 Each of the Joint Venturers shall have an undivided equal share and interest in the Joint Venture (“Proportionate Share”). NOW THEREFORE in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agrees as follows: 2. BACKGROUND 2.1 The Joint Venturers hereby form a joint venture for the purpose of carrying out all acts which are necessary or appropriate directly or indirectly to ___________________, and to engage in other such activity as may be considered by the Joint Venturers to be necessary or desirable in connection with the foregoing. 2.2 No partnership is created by this Agreement. Nothing contained in this Agreement shall or shall be deemed to constitute the Joint Venturers as partners, nor as agents of the other or any other relationship whereby either could be held liable for any act or omission of the other. Neither Joint Venturer shall have any authority to act for the other or to incur any obligation on behalf of the other or of the Joint Venture except as specifically provided by this Agreement. Each Joint Venturer covenants to indemnify the other against all claims, losses, costs, charges, fees, expenses, damages, obligations and responsibilities incurred by a Joint Venturer by reason of any action or omission of the other outside the scope of the authority specifically provided by this Agreement. 2.3 Except as otherwise provided in this Agreement, each Joint Venturer may independently engage in any business endeavor, whether or not competitive with the object of the Joint Venture, without consulting the other Joint Venturer and without in any way being accountable to the Joint Venture. 2.4 The Joint Venture shall be carried on under the name or names as the Joint Venturers shall agree. Documentation, signage and advertising projects of the Joint Venture shall include the term “a joint venture” in describing the ownership of the project. 2.5 The Joint Venturers shall be responsible for the liabilities and obligations of the Joint Venture in accordance with their respective Proportionate Share, except that any liability or © Copyright 2013 Docstoc Inc. 2 obligation incurred by one Joint Venturer without the written consent of the other or as otherwise provided in this Agreement shall be the sole liability or obligation of the Joint Venturer incurring the same, without any right to contribution from or indemnity by the other Joint Venturer. 2.7 If either Joint Venturer, with the consent of the other Joint Venturer, becomes liable, indebted or a guarantor for moneys borrowed or other obligations incurred by the Joint Venture, the other Joint Venturer shall indemnify the first Joint Venturer to the extent of the Proportionate Share of the other Joint Venturer. 3. ADMINISTRATION AND OPERATIONAL SERVICES 3.1 ___________________ shall, on behalf of the Joint Venture, be responsible for all administrative duties (the “Administration”) for the Joint Venture including all accounting, sales, marketing, invoicing, collections, payables and banking. Such Administration shall be carried out and reported to the Joint Venture on a monthly or less frequent basis, as may be agreed upon by the Joint Venturers. 4. ADMINISTRATION FEES AND PROFITS 4.1 A monthly administration fee (the “Administration Fee”) to compensate _____________ for the Administration of the Joint Venture, will be paid by the Joint Venture. This fee will be at a rate of _____________ ($______) Dollars per month, commencing on the date that the Joint Venture becomes established. The first Administration Fee payment shall be made on the _____ day of the second month following the establishment of the Joint Venture and thereafter on the _____ day of each and every month. [Appendix B sets out a listing of general Administration and overhead expenses.] 4.2 After payment of all expenses related to the operation of the Joint Venture, any profits generated from this Joint Venture will be divided equally between Venturer A and Venturer B and paid out on ______________ in each year
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